Analysis Of Influence Of Local Government Factors On Credit Spreads Of Platform-like Corporate Bond

In January 2015,<the measures for the administration of corporate bond issuance> was promulgated,and the scope of corporate bond issuers was expanded to corporate legal persons established in China.In 2016,the issuance of corporate bonds increased significantly.With the development of platform-like corporate bonds entering a new stage,it is particularly important to study the issue spread of platform like corporate bonds.On the one hand,finding out the significant influencing factors of the issuing interest margin of platform corporate bonds can provide suggestions for issuers and main underwriters to choose the issuing time and pricing,and provide reference for investors to purchase platform corporate bonds at the first level.On the other hand,to explore the existence and influencing factors of "implicit guarantee" of platform corporate bonds can help regulators to clarify the risk factors that should be focused on in the new stage of platform corporate bonds,improve the relevant policies of platform corporate bonds,and have a certain reference value for local governments to control the overall risk of local platform corporate bonds.This paper analyzes the impact of local government factors on the spread of corporate bond issuance.This paper selects samples of corporate bonds issued on the exchange in 2015-2019,and finds that first of all,there is a significant difference in the issuing interest margin between platform-like corporate bonds and non-platform-like corporate bonds,indicating that local governments have a significant impact on platform like corporate bonds,and this impact will be heterogeneous due to regional differences and administrative level differences: developed regions,high-level platforms The interest margin of corporate bonds issuance is lower than that of lowlevel platform corporate bonds in underdeveloped areas.Secondly,compared with non platform corporate bonds,financial revenue and other indicators do not reduce the interest margin of platform corporate bonds issuance.The quality of local financial and economic conditions will affect the issuance of platform corporate bonds through the "hidden concerns" of local governments Finally,for the credit rating that the market attaches great importance to,this paper finds that: under the "medium and lower rating levels" of AA and below,and AA +,the rating agencies may underestimate the effect of local government's "implicit guarantee" on the reduction of default risk of corporate bonds of similar platforms for the sake of prudence.