The Factors Affecting The Issue Price Of Short-Term Financing Bongs In Our Country

Short term financing bond is a kind of securities which is issued by non-financing enterprises in the inter-bank bond market, and promised by the issuer to repay the capital and interests in some fixed date in China. The introduction of short-term financing bonds in the inter-bank bond market is an important measure for the reform and development of the financial market. However, the development of short-term financing bonds market in China is just getting started and does not develop perfectly. There are still many problems to be solved. Among them, the most important and most central one is the issue pricing of short-term financing bonds. Therefore, it is of great significance for financiers and investors that we analyze influence factors of the issue pricing of short-term financing bonds, and then obtain the pricing equation.This paper analyzes the fundamental factors that affect the issue pricing of short-term financing bonds through the combination of theoretical and empirical research. This article firstly presents the factors that may influence the offerings pricing of short-term financing bonds made through qualitative analysis and adds some new variables, such as offering period, issuing scale, and industry characteristics, into the factors. Then the article quantitatively analyzes the influence factors on the basis of the qualitative analysis to determine the effects of factors on the offerings pricing of short-term financing bonds. By reviewing and comparing the existing theories on short-term financing bonds, I discover knowledge about the influence factors on the offerings pricing of short-term financing bonds in the theoretical models. The empirical methods of this article mainly include descriptive statistical analysis, correlational analysis and multivariate regression analysis. Descriptive statistical analysis mainly introduces statistical characteristics of variables, and correlation analysis simply measures the relationship between the interest rates of short-term financing bonds and other variables, and then multivariate regression analysis systematically analyses the relationship between the interest rates of short-term financing bonds and other variables. Data analysis through the measurement model gives the key factors appreciable affecting the issue price, then the article explains this conclusion in economic meaning and puts forward the corresponding suggestion for policy making.The main research conclusions are as follows:SHIBOR interest rate is the benchmark rate of the issue pricing of short-term financing bonds. The scale, issue period, ownership nature of enterprises and the main credit evaluation have a very significant effect on the interest rate of issuance of short-term financing bonds. When establishing a separate regression with the interest rate of the issue, weather enterprises are listed and which industry the enterprise belongs to have a significant effect. But coefficient test is unremarkable in multivariate regression equation. The influence of lead underwriters on the interest rate of issuance is unremarkable.