"National Team"Fund and Bond Credit Spreads—Risk Contagion between the Stock Market and the Corporate Bond Market
Financial security is a crucial foundation of economic prosperity and social stability.The"national team"fund serves as a pivotal role in market stabilization through its purchase of financial assets and adjustment of supply and de-mand.Based on the sample data of corporate bonds and medium-term notes issued by A-share listed companies from 2014 to 2021,this paper examines the impact of the"national team"fund's shareholdings on preventing cross-market risk contagion from the perspective of risk contagion between stock market and corporate bond market.It is found that the"national team"fund's shareholdings significantly decrease the bond credit spreads.The"national team"fund's shareholdings can affect credit spreads by reducing the equity-debt risk contagion,improving investor confidence and reducing default risk.Further analysis reveals that the effect of continuous and stable"national team"fund's shareholdings is more pronounced.Moreover,the increase or decrease of the"national team"fund's shareholdings has an asymmetric impact on credit spreads.This effect is more pronounced when bonds without guarantee clauses and those with lower credit ratings.This paper not only broadens the research scope of bond credit spreads,but also provides new perspectives for comprehen-sively understanding the economic consequences of"national team"fund.These findings provide decision-making references for the management practices,operation modes,and future development of financial stability guarantee fund.Furthermore,it has important enlightenment significance to guarantee the healthy and orderly development of capital market and improve the long-term mechanism of financial stability.
NETL
NSTL
万方数据
