【摘要】 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。更多还原

【Abstract】 Based on data from 2007 to 2013,this paper explores the factors for issue spread of credit bonds considering 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 explanatory 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 underwriter’s reputation has relatively weak explanatory power for issue spread.更多还原