本文選題：貨幣政策　切入點：公司債券　出處：《當(dāng)代經(jīng)濟科學(xué)》2017年05期

【摘要】：本文通過2008—2015年公司債券非平衡面板數(shù)據(jù)探究貨幣政策如何影響公司債券信用價差。通過理論與實證分析得出:(1)貨幣政策對公司債券信用價差存在正反兩個方向的影響。(2)發(fā)債公司風(fēng)險承擔(dān)在貨幣政策與公司債券信用價差的關(guān)系中起重要作用。風(fēng)險承擔(dān)較低時,貨幣政策對公司債券信用價差為正向影響,而風(fēng)險承擔(dān)較高時,貨幣政策對公司債券信用價差的負向影響會更嚴重,甚至?xí)^正向影響。公司風(fēng)險承擔(dān)主要影響貨幣政策對公司債券信用價差的負向作用。(3)風(fēng)險承擔(dān)對貨幣政策的公司債券信用價差傳導(dǎo)機制的影響具有異質(zhì)性:公司債券信用評級越高,不具有特殊條款的公司債券影響越明顯,而發(fā)債公司的產(chǎn)權(quán)性質(zhì)對此不造成影響。
[Abstract]:Based on the non-equilibrium panel data of corporate bonds from 2008 to 2015, this paper explores how monetary policy affects corporate bond credit spreads.Through theoretical and empirical analysis, it is concluded that monetary policy has a positive and negative impact on corporate bond credit spreads. 2) the risk assumption of bond issuing companies plays an important role in the relationship between monetary policy and corporate bond credit spreads.When the risk assumption is low, the monetary policy has a positive effect on the corporate bond credit spread, and when the risk assumption is high, the negative impact of monetary policy on the corporate bond credit spread will be more serious, even more than the positive impact.Corporate risk-taking mainly affects the negative effect of monetary policy on corporate bond credit spread. (3) the influence of risk-taking on the transmission mechanism of corporate bond credit spread is heterogeneity: the higher the corporate bond credit rating, the higher the corporate bond credit rating.The more significant the impact of corporate bonds without special terms, the property rights of bond issuing companies do not affect this.
【作者單位】： 南開大學(xué)金融學(xué)院;
【基金】：教育部社科項目“我國宏觀審慎政策協(xié)調(diào)問題研究”(15YJA790090)
【分類號】：F822.0;F832.51

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