Study On Impact Factors Of Credit Spread Of Chinese Corporate Bonds

Corporate bond is an important tool of direct financing ways to help companies raise large amounts of money in a short term.In addition,it plays an important role in regulating the asset and liability structure,avoiding excessive equity decentralization and reducing costs by the tax shield.Given the actual development of China's corporate bond market,it is necessary to analyze the main factors affecting the bond spread and its impact path from the aspects of the external macro risk,market risk and regional environmental impact,as well as the internal coupon impact and the default risk of the issuer.The research can also provide reference for participating entities and subsequent market improvement.In order to clarify the current market position,development status and future direction of corporate bonds from a macro perspective,this thesis firstly analyzes the development status of China's bond market including the scale and existing structure of the bond market based on the review of relevant literature research.Secondly,this thesis conducts quantitative empirical analysis from the perspective of the internal and external factors that affect the corporate bonds credit spread.The external influencing factors of corporate bonds credit spread are analyzed from three aspects: macroeconomic environment factors,market operating environment factors and regional institutional environmental factors.At the same time,The extent of the internal influence factors on the credit spread is studied from the aspects of the bond factor and the issuer factor.Thirdly,in order to study the regulation effect of the default risk variable,this thesis adds the intersection term to the model and verify the mediating effect of the corporate bond default risk using structural equation model established by the Amos software to clarify the variables for the bond.Finally,the thesis gives the conclusion of this research.Three external factors all have significant impact on the corporate bond credit spread,and overall,the internal factors can explain the credit spread more significantly than the external factors.The debt rating is the most important factor among the internal factors.Property rights,liquidity factors,subject ratings and audit quality factors have direct impact on credit spreads,and they also have indirect impacts on corporate bond credit spreads through default risk factors.In addition,combined with the research results,this thesis also proposes corresponding policy recommendations for the government and regulatory authorities as well as bond issuers and bond investors respectively,and summarizes the shortcomings and research prospects of the thesis in the end.