Internal Control Ouality And Credit Spread Of Corporate Bonds

With the development of bond market,the development of corporate bonds is more and more rapid and the scale is larger and larger.In order to ensure the healthy development of the bond market,it is more and more important to rationally price corporate bonds.Rational pricing of corporate bonds means that the credit spreads of corporate bonds need to be determined reasonably,and the quality of internal control of enterprises will have an impact on the credit spreads of corporate bonds.At the present stage,there are fewer articles on corporate bond credit spreads in domestic research in related fields,and only a small part of them adopt empirical methods to study them,and a considerable part of them focus on theoretical research.These articles using big data mainly focus on the relationship between financial variables at the enterprise level or economic variables at the macro level and corporate bond credit spreads.This paper enriches the academic research in related fields.And the relevant research has certain enlightening significance for stakeholders including bond companies,bond investors and bond market regulators.Bond financing is an important way for companies to finance,and the maturity rate of bonds is an important factor affecting whether bond financing can proceed smoothly.For companies,the maturity yield of bonds is the cost of corporate financing and the cost of bond capital.It is of great practical significance to study the influencing factors of bond yield for the development of corporate financing and its future development.Usually,the yield on maturity of bonds minus the yield on maturity of bonds is expressed as credit spreads.This paper mainly studies the relationship between internal control and corporate bond credit spreads,and on this basis,explores the impact of the nature of corporate property rights and the proportion of institutional investors on the relationship between the two.It is hoped that it can promote and enrich the current research in related fields,and help enrich relevant practice and theory.This paper first conducts a normative study,and then carries out an empirical study.Taking A-share listed companies issued in China from 2010 to 2017 as the research object,this paper designs the research model of this paper,and carries out an analysis of the impact of internal control on the credit spreads of corporate bonds.The research finds that companies with high quality of internal control can reduce the credit spreads of bonds,and the impact of internal control on credit spreads is more significant in non-state-owned companies than in state-owned companies,especially in companies with high proportion of institutional investors.Finally,in view of the above conclusions,this paper puts forward relevant suggestions from the government,market and enterprises to reduce the credit spreads of corporate bonds and promote the healthy and prosperous development of the bond market by improving the quality of internal control.