The Theoretical And Empirical Analysis On The Credit Risk Of Chinese City Investment Bond

As a kind of debt financing tool with Chinese characteristics,city investment bond plays an important role in the construction of urban ization and the development of market economy in China.Especially after the financial crisis in 2008,the city investment bond has become an important means for local government to solve the fund gap,and the scale of the issuance of city investment enter prise bonds is increasing.The city investment debt has almost become the pronoun of corporate bonds,and with the restrictions on the issuance of corporate bonds in 2015,the scale of the issuance of city investment company bonds has also increased rapidl y.However,behind this high speed growth,the local debt crisis in China is gradually spreading,and the credit risk of city investment debt has become a hot spot at home and abroad for a moment.As a direct embodiment of credit risk,the study on the cre dit spreads of the city investment debt at this time is not only conducive to the pricing of the first level of the credit products,but also helps the two level investors to judge the relative investment value of the bond and financial debt,and then to g rasp the investment opportunity and choose the investment goods.It provides basis for research support and decision making,and also helps to control credit risk better.In this paper,based on the combination of theory and empirical method,the characteristics of urban investment bonds in China are summarized on the basis of the meaning,historical evolution and development of China's urban investment bonds.Then the economic factors that affect the credit spreads are analyzed,and the multiple regression model is constructed to analyze the linear regression analysis of the urban investment corporate bonds and the city investment corporate bonds respectively as two different samples,and to study the impact of the influence factors on the credit spreads of the two,and compare the differences.At the end of the article,from the four different market subjects,the government department,the city investment enterprise,the rating agency and the investor,respectively,put forward the policy suggestions to control the credit risk of the city investment in China respectively.