The Empirical Study About The Factors Affecting Credit Spread Of China Listed Corporate Bonds

In recent years, with the vigorous development of China’s stock market, China’s listed corporate bond market, as one of the important mode of corporate direct financing, has been developing rapidly, research about credit spreads on corporate bonds has also been very important Although there are many factors that influence academic credit spreads on corporate bonds have been research. However, more research is carried out separately from the macro or micro perspective factor analysis, a more systemic and comprehensive theoretical analysis and empirical research is lacked, which needs to conduct more in-depth and detailed research on influencing factors of corporate bond spread.Based on the Chinese corporate bond market, the paper first defines corporate bonds and other related concepts, determining the scope of the study. Then, with the previous studies on the use of a combination of theoretical and empirical methods, the paper analysis macroeconomic factors, capital market factors and individual factors on bond credit spreads qualitatively. At last, through the empirical study, the all factors are measured, returned a comprehensive analysis of the factors in the real impact on credit spreads. Then, through different quantile regression, the paper analysis accurately the various factors at different levels of credit risk. Finally, from the view of the bonds individual factors, the paper demonstrates the relevance of stocks and bonds earnings by the same listed companies.Through the above analysis, we get the following main conclusions:①risk-free rate and the short-long term risk-free interest rate spreads are the most important factor affecting the credit spreads. In the different structures and different sub-digit level, these two factors always have a significant impact, showing that changes in macroeconomic play an important role;②here is a large information barriers between the stock market and the bond market, information cannot effectively transmit between the two markets,③iquidity risk and the structure of the bond are the pricing factor;④change of the value of the company will affect the credit spread changes with a negative correlation. Finally, we indicated the weakness of this research and give several advices to the future research.