Study On The Credit Differentiation Of Local State-owned Enterprise After Yongmei Bond Default From The Perspective Of Credit Spread

Since my country’s GEM was officially listed in 2009,after more than ten years of development,it has gradually grown from nothing,from extensive operations to standardized management.At present,the number of stocks in my country’s Growth Enterprise Market has been growing steadily,and more and more companies will choose to list on the Growth Enterprise Market.Certain risk factors,especially for investors,require a more rational analysis and judgment of market trends and individual stock fluctuations.At the same time,from August 24,2020,the regulatory authorities have further clarified that for initial public offerings and listings of stocks on the ChiNext market,there will be no price limit for the first 5 trading days after listing.The previous 10%was revised to 20%.This adjustment of the price limit further affected the volatility of stock returns in the ChiNext market.In this context,this article chooses the ChiNext market as the research object to explore the effect of investor sentiment on stock returns.First of all,this paper adjusts on the basis of the existing literature and selects the average discount rate of closed-end funds,the number of new account opening users per month,the number of companies that conduct IPOs every month,and the daily income and consumption of companies that conduct IPOs every month.The five indicators of investor confidence index are used to construct investor sentiment through the method of principal component analysis;secondly,through the establishment of a panel model,the correlation between investor sentiment and stock returns is empirically studied.Finally,from the perspective of stock prices in different quantiles and the two heterogeneities before and after the adjustment of the limit range of ups and downs,the differences in the effect of investor sentiment on stock returns are analyzed.This paper finds the following conclusions through empirical research.First,there is a significant positive correlation between investor sentiment and excess returns of stocks in the ChiNext market,which means that the higher the investor sentiment is,the higher the excess returns of stocks in the ChiNext market.Second,when stock prices are in different price quantiles,there are significant differences in the relationship between investor sentiment and stock excess returns in the ChiNext market.Third,before and after the adjustment of the price limit,the relationship between investor sentiment and the excess returns of stocks in the ChiNext market is significantly different.Finally,this article puts forward some policy recommendations based on the current research status of investor sentiment on stock returns and the above research conclusions.First,maintain a rational investment sentiment and avoid blindly following the trend;second,improve the securities market trading mechanism and stabilize market operations;finally,improve the information disclosure system of listed companies to prevent information manipulation.