Research On The Influence Factors Of Corporate Bond Spreads

Financing is essential for any company operating in the development.There are many different ways of financing.Issuance of corporate bonds is also a way of corporate finance.Different from the risk-free interest rate of treasury bonds,in addition to the interest rate risk,there are some credit risk of the corporate bond.Once the company credit is damaged,the company has a default risk.Credit risk is an important measure of bond credit spreads.The study of bond credit spreads is helpful for investors to find out the risk of corporate bonds,but also provides a basis for the management and bond pricing.Most of enterprises are large state-owned enterprises.In the study of credit spreads some factors will be affected by the nature of the enterprise.Therefore,this paper selects corporate bonds.In 2007 the company began to issue bonds,in the current 10 years,the growth rate of corporate bonds faster and faster,the issue is also growing.This paper first analyzed the theory and related concepts of credit spreads of corporate bonds,and then it explained the relevant concepts and situations of strategic emerging industries.The sample is based on the strategic emerging industries of the exchange bond market,and accorded with a series of screening conditions.Finally,there are 67 bonds meet the requirements.This paper mainly analyzed the credit spread and the influencing factors of the 67 corporate bonds.This paper got the research findings as follows: On the macro level.The regression results were obtained by unit root test,co integration test,auto regressive model and so on.Most of the explanatory variables on the impact of corporate bond spreads are in line with expectations,and the direction of the impact is similar to our previous expectations.Only the consumer confidence index(CCI)on the impact of the credit spread direction and contrary to expectations.On the micro level,through the introduction of dummy variables,multiple linear regression revealed that the most significant influence on the bond credit rating of corporate bonds,significant financial indicators is not very good,investors lack of corporate bonds on the company's operation and development considerations,they pay more attention to the external credit rating of corporate bonds.