Research On Influencing Factors Of Credit Spread Of Corporate Bonds

The rapid development of corporate bond market with the coming of the high tide of payment,there are many credit risk problems,such as the inflated credit rating,bond default and so on.Based on this,this paper analyzes and discusses the factors influencing the credit spread of domestic corporate bonds.First of all,the research literature and results of credit analysis measurement model and factors affecting credit spread are reviewed.On this basis,this paper reviews the basic concept of corporate bond and its current development in China,and divides the factors affecting corporate bond credit spread into financial and non-financial indicators.Then,the multiple linear regression model is used as an empirical test method,the research sample selects the corporate bonds issued in Shanghai and Shenzhen from2015 to 2020,and determines the indicators affecting the credit spread of corporate bonds.Based on the comparison and analysis of model data,and according to the remaining maturity of corporate bonds and the principal rating of the division,and then regression analysis,and give a reasonable explanation in economics.The results of empirical analysis show that:(1)At the level of non-financial indicators,the consumer price index and corporate bond credit spread show a significant positive correlation,industrial added value and.(2)At the level of influencing factors of financial indicators,the first principal component reflects the debt level of the enterprise,the second principal component reflects the profit and operation level of the enterprise,and the third principal component reflects the size and development level of the enterprise are negatively correlated with credit spread.(3)At the level of all factors: the coefficient of each index changed,but the correlation was basically the same.(4)The higher residual maturity of bonds corresponds to the lower impact coefficient of corporate credit rating and corporate debt level on credit spread.(5)Higher bond residual maturity and credit rating correspond to higher micro model interpretation ability.Overall,multilevel indicators affect the change of credit spread,which are consistent with the actual situation and have good empirical explanatory ability.