短期融资券发行利差结构分析

本文选取175只短期融资券为样本，研究各主要因素对短期融资券发行利差的影响。实证分析发现，短期融资券发行利差具有明显的期限结构，并受到发行规模、央票利率水平、企业性质和重大信用风险事件的显著影响，个另4行业和超大型企业也能享受一定的利差优惠。研究还表明，现阶段在发行人个体层面没有明显的利差结构性差异，表现为发行人财务指标对发行利差的影响不显著。

Analysis of Short-term Bonds Interest Spread

This paper reviews the influential factors on short-term bond interest spread based on 175 short-term bond issues. Empirical studies reveal that interest spread is typical of bond terms, affected by issue size, benchmark interest rate, sector of issuers and their credit risks, although certain industries and conglomerates may be granted a preferential interest spread. It is also found out that, at the current stage, no structural spread difference is found for issuers, an indication that the financial indicators has no marked impact on interest spread