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ji yu tou zi zhe shi jiao de zhong xiao qi ye zhai quan feng xian yi jia yan jiu
Pages: 167-171
Year: Issue:  12
Journal: Enterprise Economy

Keyword:  SME bondsrisk premiumyield to maturityholding period yield;
Abstract: This paper uses the small and medium- sized enterprise bond risk premiums as the main research objects, by comparing the holding period yield and the yield to maturity, and finds that the risk premiums for bond investors in small and medium-sized enterprises have not been met. We construct five major risk factors to reunify the risk premiums. The results show that the influence of four risk factors on the risk premiums is significant, the impact on liquidity risk factor change is not significant due to the construction process of proxy variables. This paper explains that investors are the most sensitive to the mid- and long- term credit risk of the bonds of small and medium- sized enterprises, and puts forward the corresponding policy recommendations, in order to reduce the gap between investors’ real incomes and expected incomes.
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