Research On The Influencing Factors Of Enterprise Bond Credit Spreads

Since the promulgation of the Interim Regulations on the management of enterprise bonds in 1987,corporate bonds,a special kind of bonds,have begun to enter the capital market and become one of the important means of debt financing for all types of enterprises.This measure means that the real development of enterprise bonds in our country.In 2015 October,the "10 China Steel debt" breach occurred,and broke the myth that China's corporate bonds "impossible to default".It has important practical significance to study the credit issues related to corporate bonds.The author of the January 1,2014 to December 31,2016,the time of the exchange of corporate bonds as a sample,standing in the country's high degree of macro-level indicators and factors and micro-level bonds own elements,The benchmark interest rate and the company's financial situation and other factors were analyzed,the impact of these factors on corporate bonds credit spreads.It puts forward some policy suggestions from different angles.First of all,this paper expounds the present situation and development of corporate bond financing in China from several angles.The paper analyzes every stage of enterprise bond from generation to suspension and then to development,detailed description of corporate bonds of "past life".This article from the issue of scale,market structure,yield,maturity structure,rating,industry distribution and guarantee section explains in detail the current corporate bond market,has laid a solid theoretical foundation for the subsequent empirical analysis and Countermeasures;interpretation of corporate bonds from the bond management policy on 1993 formally promulgated Enterprise began to date development of corporate bond the important impact of the policy for the interpretation,explains why corporate bonds has been the first choice for the reason of local government financing.Secondly,from the microscopic point of view,the paper is more from the perspective of the bond itself,the benchmark interest rate factor and the company's situation and other micro-level factors to study by the measurement model empirical results are the following:Empirical micro level company specific nature,the subject and the debt credit rating and asset yields greater corporate bond credit spreads will be smaller.Higher equity multiplier and total return on assets also exacerbate investor concerns about future instability,thereby increasing the credit spreads of corporate bonds.As a whole,the short-term solvency of firms,that is,the liquidity ratio and the quick ratio,is not significant for the corporate bond credit spreads.The nature of the firm is increasingly being felt by bond investors,and whether central SOEs will significantly reduce the credit spreads of corporate bonds.The extent of the government's implicit guarantee is the bond of the city investment company.Because the capital market default,the government will provide implicit guarantee,the probability of the company's credit risk is smaller,and the smaller the corporate bond credit spreads.From the final empirical results,the value of the adjustable R2 for the model we set for the micro-level factor is 0.366,and the results show that the microscopic factors we studied are still very convincing and explanatory.Thirdly,this paper analyzes the macroscopic factors that may affect the credit spread of corporate bonds,and concludes with the empirical analysis of the corporate bond sample data.At the economic level,the broad money supply has a significant effect on the corporate credit spreads.The broad money supply of the increase will be to a certain extent,reduce the corporate bond credit spreads.The effect of the consumer price index,the production price index,the national fiscal revenue and the total retail sales of social consumer goods is not obvious for the corporate bond credit spread.At the market level,the corporate bond credit spreads are affected by the risk-free interest rate,the impact of the exchange rate rise in a certain level to reduce the corporate bond credit spreads.But the impact of the Shanghai Composite Index on the credit spreads at the market level is not significant.In addition,we set the measurement model of the adjustable R2 value of 0.821,also proved that the macro factors on the object of study has a strong persuasive and explanatory effect.Finally,this article from a number of perspectives,summed up the current corporate bonds faced by the main problems.And from the bondholders,government departments,the main body of the issuance of three major pieces of the corresponding policy recommendations.