Evaluation And Optimization Of The Effect Of Private Enterprise Bond Financing Support Tools

Since the Sino-US trade friction in March 2018,due to the tense international environment and the special "three-phase superimposed" domestic economic background,the structural gap of private enterprises has reached its historical maximum.The central bank has used structural monetary policy tools such as targeted RRR cuts,re-loan rediscounts and targeted standing borrowing facilities,but market conditions have not improved.In response to this situation,on October 22,2018,the Standing Committee of the State Council decided that the People's Bank of China should guide the establishment of a private enterprise bond financing support tool,conveying the policy signal of the state's support for the development of private enterprise,and using the bond market as a breakthrough to help private enterprise financing.The thesis takes the effectiveness of a new type of structured monetary policy tool as a private enterprise bond financing support tool as the research content.It first sorts out the domestic and foreign literature on the theoretical basis of the private enterprise bond financing support tool and the status and effects of policy tools;secondly,it summarizes the private enterprise bond financing Supporting tools and the reasons for their introduction,and sorted out the policy effects and mechanism of debt financing tools;again,analyze the development status of debt financing tools and its two major constituent tools: credit risk mitigation certificate tool(CRMW)and credit protection tools Characteristics and evaluate the comprehensive effects of policy instruments;then on this basis,comprehensively consider existing research,adopt market-level event research methods to alleviate the discrimination of ownership financing and improve the liquidity of private enterprise bond markets with debt financing instruments Empirical analysis and robustness test of policy effects.In the empirical analysis,this paper analyzes the overall effect of the instrument and the grouping effect by constructing the overall credit spread,excess spread and the liquidity index of the private enterprise bond market grouped by credit rating in the private enterprise bond market.Quantitative Analysis.The research results of the paper show that: from a specific point of view,first,the bond response effect of high-rated entities is better than that of low-rated ones,and it is better than the short-term in the long-term.In addition,there are some windows and indicators of instability in the size and direction of the debt financing instruments.Second,the exchange bond market instruments have a better effect on the liquidity of the privateenterprise secondary market than the interbank market instruments.From an overall perspective: in the short term,policy instruments have improved the ownership discrimination of private enterprise bond financing to a certain extent,and the overall liquidity of the private enterprise bond market has improved;but in the long run,private enterprise bond financing support tools cannot play a role in the overall credit tightening Under the general environment,the decisive role of alleviating the financing difficulties of private enterprises.Because the development of debt financing instruments is still in the early stage or even in the trial stage,although the initial results have been achieved,it still needs to be improved during further implementation.Therefore,based on the results of empirical analysis,four optimization ideas for advancing debt financing tools are provided.