| As innovative debt financing instruments, medium-term notes have obtained issuers and investors’ favor since they were issued in Chinese financial market. The medium-term notes made considerable progress during the past six years. Now they have become one of the most important debt financing instruments in our country, and their issuing scale has exceeded the issuance of enterprise bond. With the rapid development of the medium-term notes, we should pay more attention on the credit risk of medium-term notes. Credit spreads are considered to be the representative of the medium-term notes risk usually. Therefore, researching on the influence factors of native medium-term notes credit spreads will be useful to control and manage kinds of risks on medium-term notes. And it will also promote native medium-term notes sound and rapid development.Firstly, through summarizing the literature and theory about credit spreads both native and abroad, and combining with native medium-term notes market situation, we selected the macro and micro factors which affect native medium-term notes credit spreads. And we conducted the research by using the regression analysis method. Then, according to the macroeconomic variables’ characteristic, we selected time series data from May 2012 to December 2013, and conducted multiple regression to analyze the relationship between the medium-term notes credit spreads and the macroeconomic factors. According to the issuers’ characteristic, we selected cross-sectional data on September 30th,2013, and processed the multiple regression and factor analysis.Through the empirical research, we got that the medium-term notes credit spreads were mainly compensated for the credit risk. In the macro aspect, native medium-term notes credit spreads are significantly influenced by short-term interest rates and stock index. In the micro aspect, native medium-term notes credit spreads are significantly influenced by total assets, total assets turnover and long-term debt paying ability. What’s more, the model fitting turned better after adding the credit rating variable, which indicated that the credit rating has great influence on credit spreads. Finally, we gave several advices to native medium-term notes based on the research above and native medium-term notes present situation. |
