Analysis On The Influence Of Ultra-short-term Financing Bonds Issued In China

On May 23,2005,the people’s Bank of China issued the "measures for the administration of short-term financing bonds".After five years,the China Association of inter bank market dealers issued the "business procedures for ultra short term financing bonds of non-financial enterprises in inter bank bond market(Trial)" on December 21,2010.The introduction of short-term financing bonds and ultra short-term financing bonds successfully made up for the shortage of short-term financing instruments in China’s bond market At the same time,it has become an important source of funds for listed companies.This paper selects the issue data of ultra short term financing bonds from January 2014 to December 2020 to study whether the listed companies issue and the credit spread.For the issue of whether to issue,this paper selects 718 listed companies and 718 matched unlisted companies that issue ultra short-term financing bonds from January 2014 to December 2020 as samples,and empirically tests the main influencing factors of ultra short-term financing bonds issued by Listed Companies in China from three aspects of financial status,corporate governance and external factors by using the binary regression model of logistics.The empirical results show that:Generally speaking,the listed companies issuing ultra short term financing bonds in China have good financial status,corporate governance and external support;specifically,the larger the company size,the higher the credit rating,the lower the financial leverage,the lower the operational risk,the lower the equity concentration,the higher the power balance of senior executives,the higher the political relevance,the higher the age of the company,and the higher the audit report The higher the quality,the higher the probability of issuing ultra short term financing bonds.In view of the issue of credit spread,this paper selects 10961 samples of ultra short term financing bonds issued from January 2014 to December 2020,and uses multiple linear regression model to empirically test the main influencing factors of credit spread of ultra short term financing bonds in China from macro and micro perspectives.The empirical results show that:both macro and micro factors have a significant impact on the credit spread of ultra short-term financing bonds;specifically,the higher the business index of Chinese enterprises,the higher the inter-bank pledge type 7-day reverse repo rate,the lower the degree of regional financial development,the lower the degree of local government financial support,the higher the liquidity ratio,the smaller the asset scale,the longer the debt term,and the lower the credit rating The lower the interest rate is,the higher the credit spread is.