Title:Are Purchase Obligations Priced as Obligations? Evidence from the Bond Market

题目：采购义务是否被定价为负债？—— 来自债券市场的证据

时间: 2026年3月13日上午10:00-11:00

地点:  管理科研楼第二教室

主讲人: Dongling Xu, Ph.D. in Accounting

Bio:

Dr. Dongling Xu was an Assistant Professor at Nankai University from 2022 to 2025. Prior to joining Nankai, she obtained her Ph.D. in Accounting from City University of Hong Kong in 2022, and B.S. in Financial Engineering from Nanjing University in 2017. Her research interests include supply chain, corporate disclosure, and managerial accounting. Her papers are published in Asia-Pacific Journal of Accounting & Economics and Economic Management Journal. Her works have been presented in major international accounting conferences such as American Accounting Association (AAA) Annual Meeting and Canadian Academic Accounting Association (CAAA) Annual Meeting.

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Abstract: 

This study investigates whether purchase obligations (POs) are priced in the bond market as obligations that increase risk or as hedging devices that decrease risk. We find that POs are negatively related to bond yield spreads, consistent with them being viewed by bond investors as hedging devices rather than as off-balance sheet liabilities. As corroborative evidence, we document that the negative relation between POs and bond yield spreads is stronger for firms operating in a more volatile operating environment, facing lower supplier bargaining power, and not using financial derivatives. Our findings hold after we consider alternative explanations and are robust to using alternative measures of bond yield spread and regression specifications. Overall, our study provides evidence that POs are not generally priced as liabilities by bond investors, highlighting the difference in economic implications between POs and other off-balance-sheet liabilities and contractual obligations.