The Rationality Study Of Corporate Bond Issuing Pricing On The Basis Of Liquidity In The Secongary Market

As a tool to ensure the effective implementation of national monetary policies and fiscal pol-icies,as well as the balanced development of national economics bond market has received more and more attention over the world.As an important component of the bond market,corporate bond has become a major mode of financing for companies in developed countries.But in China,the bond market has always been the short board of China’s capital market,and the development of the corporate bond market is particularly lagging behind.In China,the proportion of indirect fi-nancing is higher than the proportion of direct financing,and in capital market financing,equity financing ratio is much higher than debt financing,this imbalance will not only build up a huge systemic risk in banking system,but also result in limited financing channels,irrational capital structure and the lack of innovation.At present,the development of corporate bond has been a matter of high priority and as a very important part of issuance process,the study on the pricing of corporate bond has very important significance.This paper,taking into account liquidity measure,aims to build a regression model to study the reasonability of the issue offering price of corporate bond.The study is divided into six chap-ters,and each chapter is described as below:Part Ⅰ:Chapters Ⅰ and Ⅱ.This study gives the theoretical background of the problem and analysis of existing research.The development of China’s corporate bond market is described and followed with a clear definition of corporate bond and the significance of this research.Part Ⅱ:Chapter Ⅲ covers the investigation on relative factors on the value of corporate bond in China.This part describes the impact of the subject and object of the market,the stock market,monetary policies and the market value system to China’s corporate bond value.The causes and the author’s recommendations are also given after wards.Chapter Ⅳ covers the regression model of pricing of corporate bond issuing,based on secondary market liquidity.First,several indicators of secondary market liquidity are given,second,after the establishment of all three explanatory variables;a regression model set up followed with a reasonable prediction of the regression re-sults.Chapter V gives an empirical research on corporate bond issuing based on secondary market liquidity in China.Based on three models in Chapter IV,samples are chosen to carry out regres-sion analysis.Considering the coefficient of each variable,as well as the significance and the fit of the regression equation,we compare the results and analyze the reasons.Then we give a reasona-ble explanation on that.Part Ⅲ:Chapter Ⅶ,conclusions and recommendations.This Chapter gives conclusions of the research findings and raises relevant policy recommendations.