Theoretical basis on Determinants of Corporate Bond Spreads

Jiemin Huang
2016 Proceedings of the 2016 International Conference on Education, Management, Computer and Society   unpublished
This paper analyzes the theoretical basis of the relevant papers. First, the meaning and connotation of corporate bond yield spreads to define the difference between corporate bonds and corporate bonds; secondly, analyzed the determinants of corporate bond yield spreads, including: macroeconomic factors, capital market factors, individual factors of corporate bonds; and then introduces research methods of corporate bond yield spreads, including GARCH and ARCH methods, time series analysis,
more » ... ries analysis, panel data fixed effects model, state space model and Kalman filter method. A. connotation of corporate bonds Tools of debt borrowed by private companies or public companies use according to the Commercial Press published "in English and Chinese Securities Investment Dictionary", refers to corporate bonds. Chinese presence corporate bonds and corporate bonds of two credit bonds. About China bond market corporate bonds and corporate bonds, there are three different views, some people think corporate bonds and US municipal bonds is similar to the same corporate bonds and corporate bonds in Europe and America; some people think that corporate bonds include corporate bonds issued by the state-owned enterprises project bonds; Some people believe that they are different, corporate bonds can be included in corporate bonds, which is relativistic thinking. In fact, it is different in the following aspects, one, many corporate bonds guaranteed bonds issued by local governments, such as the city to vote bonds and the like. Second, corporate bonds to raise funds according to project needs, different European and American corporate bonds. Third, from the bond issuance and regulatory point of view, corporate debt and project construction is closely related to corporate bonds issued by the Development and Reform Commission approval. The corporate bonds issued by the SFC approval, the exchange market transactions. From the above analysis it shows that the scope of corporate bonds and corporate bonds can not be divided according to the extension division of the company and the enterprise. According to the current bond market supervision and transactions, corporate bonds and corporate bonds coexist, both approving and different regulators, trading venues and counterparties are also different. Corporate bond research object for the Shanghai Stock Exchange and Shenzhen Stock Exchange trading, via the Commission approved the issuance of these bonds, issuers of listed companies. The bonds are mostly short and medium term. Bond credit rating is relatively high. Issuers widely distributed range of industries, covering almost all sectors, with a certain representation.
doi:10.2991/emcs-16.2016.407 fatcat:ztqk4ym3p5d2hg6n4zgmppgiga