产权性质、货币供应量与公司债信用利差

Property Rights,Money Supply and Credit Spreads of Corporate Bond

本文以337只一级市场公司债为样本,基于横截面数据的多元回归模型,分析产权性质、货币供应量对企业融资成本的影响.研究发现,货币供应增长降低公司债信用利差.而国有产权能通过直接或间接途径降低公司债信用利差.进一步研究表明,国有产权在公司债定价中发挥隐性担保作用,从而削弱公司债信用利差对货币政策波动的敏感性.

This paper takes337corporate bonds in primary market as a sample using multiple regression models based on cross sectional data to analyze the influence of property rights and monetary supply to the credit spreads of corporate bonds.The study finds that the expansion of monetary supply will reduce the credit spreads of corporate bonds.The state-owned property rights will reduce the credit spreads.Further research shows that the state-owned property rights provide implicit guarantee in corporate bonds pricing.As a result,a state-owned property rights reduces the credit spreads and the fluctuation of credit spreads.