Study On The Impact On The Price Of Credit Asset Because Of Securities IPO

In recent years, with the setting the tone of "promoting the reform, restructuring,and livelihood", the macro economy running smoothly and steady, the development offinancial market t scale becomes bigger and bigger, the financial system graduallyperfect, and also the innovation of financial products finance is deepening. As a result,the securities industry develop rapidly, as the number of listed companies is2532, thetotal equity share issuance break through4.083699trillion yuan. Also the creditmarkets develop furtherly, as the bank loan balance is78.116072trillion yuan. Theseare optimizing the allocation of resources, supporting economic reform and promotingthe development of the national economy. In addition, national policy is partial topromote the healthy development of capital market, and makes the correspondingmeasures. However, scholars research before rarely link the securities industry(especially the stock IPO and bond IPO) with the credit market, much less study withthe perspective of information rent.First, the article combes the development of the related theory, includingintroducing the classical rent theory, the concept of monopoly rent and rent-seeking,expounding the relationship between information economics and information rent anddefining the connotation of credit market information rent. And then analyzes thecharacteristics of the development of stock IPO and bond IPO, as well as thecharacteristics of bank loan pricing in China with concentration index.Second, the article puts forward the hypothesis that both stock IPO and bond IPOcan reduce loan spreads and there exists a lasting effect. What’s more, the bond IPOimpact on bank loan pricing is related to credit value. Then the article sets up theeconometric model, identifies variables economic sense, and elaborate the empiricalanalysis of the data source and selection method.Third, based on the experience data samples of non-financial listed companiesfrom1990to2011, the article conducts univariate analysis, multivariate analysis androbustness testing, and finally confirms the hypothesizes that stock IPO can reduce thebank loan interest rates, and also the bond IPO can. In addition, the bond IPO Moreimportantly, firms that get their credit rating at the time of their bond IPO with AAAlevel benefit from larger interest rate savings than those that already had a credit ratingwith non-AAA level. Therefor, the article conducts a conlusion that banks price their informational monopoly. Now that both stock IPO and bond IPO can influence the loanspreads, so the comparation of the effects between them will make a difference.Finally, combining the empirical analysis results and the development of thecurrent state of the capital market in our country, the article put forwards the policysuggestions, such as the optimization of the structure of financial markets whichemphasizes on stock IPO financing, debt financing and private financing; the reform ofinterest rate marketization which adopting the combination of inside and outside andthe increase of the credit degree of competition in the market, which includes buildinga multi-level market system and innovation credit varieties, etc. And the article draws aconclusions, and forecasts the future research.