An Empirical Analysis On The Factors That Affect The Price Of The Corporation Bond

The financing rate of china's enterprise in the direct way is higher than the indirect way, the financing rate by the way of the stock issue in capital market is higher than the debt financing way, the imbalance not only accumulates the huge systematic risk in banking system but also leads to the situation that the financing path of the enterprise is limited, the improper enterprise capital structure and the creative capability of the enterprise is lack。Although the corporate bond is an important financing tool as embodying the principle of the risk and the yield and rationalizing the enterprise capital structure, but currently it is lag far behind the market requirement, the opinion of developing the corporation bond of the domestic capital market become stronger and stronger and it's welcomed by the people in the the different field of the market. Due to the immature market, the bond price is affected by many non-market factors in the forming process, the fluctuate of the different bond price can't reflect the principle of the risk and the yield. So, the text is going to analyze the factors that affect the price of the domestic corporate bond, in order to find out the root reasons that affect the price of the corporation bond。After the simply introduction of the development status of the corporate bond, the text firstly analyze the factors that probably affect the forming of the corporate bond, such as the investing group, the bond product design, the stock market and the corporate bond market, the monetary market and the corporate bond market, the segment of the finance market, the issue mortgage of the corporate bond, the corporate bond inspection. Secondly the text analyzes the affection of the corporation and the domestic macro factor to the bond price spread from the angle of the credit and analyze the affection to the bond price spread from the angle of the liquidity of the corporate bond market and performing the empirical analysis. Thirdly, the text chooses the method of the factor analysis to compute the weight of each variable that affect the risk bond spread and making out the theoretic spread of the risk bond according to the weight. In the last, the text performs the pair comparison check between the bond theoretic price and the market price and gives the analysis and explain to the empirical result. The bond price is the most important monitoring factor to the investor to obtain the yield of investment, its importance is obvious. So the text intends to let the investors deeply understand the reason of the wave of the bond price by the analysis of the affection factors of the corporate bond price. By performing the empirical analysis with the theoretic model, in order to specifically show the affecting degree of the corporation, macro economy and liquidity in the forming of the corporation bond price, provide some proof to the analysis and the decision making for the invertors and the future market perfection.