An Empirical Study On Credit Spread Influences Of Urban Construction Investment Bonds

Urban Construction Investment Bonds rise in the last century began during the 1980s fiscal reform,especially since 2009,under the influence of domestic and international economic situation,China has adopted a loose monetary policy and active fiscal policy,economic development,local government rapid,substantial increase in demand for capital,Urban Construction Investment Bonds as its main means of financing,has been rapid development objective.The rapid development of Urban Construction Investment Bonds faces credit risk and liquidity risk also increases increasingly,is of great significance to better guide and sound development of our Urban Construction Investment Bonds,understanding of the relevant factors analyzed Urban Construction Investment Bonds credit spreads.In this paper,in order to select the factors influencing factors as a starting point,the use of theory with empirical research methods,Urban Construction Investment Bonds credit spreads theoretical analysis and empirical research.First city to vote bonds and credit spreads related concepts discussed;history and current development followed a simple discussion City to vote bonds;and finally selected the main factors affecting our city to vote bonds credit spreads,and the establishment of empirical model derived various factors the impact of the situation.Through factor analysis extracted four factors influence the use of these four factors to establish multiple regression model,the analysis concluded that,in terms of bond issuance,macro and micro factors,the currency of the city to vote bonds,etc.are more significant influences.The article also put forward suggestions to improve our operational aspects of Urban Construction Investment Bonds market by factors derived.Deficiencies of this paper lie in Urban Construction Investment Bonds selection factors is not comprehensive enough,the city voted not to consider the financial factors,including corporate debt issuers,there is a large room for improvement model,the article obtained should be further improved.