信用债发行利差影响因素探究

A Study on the Factors for Issue Spread of Credit Bonds

本文以2007年至2013年发行的3370只信用债为样本,从债券特征、市场状况和承销商声誉角度探讨了影响信用债发行利差的主要因素。通过多元回归分析发现:在当前信用债评级普遍偏高的情况下,信用评级仍对债券的发行利差有较强解释力。信用债的发行规模越大,发行期限越短,其发行利差越低。企业选择在市场状况比较平稳时发行债券,有利于降低发行利差。在当前情况下,承销商声誉对信用债发行利差的解释力还比较弱。

Based on data from 2007 to 2013, this paper explores the factors for issue spread of credit bonds con- sidering the influence of bond characteristics, market conditions and the underwriter＇s reputation. Using multiple regression analysis, we find that although most credit bonds are high--rated, credit rating still has strong explana- tory power. The issue spread of credit bonds is lower with a larger issuance size and a shorter--term maturity. The issue spread can be reduced if companies choose to issue bonds when market conditions are stable. Besides, the un- derwriters reputation has relatively weak explanatory power for issue spread.