科创债券是否存在发行溢价?——来自中国债券市场的实证研究

Does Science and Technology Innovation Bond Issuance Premium Exist?:Evidence from China's Bond Market

本文基于2021—2023年我国债券市场发行的科创债券数据,使用科创债券与普通债券匹配的方法构造研究样本,并构建计量模型考察了科创债券的发行溢价效应。实证分析结果显示,科创债券一级市场发行存在显著的溢价效应,科创债券发行利率较普通债券高27个基点。同时,目前科创债券发行主体主要为高评级企业,而主体资质较弱的科技型中小企业获得债券融资的机会较少。积极引导各类市场投资主体参与科创债券业务,有效降低科创债券发行溢价。此外,要加快中国版高收益债券市场建设,打通科技型中小企业债券融资渠道。

This paper constructs an econometric model to examine the issuance premium of science and technology innovation bond.Using science and technology innovation bonds issued during 2021 and 2023,we investigate China's science and technology innovation bond premium using a matching methodology.This paper concludes that,rate of science and technology innovation bonds are on average higher than the rate of their ordinary counterparts by 27 basis points,suggesting that science and technology innovation bond issuance premium exists significantly in China's bond market.The main issuers of science and technology innovation bonds are high rated enterprises,while technology-based small and medium-sized enterprises with weaker qualifications have fewer opportunities to obtain bond financing.Policymakers should actively encourage market entities to participate in the investment of science and technology innovation bond to reduce the premium.Additionally,the construction of the High-Yield Bond Market should be accelerated to open up bond financing channels for technology-based small and medium-sized enterprises.