作为全球第三大债券市场的人民币债券国际化是中国金融市场发展的重要组成部分,熊猫债对于人民币国际化、债券市场对外开放等战略推动起着重要作用。文章基于74只存续熊猫债的信息,构建OLS模型,利用后退法删减变量,研究熊猫债发行利率的影响因素。研究结果显示,债券的付息方式、发行人的所有权属性和人民币兑美元汇率预期是熊猫债发行利率的主要决定因素。 As the third largest bond market in the world, the internationalization of RMB bonds is an important part of the development of China’s financial market. Panda bonds play an important role in promoting the internationalization of RMB and the opening up of the bond market. Based on the information of 74 surviving panda bonds, this paper builds the OLS model, and uses regression method to subtract the variables to study the influencing factors of the interest rate of Panda bonds. The results show that the bond coupon payment method, the ownership of the issuer and the expected exchange rate of RMB against the US dollar are the main determinants of the issuance rate of Panda bonds.