银行授信对公司债二级市场定价的影响研究

On the Impact of Bank Credit on the Pricing of Corporate Bonds in the Secondary Market

基于2015—2021年A股上市公司公开发行公司债的年度交易数据,运用多元回归模型,实证检验了银行授信对公司债二级市场定价的影响。结果表明:较高的银行授信额度能向投资者传递积极的信号,有助于降低公司债二级市场信用利差。进一步研究发现,当发债公司的审计质量较低或公司规模较小时,银行授信对公司债二级市场信用利差的负向影响更强,说明审计质量和公司规模可以有效调节银行授信与公司债二级市场信用利差之间的负相关关系。最后,基于上述结论,对监管部门、发债公司及投资者提出相关建议。

Based on the annual transaction data of the public issuance of corporate bonds by A-share listed companies from 2015 to 2021,this paper empirically tests the impact of bank credit on the pric-ing of corporate bonds in the secondary market by using multiple regression models.The results show that a higher bank credit line can send a positive signal to investors and help reduce the credit spread in the secondary market of corporate bonds.Further research found that when the audit quality of the issuing company is low or the company size is small,the negative impact of bank credit on the credit spread of the secondary market of corporate bonds is stronger,indicate that the audit quality and com-pany size can effectively adjust the negative correlation between bank credit and the credit spread in the secondary market of corporate bonds.Finally,based on the above conclusions,relevant sugges-tions are put forward to the regulatory authorities,bond issuing companies and investors.