财经理论研究
財經理論研究
재경이론연구
Journal of Finance and Economics Theory
2015年
1期
62~69
,共null页
信用债 发行利差 信用评级
信用債 髮行利差 信用評級
신용채 발행리차 신용평급
credit bonds; issue spread; credit rating
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。
本文以2007年至2013年髮行的3370隻信用債為樣本,從債券特徵、市場狀況和承銷商聲譽角度探討瞭影響信用債髮行利差的主要因素。通過多元迴歸分析髮現:在噹前信用債評級普遍偏高的情況下,信用評級仍對債券的髮行利差有較彊解釋力。信用債的髮行規模越大,髮行期限越短,其髮行利差越低。企業選擇在市場狀況比較平穩時髮行債券,有利于降低髮行利差。在噹前情況下,承銷商聲譽對信用債髮行利差的解釋力還比較弱。
본문이2007년지2013년발행적3370지신용채위양본,종채권특정、시장상황화승소상성예각도탐토료영향신용채발행리차적주요인소。통과다원회귀분석발현:재당전신용채평급보편편고적정황하,신용평급잉대채권적발행리차유교강해석력。신용채적발행규모월대,발행기한월단,기발행리차월저。기업선택재시장상황비교평은시발행채권,유리우강저발행리차。재당전정황하,승소상성예대신용채발행리차적해석력환비교약。
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.