The Research On The Pricing Of Short-term Financing Bonds Issued By Listed Companies In China

With the rapid development of short-term financing bonds(STFB) and the scale expanding of STFB issued, the research on the issuing pricing problem has become increasingly practically significance.The paper qualitatively analyzes the factors affecting STFB issuing pricing such as benchmark interest rate, credit risk, liquidity risk, term structure risk, economic cycle, monetary policy, special events, stock price volatility, equity capital market value and so on. Then we select yields of the central bank bills as the benchmark interest rate, and we empirically study the STFB pricing from the credit risk, liquidity risk, stock price volatility and equity capital market value. Finally we set up a pricing model about the STFB issued by listed companies.We empirically study the STFB pricing with issuing yield spread over the central bank bills as the dependent variable, and credit risk, liquidity risk, stock price volatility and equity capital market value as the independent variables. And we draw some conclusions as the following. First, model as a whole is significant, but the model can not fully explain the distribution spreads. Second, the regression relationship between the dependent variable and the independent variables is stable. And the factors affect the yield spread stably. Third, the factors such as credit risk, liquidity risk and equity capital market value affect pricing significantly, while stock price volatility not significantly. Fourth, Compared with credit risk, liquidity risk affects STFB pricing more significantly, and the impact is even greater, and liquidity risk is the most important factor which investors consider.Finally, on promoting the development of STFB market, we put forward the following suggestions: improving STFB credit rating mechanism, strengthening the financial report audit, strengthening risk education on investors, improving the pricing mechanism of STFB, relaxing the market access threshold and improving the system of market maker.