Analysis Of Influene Factors On Yield Rates Of Commercial Bank's Bond In China

The rapid development of the inter-bank bond market has provided commercial banks with broad channels of financing and investment.Financial bonds have become one of the major long and medium-term financing methods for commercial banks,and the issuance has increased steadily.With the acceleration of interest rate marketization in China,the macroeconomic volatility is gradually increasing,the implementation of economic policies and the supervision and management of banking industry are deepening,and the volatility of interbank bond market is becoming more and more complex.As a member of the interbank bond market,the influencing factors of the volatility of commercial banks' financial bonds' yield are gradually attracting attention.Based on the research of domestic and foreign bond markets,this paper puts forward the influencing factors of financial bond yield of commercial banks in China's inter-bank bond market,including monetary policy,macro-economy,foreign exchange market,capital market and social financing.According to the analysis of these factors' mechanism,the indicators are quantified as M2 growth rate,industrial value added,consumer price index,RMB/US dollar intermediate price,7-day pledge repurchase rate in interbank bond market and scale of social financing.By establishing a multiple linear regression model,this paper analyses the impact of six indicators on the yield of financial bonds of commercial banks.It is concluded that M2 growth rate RMB/USD intermediate price are negatively correlated with the yield of financial bonds of commercial banks,while industrial added value,consumer price index and 7-day pledged repurchase rate of inter-bank bond market are positively correlated with the yield of financial bonds of commercial banks.The impact of social financing scale index on the yield of financial bonds of commercial banks is not significant.