Reasearch On Creidt Risk's Influence On Credit Spread In Corporate Bond Market

Following the rapid development of the capital market in China, the bond market also usher in a broader space for development in recent years, especially the corporate debt boom. In order to further promote the development of China's bond market, the China securities regulatory commission has issued a series of new policies,particularly eased corporate bond issuance requirements. Since 2014, the corporate bond issuance scale is expanding unceasingly, moreover get significantly effective.With the scale of corporate bond issuance is growing extremely, we need to pay attention to the problems of issue process, especially the credit risk. Our country's policy required the enterprises or companies have to make sure that they must return the payment of capital and profit to investors during the period of agreement, so credit risk is relatively small in past. But the number of default appeared in China since 2015, because inversion phenomena appeared in the process of pricing interest rate and lower credit rating of bonds(under AA is up to 20%) scale is more and more larger.Especially in 2016, a large of bond defaults, there are 79 bonds substantial breach,involving 34 issuance subjects, default value of 40.3 billion RMB, grew up 220%from a year earlier. This is very adverse to the healthy development of the bond market,also increased the liquidity risk of corporate debt. Therefore,it is necessary to consider their credit risks reasonable during the process of listing a price to corporate bonds before publish.During the development of credit bond, in order to make up for the investors to take on additional risk, the credit spreads have higher credit risk of the difference between the yields and no credit risk bond yields. Bond yields more and more directly reflects the investment, effective measure of the value of the credit debt. Whether reasonable control credit spreads, has important significance for the healthy development of the credit debt, and corporate bonds as an important part of the credit debt, in the process of its pricing should also be further reasonable measure its credit spreads. Measure the factors of credit spread generally includes macroeconomic development, liquidity and credit risk.The first part of the article covers the background, literature review and relevant innovation points. The second part introduces the current development situation and the occurrence of credit risk events in China's corporate debt, and briefly describes the basic measures of credit risk. In the third part, the credit spreads theory is analyzed mainly by credit risk, and further introduces the transmission channel of credit risk effect on credit spreads; The fourth part analyzes the real time data, and illustrates the impact of credit spreads on credit spreads from multiple perspectives using comparative analysis and regression analysis. The fifth part of the paper studies the results of this paper, and puts forward Suggestions on the existing problems in the development of corporate debt.Therefore, this article from the perspective of credit risk analysis of credit spreads, by controlling the macroscopic development factors and the liquidity of credit spread, the influence of the use of credit risk to effectively explain the credit spread. Hope that the problems of research to make our country more rationalization,in the process of corporate bonds pricing to prevent credit risk, effectively resolve the impact of the event of default, risk pricing mechanism should be established in order to enable the corporate bond market to healthy and long-term development.