Empirical Study Of The Factors Affecting The Credit Spread Of Corporate Bonds & Medium-term Notes Of China’s Public-listed Companies In Real-estate Industry

China’s securities market from 1993 to the present,has gone through 23 years of amazing history,with the gradual development of the domestic securities market,the listed real estate business financing,financing channels and financing structure are more and more diversified,this The financial institutions on the listed real estate business financing services diversification;on the one hand also reflects the real estate in the past five years is still the core pillar industry of China’s economic growth.Especially in the end of 2014,Shanghai and Shenzhen Stock Exchange to open the listing of housing prices in general corporate bonds since the issue of China’s urban real estate prices once again experienced a pulse of the rally,so I aim to study the sample enterprises issued bonds credit spreads Meaning great.Throughout the development of domestic and foreign listed real estate corporate bonds,whether it is mature for nearly 30 years of the Hong Kong bond market,or China’s mainland nearly 10 years of bonds Shanghai and Shenzhen Stock Exchange bond market and interbank medium issue issued a substantial development and Progress,whether it is a market circulation,secondary market trading volume or portfolio of diversified securities financing has become China’s direct financing of enterprises the main source of financing channels.China’s current mainstream securities issued by the general corporate bonds and general medium-term notes,the two are the focus of this study,from its basic definition and concept,each enterprise will have to meet their own financing purposes,financing costs and financing period to make Suitable choice.The same two also have the relative advantages and disadvantages.This thesis focuses on the analysis of the factors affecting the issuance of medium-term notes and corporate credit spreads of real estate listed companies in China,and mainly selects the medium-term notes and corporate bonds issued by 55 listed real estate companies in China from 2010 to 2016 The samples were studied by Probit and Logit,and the influencing factors were studied by regression analysis.On this basis,further use of multiple regression analysis of empirical analysis of listed real estate enterprises to disclose the financial indicators,including but not limited to asset-liability ratio,return on net assets(ROE),earnings per share(EPS),undistributed profits,External subject rating and external debt rating and other variables on the type of medium-term notes and corporate bonds credit spreads are different and significant.Finally,the purpose of this thesis is to put forward relevant constructive suggestions on how to choose the bond financing tool,how to effectively reduce the cost of debt financing and optimize the term structure of bond interest rate.