| With the vigorous development of my country’s credit bond market,more and more companies choose to issue bonds for financing.The breaking of rigid payment,diversified access policies and market-oriented reform of bond pricing have brought vitality to the overall market,but also increased the risks that investors need to take.According to the risk premium theory,bond buyers will require additional income to make up for the possible capital losses when the risk occurs,which is the financing cost that the bond issuer needs to pay when raising funds,that is,the bond credit spread.The macroeconomic environment,bond issuers,and bond characteristics will all affect the credit spread of bonds to a certain extent.On the basis of traditional monetary policy,the central bank has continuously improved the monetary policy framework,promoted the market-oriented reform of interest rates,and established a benchmark interest rate system.In October 2019,the central bank implemented the loan market quoted rate(LPR)reform,improved the monetary policy quotation mechanism,changed the previous regulation of focusing on the fixed loan benchmark interest rate,and switched to the MLF interest rate as the benchmark,and made adjustments on this basis.The reformed LPR combines policy factors and market factors,and the transmission to the real economy is also more efficient.Therefore,this paper mainly uses the LPR interest rate as the proxy variable of monetary policy,and compares it with the traditional quantitative monetary policy open market operation daily net amount,comprehensively analyzes the impact of monetary policy on bond credit spreads,and further studies this time.The impact of reforms on the transmission efficiency of LPR interest rates.In addition,according to the signal theory,effective rating information can reduce the information asymmetry in the market to a certain extent,and provide a reference for investors to make investment decisions.Therefore,rating information is also an important factor affecting bond credit spreads.In summary,this paper mainly starts with monetary policy and rating information,and studies the impact of the two on bond credit spreads.The article first analyzes the monetary policy transmission theory and the impact mechanism of rating information,and puts forward assumptions based on my country’s specific national conditions.Taking 6,656 corporate bonds listed from January 2017 to December 2021 as the research object,a model is constructed for linear regression.In the context of different monetary policies,whether the adjustment effect of rating information on credit spreads is different,and whether the LPR reform in 2019 is effective.Finally,the following conclusions are drawn:(1)The main credit rating is negatively correlated with the credit spread of corporate bonds.The higher the rating,the lower the cost of issuing bonds.(2)The LPR interest rate is positively correlated with the credit spread of corporate bonds,and the correlation between the net amount of money invested in open market operations and the credit spread is not significant.It also confirms that my country’s monetary policy framework is indeed gradually changing from an interest rate monetary policy to a quantitative monetary policy.(3)Monetary policy can significantly adjust the impact of rating information on bond credit spreads.Under the background of tightening monetary policy,rating information has a stronger correlation with credit spreads.(4)The LPR reform has enhanced the effectiveness of the loan market quotation interest rate on the bond market transmission.At the same time,before August 2019,the influence coefficient of LPR on the bond credit spread was not significant,but it was significantly positive after the reform.Finally,according to the research results,combined with the existing problems,this paper puts forward relevant opinions and suggestions from three perspectives of monetary policy,rating system and bond market construction. |
