| Under the new economic normal environment,China's supply-side structural reform has made breakthrough achievements.At the same time,the central government emphasizes the important principles of stability in the progress,effectively prevents and controls financial risks,and directs social capital to the real economy,so as to better support the transformation and upgrading of the economic structure.Focusing on the micro level,the further transformation and upgrading of enterprises cannot be separated from the sustained and stable capital sources.However,due to China's special political and economic system background and the laggard development of the financial market,the state-owned enterprises,which have contributed less than 40%to the economy,enjoy 70%of lending resources from regular financial institutions,and the non-state-owned enterprises,which have contributed more than 60%to the economy,enjoy only 20%of lending resources from regular financial institutions.Due to the serious deviations in lending resources,SMEs(small and medium-sized enterprises)are generally confused by the difficulty of financing and it is difficult for them to obtain financial support from regular financial institutions.In recent years,under the guidance of the policy,which promotes the proportion of direct financing and the active development of the bond market,the direct financing mode based on bonds has gradually become one of the enterprises' main financing methods.Although SMEs private placement bonds have expanded the financing channels to a certain extent.Since the pilot in August 2012,it has not been able to effectively solve the problem of financing difficulties for SMEs,and SMEs private placement bonds in the exchange market have finally stopped accepting filings.On January 16,2015,the China Securities Regulatory Commission formally issued the "Measures for the Management of Issuing and Trading of Corporate Bonds"(the "Administrative Measures").The "Administrative Measures"clearly expends the scope of the issuance of corporate bonds.The scope of issuance of domestic companies,which originally limited to domestic stock exchanges,domestic joint stock companies that issue overseas-listed foreign shares,and securities companies,was extended to all corporate legal entities,and private placement bonds for SMEs were fully covered.After the "Administrative Measures"promulgating,the development of China's corporate bond market ushered in a period of strategic opportunities and was a blowout market.The flourishing development of the bond market not only provides an opportunity for the study of corporate bonds,but also provides theoretical requirements for the study the related factors of bonds.The pricing of bond issuance is directly related to the financing cost of the company and affects the optimal allocation of resources.Based on this,this thesis proposes to construct a theoretical analysis framework on the underwriter reputation,the institutional environment,and the bond issue pricing from the perspective of the micro underwriter reputation and macro institutional environment.This thesis uses the China-Cross-section data of corporate bonds from 2007 to 2017,make an empirical analysis of the underwriter reputation,institutional environment on the bond issue pricing.In addition,this thesis also examines the institutional environment how to regulate the effect of underwriter reputation on the bond issue pricing,and under a specific environment,the nature of the firm's property rights how to affect the effect of the underwriter reputation on the bond issue pricing.The research conclusion of this thesis shows that the micro underwriter reputation and macro institutional environment affect the bond issue pricing together and are all significantly negatively correlated with the bond spread.Simultaneously,the effect of the underwriter reputation on bond issue pricing is more significant in regions with poor institutional environment.In the regions with poor institutional environment,the prevalence of the relationship network makes the implicit guarantee of the government weaken the influence of the underwriter reputation on the bond issue pricing.The research in this thesis will theoretically help expand the research perspective of bond issue pricing and enrich the relevant research of financial intermediary theory.In practice,it will help guide the government to strengthen financial supervision,guide investors to establish correct investment ideas,and promote the rationality of the bond issue pricing and the effective allocation of social capital.This thesis is divided into six parts:The first part is the introduction to research.This paper puts forward the research topic of this paper from the institutional environment and realistic background,discusses the theoretical significance and practical value of the research topic,and introduces the method,framework and ideas to be selected in this paper,and explains the innovation of this paper.The second part is a literature review.This part mainly sorts out and summarizes the macro and micro influencing factors of bond spreads,the reputation mechanism of domestic and foreign underwriters,and the related literatures of institutional environment and debt financing,and reviews the literature.The third part is theoretical analysis and assumptions.The basic theories of this paper include information asymmetry theory,transaction cost theory,signal transmission theory and financial intermediation theory.This part specifically deals with the underwriters' reputation and corporate bond issuance spread,as well as the regulatory role of the institutional environment and the heterogeneity of property rights.Theoretical analysis,and based on this,three research hypotheses are proposed.The fourth part is the research design.This part mainly describes the data source and screening process of the empirical test part of this paper.Based on the literature review and analysis,this paper constructs the research model and defines the research variables,and lays a foundation for the next empirical research.The fifth part is the empirical test results and analysis.In this paper,using panel data,the descriptive analysis and correlation analysis are based on the whole sample and the sub-sample respectively.Secondly,the two-stage regression results of OLS and Heckman are compared in the empirical test,so that the three research hypotheses are verified and analyzed.Finally,in order to enhance the credibility of the research hypothesis,this paper has carried out the test of the robustness of the tendency matching method and the substitution variable method.The sixth part is the research conclusions and prospects.Through the above empirical test,the conclusions of this paper are summarized and the research deficiencies of this paper are presented.At the same time,the possible research prospects and policy recommendations are proposed for the research results. |
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