小微企业债券定价影响因素实证研究
Empirical Study on the Factors Influencing the Pricing of Small and Micro Enterprise Bonds

小微企业债券市场在中国资本市场中扮演着至关重要的角色，尽管近年来发展势头迅猛，但与国际上那些成熟的市场相比，仍然存在一定的差距。为了进一步推动直接融资的发展，降低企业的融资成本，加速金融市场的整体发展进程，并最终促进经济增长，发展和完善小微企业债券市场显得尤为关键。在当前的市场环境下，小微企业债券的定价机制已经成为制约小微企业债券市场进一步发展的瓶颈。为了打破这一瓶颈，实现市场的成熟和健康发展，就需要对小微企业债券定价影响因素进行深入分析，为此，本文选取2020~2023年间发行的101支小微企业债券为样本数据，以小微企业债券为被解释变量，以GDP、CPI、发行规模、债券信用评级、发行期限、企业资产负债率、企业总资产收益率、流动比率、换手率等10个变量为解释变量，构建二元回归模型，对影响小微企业债券定价的因素进行实证分析，实证研究结果表明：债券信用评级、总资产收益率、流动比率、换手率等因素对小微企业债券信用利差具有显著负向影响。基于上述研究结论，提出了提升小微企业债券发债主体的遴选标准、提升小微企业经营能力、政策上继续扶持小微企业债券的发展、大力发展地方经济等建议，来降低小微企业债券信用利差，进而降低小微企业融资的难度，以促进小微企业的快速发展。
The small and micro enterprise bond market plays a crucial role in China’s capital market. Despite its rapid development in recent years, there is still a certain gap compared to mature international markets. In order to further promote the development of direct financing, reduce the financing costs of enterprises, accelerate the overall development process of the financial market, and ultimately promote economic growth, it is particularly crucial to develop and improve the bond market for small and micro enterprises. In the current market environment, the pricing mechanism of small and micro enterprise bonds has become a bottleneck restricting the further development of the small and micro enterprise bond market. In order to break through this bottleneck and achieve mature and healthy market development, it is necessary to conduct in-depth analysis of the factors affecting the pricing of small and micro enterprise bonds. Therefore, we selected 101 small and micro enterprise bonds issued between 2020 and 2023 as sample data, with small and micro enterprise bonds as the explained variable. Using 10 variables including GDP, CPI, issuance scale, bond credit rating, issuance period, corporate asset liability ratio, total asset return rate, current ratio, and turnover rate as explanatory variables, a binary regression model was constructed to empirically analyze the factors affecting the pricing of small and micro enterprise bonds. The empirical research results showed that bond credit rating, total asset return rate, current ratio, turnover rate, and other factors had a significant negative impact on the credit spread of small and micro enterprise bonds. Based on the above research conclusions, suggestions have been put forward to improve the selection criteria for small and micro enterprise bond issuers, enhance the operational capabilities of small and micro enterprises,