The paper "Creditor Information Demand and high-quality Information Supply: Empirical Evidence based on the Break of 'rigid payment' in Bond Market", co-authored by Tao Ran, PhD candidate of the Department of Accounting in 2017, and Professor Liu Feng of the Department of Accounting/Accounting Development Research Center, was officially published in the second issue of Accounting Research in 2021.

The quality of accounting information is the result of the game between supply and demand, and the influence of creditors on information supply is often mixed with the individual risk of specific debtors. This paper examines the relationship between creditors' information demand and information supply by using the special scenario of the change of bond investors' risk consciousness caused by the break of "rigid redemption" of bonds. This paper finds that after the "rigid redemption" is broken and the information demand of bond investors is significantly increased, (1) the quality of issuer accounting information is significantly improved, which is manifested as the reduction of earnings manipulation (especially positive earnings manipulation); (2) Issuers that provide high-quality accounting information can obtain more bond financing. Furthermore, the quality of accounting information is more significantly improved among issuers with high dependence on bond financing and high default risk. The above results show that when the demand for information increases, the supplier will meet the demand, provide high-quality information, and benefit from it. From the perspective of information users' needs, this paper makes a useful supplement to the study on the determinants of accounting information quality, and provides theoretical support for the construction of investor demand-oriented information disclosure mechanism.

Tao Ran is a 2017 PhD candidate in the Department of Accounting, School of Management, Xiamen University. His supervisor is Professor Liu Feng. His research field covers debt financing and corporate governance.