高质量的信息披露可以在一定程度上解决信息不对称问题，对于促进资本市场的有效运转十分重要。作为中国资本市场的重要组成部分，中国债券市场的参与者是否关注企业的信息披露质量一直没有定论。国内一些学者对会计信息质量在债券市场中的信号作用进行了研究，但对信息披露质量在中国债券市场中的作用，国内学术界尚无探讨。本文通过对2007-2013年间中国债券市场发债的上市公司的实证研究，探讨了债券市场的参与者（发债企业、信用评级机构和债券投资者）是否关注企业的信息披露质量。为此，本文先后研究了发债企业与不发债企业之间信息披露质量是否存在显著差异、企业信息披露质量与债券信用评级之间的关系、企业信息披露质量与债券融资成本之间的关系。研究发现：（1）发债的上市公司其信息披露质量显著高于不发债的上市公司，即发债企业关注信息披露质量；（2）在控制相关变量的影响之后，企业的信息披露质量对债券信用评级没有显著影响，即信用评级机构不关注企业的信息披露质量；（3）信息披露质量会显著降低债券融资成本，即债券投资者关注企业的信息披露质量。本文通过实证研究分析了信息披露在中国债券市场上的信号作用，对今后相关研究和债券市场投资实践有一定指导意义。

High quality of information disclosure can solve the information asymmetry problem to a certain extent, which is very important to the effective operation of the capital market. Bond market is an important component of China's capital market, and as so far there is no general agreement about whether participants in bonds market care about the quality of information disclosure. Although some domestic scholars have studied the signal function of the accounting information quality in bond market, the role of information disclosure quality in China's bond market has not been discussed yet. This article studies whether participants in bonds market (issuers, credit rating agencies and bond investors) care about the quality of information disclosure using a sample of listed companies in China’s bond market from 2007 to 2013. Therefore, we study three issues as followed. (1) Whether there exists significant difference in information disclosure quality between companies which issued bonds and companies which didn’t issue bonds. (2)The relationship between information disclosure quality and credit rating. (3) The relationship between information disclosure quality and bond financing cost. Findings are as follows. First, the information disclosure quality of companies which issued bonds are significantly higher than that of companies which didn’t issue bonds. Second, significant relationship between information disclosure quality and credit rating is not found, which indicates that the credit rating agencies do not care about information disclosure quality. Third, information disclosure quality can significantly reduce the bond financing cost, which indicates that bond investors care about information disclosure quality. This article studies the signal function of information disclosure in China's bond market, which has certain guiding significance to related research and investment practice in bond market.