Research On The Spreads Of Corporate Bond Of Listed Companies In China's Real Estate Industry

This paper focuses on the influencing factors of corporate bond issuance in the real estate industry,and hopes to find out the important factors influencing the spread of corporate bonds from the macroscopic influencing factors,capital market factors,real estate industry factors and individual factors of corporate bonds The This article innovative introduction of the real estate industry factors,mainly the growth of real estate sales,real estate investment growth.In order to get a more reliable model,this paper has carried on the stepwise regression to the data,the model has been tested to be reliable.According to the results of the output,the five factors,such as the corporate bond index,the corporate credit rating,the nature of the company,the rate of return on common stockholders' equity and receivables turnover ratio,have had a significant impact on the issuance spread of corporate bonds.The direction of influence is consistent with the prediction in this paper.In the end,this paper makes a detailed analysis of the empirical results and various influencing factors.Through the empirical analysis of the above factors,this paper draws the following conclusions: Because the state-owned enterprises have the implicit guarantee provided by the government,the corporate bond interest rate issued by the state-owned enterprises is often low;the SSE bond index is negatively correlated with the corporate bond issuance spread;the issuance spreads of bonds of highly rated issuers due to the good evaluation of he external rating agencies its is low;the rate of return on net assets and corporate bond issuance spreads are negatively correlated;accounts receivable turnover and corporate bond issuance spreads negative correlation.The factors of macroeconomic factors,the real estate industry factors and the total amount of bonds issued,EBIT,operating cash index,asset liability ratio does not have a significant impact on the issuance spreads of corporate bond of real estate industry.