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资产证券化产品作为“债券家族”的重要一员,在我国的市场规模不断扩大。研究其发行利率影响因素对丰富我国债券领域相关理论具有重要意义。本文通过对样本进行分组均值差异t检验验证了利率影响因素在不同类型资产证券化产品中的分布显著不同;在结构性邹式检验基础上,发现影响两类资产证券化产品的影响因素并不完全一致,且企业资产支持证券的影响因素更加多元。最后通过引入带有证券类型虚拟变量交互项的OLS实证模型对全样本进行测算,发现信用评级、分层规模、主承销商个数对两类资产支持证券发行利率的影响系数在1%的水平上有显著差异;附属比例、总规模、利率类型对两者发行利率的影响系数在10%水平上有显著差异;到期期限、分层数量等对两者发行利率的影响程度没有显著区别。
Assets securitization products as “bond family ” an important member of the market in our country continues to expand. Studying the influencing factors of its issuing interest rate is of great significance for enriching the related theories in the bond field of our country. This paper verifies that the distribution of interest rate influencing factors in different types of asset securitization products is significantly different by grouping the sample t-test. Based on the structural Zou-type test, it is found that the influencing factors of the two types of asset-backed securitization products are not Exactly the same, and the impact of enterprise asset-backed securities more diverse. Finally, by introducing the OLS empirical model with interactive items of securities type dummy variables, the whole sample is measured and found that the influence coefficient of credit rating, stratification scale and number of underwriters on the issuance rates of the two classes of asset-backed securities is 1% There is a significant difference between the two; the proportion of subsidiary, the total size, the type of interest rate on the issue rate of the two significant differences in the level of 10%; maturity, the number of stratification, etc. have no significant difference between the two interest rates.