中国机构海外债券融资研究

A Study of China's Domestic Institutions' Oversea Bonds Financing

本文对中国境内机构海外债券融资的情况进行了分析,特别关注于国际债券的利率结构、币种结构、期限结构几个重要因素。另外我们还对中国境内机构海外发行国际债券成本的决定因素进行了实证研究,考察了发行期限、发行金额、票面币种汇率、发行地基准利率等因素对国际债券发行利率的影响。

In this paper we have not only analyzed China's domestic institutions' oversea financing, focusing on some important factors such as the interest rate structure, currency structure and term structure of international bonds, but also made a case study of the determinants of the costs of China's domestic institutions' issuance of international bonds, exploring the impact of issue maturity, the amount thereof, the exchange rate of the bond money and the benchmark interest rate in the issuance place upon the issue interest rate of international bonds.