2024年一季度非金融企業(yè)債務融資工具利差分析

12024年一季度非金融企業(yè)債務融資工具利差分析債券類型發(fā)行期數(shù)發(fā)行規(guī)模發(fā)行量（支）同比（%）發(fā)行規(guī)模（億元）同比（%）超短期融資券11314.48一般短期融資券-7.501264.79中期票據(jù)72.8011281.2073.99合計255514.3223860.4714.372二、非金融企業(yè)債務融資工具利率、利差與信用等級的對應關系債券類型主體信用等級樣本量發(fā)行利率（%）發(fā)行利差（BP）均值標準差最小值最大值均值級差標準差變異系數(shù)270天超短融AAA2.02-4.302.430.2918.50223.0057.60NR25.410.44AA+2.14-6.602.710.6034.82476.3284.3826.7858.640.69AA512.37-3.502.680.2359.67174.3084.830.4519.980.24短融AAA412.02-3.642.620.3125.75186.6972.78NR29.910.41AA+672.29-6.002.750.5447.13420.2587.8315.0551.940.59AA332.28-3.122.700.1952.75125.5182.19-5.6412.870.163年期AAA2392.27-4.502.920.3910.95221.7076.71NR37.180.48AA+2812.50-4.393.030.3240.59222.0786.019.3031.160.36AA702.70-6.003.290.5460.94370.2724.7150.870.465年期AAA2.39-4.192.940.3119.41197.3267.68NR30.200.45AA+722.80-5.303.360.4757.77307.1943.5147.350.43AA3.39-4.704.130.48250.52188.4477.2547.160.25債券類型主體信用等級樣本量上市首日利率（%）交易利差（BP）均值標準差最小值最大值均值級差標準差變異系數(shù)270天超短融AAA2.11-4.242.440.248.51219.2658.99NR25.940.44AA+2.28-6.502.660.5625.09476.3579.9620.9757.610.72AA502.42-3.742.660.2647.53186.1283.533.5726.360.32短融AAA402.18-3.572.530.2617.59180.0163.83NR32.200.50AA+672.29-5.982.660.5132.03416.5880.0416.2152.540.66AA332.47-3.122.630.1443.41130.8875.94-4.1017.390.233年期AAA2332.33-4.602.850.3415.36233.2569.26NR35.020.51AA+2792.50-4.302.930.2920.76221.9676.547.2831.700.41AA702.70-4.643.130.3551.39232.9595.4618.9234.690.365年期AAA2.41-4.192.890.3020.11198.1462.46NR30.510.49AA+712.78-5.303.270.4841.44307.14103.3040.8449.030.473AA3.37-4.704.110.46248.83187.4884.1846.910.25債券類型主體信用等級樣本量發(fā)行利率（%）發(fā)行利差（BP）均值標準差最小值最大值均值級差標準差變異系數(shù)270天超短融AAA2.20-2.722.360.1621.5071.7851.14NR13.050.26AA+402.14-3.002.550.2136.67127.8069.8418.7016.710.24AA62.43-2.962.600.1969.47101.4779.489.640.14短融AAA52.37-2.802.640.1553.0987.3164.97NR12.020.18AA+62.29-2.802.480.1656.7585.9966.539.400.14AA32.47-2.702.580.0971.2691.3778.7912.268.950.113年期AAA332.48-3.502.830.2236.36134.5266.53NR20.980.32AA+542.60-4.302.980.2640.59222.0779.8713.3428.130.35AA62.80-3.703.050.3165.95145.9589.209.3326.560.305年期AAA2.64-3.852.930.3243.11150.5965.64NR28.020.43AA+92.84-5.303.280.7464.41307.19102.4036.7674.520.73債券類型主體信用等級樣本量上市首日利率（%）交易利差（BP）均值標準差最小值最大值均值級差標準差變異系數(shù)270天超短融AAA2.31-2.472.400.0528.2372.4755.69NR13.690.25AA+402.30-3.002.540.1736.00129.6269.0613.3717.300.25AA62.42-2.972.590.1967.0292.6377.508.448.900.11短融AAA52.38-2.532.440.0628.0972.8146.17NR17.250.37AA+62.29-3.192.560.3054.69143.2375.5629.3930.880.41AA32.48-2.772.590.1369.6898.0181.165.6012.170.153年期AAA332.51-3.402.770.2325.68122.7260.37NR24.130.40AA+542.62-4.302.900.2731.08221.9671.6230.780.43AA62.85-3.433.020.2170.51124.5886.8315.2118.630.215年期AAA2.69-3.452.840.2034.8356.83NR20.560.36AA+92.78-5.303.210.7657.00307.1496.7739.9475.920.784三、非金融企業(yè)債務融資工具利差的影響因為檢驗主體信用等級及評級機構是否對非金融企業(yè)債務融資工具利差有影類別AAA與AA+AAA與AAAA+與AA270天超短融發(fā)行利差差異顯著(p=0.000),(184,164)差異顯著(p=0.000),(184,51)差異顯著(p=0.000),(164,51)交易利差差異顯著(p=0.000),(182,163)差異顯著(p=0.000),(182,50)差異顯著(p=0.000),(163,50)短融發(fā)行利差差異顯著(p=0.040),(41,67)差異顯著(p=0.004),(41,33)差異顯著(p=0.024),(67,33)交易利差差異顯著(p=0.014),(40,67)差異顯著(p=0.002),(40,33)差異不顯著(p=0.079),(67,33)3年期發(fā)行利差差異顯著(p=0.000),(239,281)差異顯著(p=0.000),(239,70)差異顯著(p=0.000),(281,70)交易利差差異顯著(p=0.000),(233,279)差異顯著(p=0.000),(233,70)差異顯著(p=0.000),(279,70)5年期發(fā)行利差差異顯著(p=0.000),(137,72)差異顯著(p=0.000),(137,10)差異顯著(p=0.000),(72,10)交易利差差異顯著(p=0.000),(136,71)差異顯著(p=0.000),(136,10)差異顯著(p=0.000),(71,10)類別AAA與AA+AAA與AAAA+與AA270天超短融發(fā)行利差差異顯著(p=0.001),(10,40)樣本不足(10,6)樣本不足(40,6)交易利差差異顯著(p=0.029),(10,40)樣本不足(10,6)樣本不足(40,6)短融發(fā)行利差樣本不足(5,6)樣本不足(5,3)樣本不足(6,3)交易利差樣本不足(5,6)樣本不足(5,3)樣本不足(6,3)5類別AAA與AA+AAA與AAAA+與AA3年期發(fā)行利差差異顯著(p=0.001),(33,54)樣本不足(33,6)樣本不足(54,6)交易利差差異顯著(p=0.037),(33,54)樣本不足(33,6)樣本不足(54,6)5年期發(fā)行利差樣本不足(11,9)樣本不足(11,0)樣本不足(9,0)交易利差樣本不足(11,9)樣本不足(11,0)樣本不足(9,0)評級機構新世紀中誠信國際聯(lián)合資信大公東方金誠中證鵬元總樣本樣本總量56244227399AAA樣本量76638均值51.1450.5665.0359.1564.1159.0257.60標準差13.0518.5334.4118.1215.538.0925.41AA+樣本量404137均值69.8471.8771.5775.70100.8984.38標準差16.7121.91100.1922.5125.4873.3758.64AA樣本量6249183516評級機構新世紀中誠信國際聯(lián)合資信大公東方金誠中證鵬元總樣本均值79.4882.7177.2979.82100.8194.2084.83標準差9.9715.190.0037.4916.0019.98評級機構新世紀中誠信國際聯(lián)合資信大公東方金誠中證鵬元總樣本樣本總量56244226395AAA樣本量75628均值55.6953.1966.0957.3866.7449.0958.99標準差13.6917.7835.6818.5017.4115.2125.94AA+樣本量404137均值69.0663.54103.9969.0878.00105.6979.96標準差17.3020.9696.5225.1040.4773.3657.61AA樣本量624818350均值77.5077.7290.9762.4198.1590.2283.53標準差8.9012.1538.320.0041.2623.1426.362024年一季度，各機構在主體信用等級上的樣本量普遍較小。除聯(lián)合資信評級機構新世紀中誠信國際聯(lián)合資信大公東方金誠中證鵬元總樣本樣本總量5036AAA樣本量551141均值64.9762.6184.0190.6272.2561.3072.78標準差12.0223.1634.6437.790.000.0029.91AA+樣本量6234767均值66.5384.0366.4680.1779.8187.83標準差9.4032.2194.5012.4212.168.9551.94AA樣本量3925433均值78.7984.2378.4475.2991.1180.3482.19標準差8.9514.8610.622.0315.095.9612.877評級機構新世紀中誠信國際聯(lián)合資信大公東方金誠中證鵬元總樣本樣本總量4936AAA樣本量551140均值46.1754.5371.9390.0169.1667.6163.83標準差17.2519.5941.5234.520.000.0032.20AA+樣本量6234767均值75.5672.0565.7176.3962.2780.04標準差30.8830.7795.0218.9552.54AA樣本量3925433均值81.1677.4075.7474.8174.8670.7575.94標準差12.1721.429.866.2622.5117.5517.39評級機構新世紀中誠信國際聯(lián)合資信大公東方金誠中證鵬元總樣本樣本總量93212584633591AAA樣本量3364235240均值66.5372.7683.9486.5677.8189.2876.65標準差20.9836.5631.8049.2648.4964.2337.12AA+樣本量549067252520281均值79.8784.2981.9987.96104.5198.2786.01標準差28.1327.8225.3722.6248.7938.7431.16AA樣本量6870均值89.20107.04109.66136.90122.3988.64標準差26.5653.9121.5888.4745.357.9950.87評級機構新世紀中誠信國際聯(lián)合資信大公東方金誠中證鵬元總樣本樣本總量93209564432583AAA樣本量33642195234均值60.3765.0376.6677.9571.7180.9169.24標準差24.1333.4533.6640.5934.8070.4234.948評級機構新世紀中誠信國際聯(lián)合資信大公東方金誠中證鵬元總樣本AA+樣本量5490672524279均值71.6274.6973.6375.8692.0790.7976.54標準差30.7827.2229.1423.1944.5241.4831.70AA樣本量6870均值86.8392.4499.02103.5669.9995.46標準差18.6340.2026.7540.5936.0710.443