An Empirical Study On The Relationship Between Credit Factors And Credit Interest Spread

With the continuous progress of the economy and the continuous progress of the financial market,credit debt has gradually become the focus of inter-bank market investment,but the default events in credit bond market in recent years also discourage fixed-income securities investors.In this context,the study of economic growth and other macro factors on the impact of credit spreads have important practical significance.In the past,although some scholars have discussed the macro factors and credit risk,few scholars categorize bonds in terms of terms and credit ratings,or do not use credit spread as a measure of credit risk.In order to study the influence of macro factors on the credit spreads of different maturity and different rating credit bonds,we construct the term structure and rating structure of influence respectively.This paper expounds the influence of economic growth on credit spreads and the term structure and rating structure of this influence by grouping the regression analysis and analyzing the regression coefficients.And then weselect different economic scenes,respectively,to draw the term structureandtherating structure ofinfluence,and we compare them in the end.The results show that economic growth will reduce the default risk of credit debt.In terms of maturity,this influence is gradually increased and gradually weakened with the extension of the bond period.With the increase of the bond rating,the influenceshows a weakening trend;In the economic environment with high CPI and high loan interest rate,the influencewill be further enhanced.