| In China,municipal corporate bonds are issued by the local government financing platform,which have special status and significance.The emergence and the development of the bond has Chinese characteristics.With the blossom of these years,the municipal corporate bonds market is full of crisis,which may lead to serious local debt problem.In 2014,after the State Council issued No.43,the local government financing platform issued corporate bonds shall not be added local government debt,which results in a substantial reduction in the total amount of city investment corporate bonds.This issue really draws a line between government and its departments and shall not be raised by enterprises and institutions,which meas that government financing functions of local government financing platform is stripped,so is implicit guarantee.This would make a significant impact on municipal corporate bond market.In 2015,the New budget Law makes the implicit guarantee mechanism face to quit the market.Meanwhile,the regulation of the bond's market is getting more and more strict in 2017.As a result,market risk pricing mechanism of the municipal corporate bonds may be changed greatly due to government's policy.This article analyzes the influence factors on the municipal corporate bonds respectively according to samples of 2015 to 2017,especially city investment corporate bonds and medium term notes.In addition,by analyzing influence factors of credit spreads,we can seek breakthrough to improve municipal corporate bonds market,even if bonds market.The results show that the budget revenue of local government index is still considered by investors,which shows that to some extent the implicit guarantee mechanism doesn't be weakened yet,the policy still has long way to go.Meanwhile,investors pay less attention to financial indicators,which reminds us the importance of perfecting the issuers of financial information disclosure system and investors rarely pay attention to the quality of issuers. |
PDF Full Text Request