金融危机对公司债发行的影响研究

Research on the Impact of Financial Crisison Corporate Bond Issuance

文章研究了2007年“次贷危机”对美国公司债发行的影响。通过选取2002—2017年美国公司债发行的数据进行研究,文章发现:公司债的债券契约严格程度、信用利差以及债券期限等变量在“次贷危机”发生前后发生了显著变化。相较于危机前的情况,危机后的债券契约更加严格,信用利差更高,债券期限更短。虽然这些影响随时间逐渐减弱,但次贷危机对信用利差和债券期限的影响在危机发生后十年仍然显著。笔者进一步采用信用评级分样本回归,发现“次贷危机”主要通过影响投资级债券来影响新债的发行。文章研究结论有助于从金融危机等宏观视角理解债券发行的形成机制,尤其是债券契约的宏观影响因素。这些发现对促进中国债券市场发展具有一定借鉴意义。

This article examines the impact of the 2007 subprime mortgage crisis on the issuance of corporate bonds in the United States.By selecting the data on corporate bond issuance in the United States from 2002 to 2017 for research,we found that variables such as the strictness of bond indenture,credit spread,and bond maturity for corporate bonds changed significantly after the subprime mortgage crisis.Compared to pre-crisis,bond indentures became stricter after crisis.credit spreads were higher,and bond maturities were shorter.Although these effects are gradually waning over time,the influence of the subprime mortgage crisis on credit spreads and bond maturities remains significant ten years after the crisis.We further,by using credit ratings,conducted sub-sample regression and found that the subprime mortgage crisis mainly impacted the issuance of new bonds by affecting investment-grade bonds.The research conclusion of this article is helpful to understand the formation mechanism of bond issuance from macro perspective such as financial crisis,especially the macro factors affecting bond indentures.These findings can be used for reference to promote the development of China's bond market.