| In June 2018,in order to solve the financing problems of private enterprises and support the development of private enterprises,the People’s Bank of China announced the decision to expand the central bank’s collateral management framework for the second time.Based on this reexpansion policy in June 2018,this paper explores the impact of this policy on the bond credit spreads newly included in the framework.First,this paper analyzes the action mechanism of the central bank collateral management framework on the collateral within the framework from the theoretical level,and puts forward the corresponding research hypothesis,Then the sample data was obtained through the Wind database,and the reexpansion effect of the central bank collateral management framework was explored empirically by using the fixed effect model(FE),cross section regression model and double difference model(DID).On the basis of the steady conclusion,the paper further analyzes the heterogeneity of the nature of enterprise ownership and the difference of monetary policy.Through the empirical analysis,the paper draws the following main conclusions:(1)The Central Bank collateral management framework can significantly reduce the credit spread of qualified collateral included in the framework.Specifically,the central bank’s collateral management framework can significantly reduce the credit spread of AA + bonds,but the effect of reducing the credit spread of AA + bonds is not significant.(2)The re-expansion effect of Central Bank collateral management framework has heterogeneity for enterprises of different ownership.For AA + bonds,the credit spread of private enterprise bonds is higher,and the credit spread of central state-owned enterprises is lower than that of local state-owned enterprises.(3)The reexpansion effect of the central bank collateral management framework is heterogeneous in different monetary policy environments.When the monetary policy environment is loose,the credit spread of AA + bonds will be reduced. |
