The Issue Pricing Influencing Factors Analysis Of Chinese City Investment Bond

City investment bonds are the hottest topic in the bond market.Analysis of city investment bonds is also common.The main purpose of this paper is to analyze the impact of urban investment bonds pricing based on the latest city investment bond policy and the latest issue of city investment bonds.Factors,and the degree to which each factor affects the actual pricing result.This article mainly starts with the development process of urban investment bonds,combines the relevant policies on urban investment in each period and the economic development of the society at that time,and analyzes the characteristics of urban investment bonds in this period.Then,obtain a large amount of city investment debt data(all issued urban investment bonds from 2008 to 2017)through wind information,select,integrate,analyze,and calculate through excel,and perform qualitative analysis on the statistical results,and then select influencing urban investment.The important factors of debt pricing(measurable,researchable)are to quantitatively analyze the important factors affecting the city's investment bonds through the control of variables.The statistical results show that the following four factors mainly affect the issuance rate of urban investment bonds:issuance methods(public offering or private placement),administrative levels(provinces,cities,counties),security methods(with or without),and the industries in which they are located.The difference in the issuance method has the greatest impact on the issuance interest rate,with an average of nearly 80 basis points.The issuance interest rate of privately-held products is far lower than that of public offerings.The difference in administrative levels has the second highest impact on the issuance interest rate,and the average is close to 20 basis points.Generally speaking,the higher the administrative level,the lower the issuing interest rate.The industry's differences have the least impact on the issuance interest rate.Generally,the average is within 10 basis points,and the construction or industry's issuance interest rate is slightly higher than other industries.The effect of the guarantee method on the issuance interest rate is difficult to quantify from the data,and the increase in the issuance interest rate of the guaranteed bond product is certainly a reduction in the issuance interest rate for itself.The innovation of this paper is that it combines previous analysis of the factors influencing the pricing of urban investment bonds.Under the classification of macro factors and micro factors,the arguments for the regional administrative level and issuance method of city investment bonds have been added.The impact of the issuance pricing of urban investment bonds on the Shanghai Composite Index and the M2 factor of the money supply have expanded the time range of the data and increased the sample size.The regression model obtained has been more reasonable and verified that the predecessors had different macro The influence of factors and micro factors on the issuance interest rate.The inadequacy lies in the fact that the classical econometric model is chosen in the text,but it does not consider the policy factors.It only gives a rough description of the course of policy change,and the degree of influence has not been quantified.The cross-sectional data analysis model established in this paper is relatively simple.This paper combines previous analysis of the factors influencing the pricing of urban investment bonds.Under the classification of macro factors and micro factors,the arguments for the regional administrative level and the issuance method of the city investment bonds have been added,and the impact has been removed.The degree of uncertainty of the Shanghai Composite Index and the M2 factor of the money supply expand the time frame of the data and increase the sample size.The regression model obtained is more reasonable,and demonstrates that the predecessors had different interest rates for macro and micro factors.Influence the direction.The inadequacy lies in the fact that the classical econometric model was selected in the text,but the factors of the policy were not considered.It was only a rough description of the policy change process,and the degree of influence was not quantified.The cross-sectional data analysis model established in the paper was relatively simple.The following conclusions are drawn:In the macro aspect,the CPI is positively related to the issuance interest rate,and the GDP level is negatively correlated with the issuance interest rate.On the micro level,the credit rating is negatively related to the issuance interest rate,and the issuance scale is negatively related to the issuance interest rate.The issuance period is negatively related to the issuance interest rate,and the administrative level is negatively related to the issuance interest rate.The issuance rate of bonds with credit enhancement measures is lower than that of non-increased trust,and the issuance interest rate of publicly offered varieties is lower than that of private equity.The following conclusions are drawn:In the macro aspect,the CPI is positively related to the issuance interest rate,and the GDP level is negatively correlated with the issuance interest rate.On the micro level,the credit rating is negatively related to the issuance interest rate,and the issuance scale is negatively related to the issuance interest rate.The issuance period has a negative correlation with the issuance interest rate,and the issuance rate of bonds with credit enhancement measures is lower than that of non-credit.These above-mentioned conclusions are verified by the more adequate sample data and more reasonable empirical models on the results of predecessors' demonstrations.The results of the empirical model have a higher degree of fit and are more pronounced.At the same time,this paper has reached a new conclusion,that is,the administrative level factor and the issuance mode factor also have a significant impact on the issuance pricing of urban investment bonds,which was not found in previous arguments.There is a negative correlation between the administrative level and the issuance rate,and the issuance rate of public offerings is lower than that of private placements.According to the conclusions in the article,this paper mainly proposes the following suggestions:The current urban investment debt rating appears vain phenomenon,while the rating of city investment bonds also significantly affects the issuance rate of bonds,so we must standardize the rating of city investment bonds;issuance period and issue size With respect to the bond issue interest rate,companies and local governments should reasonably choose a financing plan based on actual business conditions and financial strength;enterprises can reduce financing costs and risk by selecting appropriate credit enhancement measures;macroeconomic conditions also have a significant impact.With regard to the coupon rate,enterprises must analyze the economic situation and choose a good time to issue city-invested bonds for financing.