Does Science and Technology Innovation Bond Issuance Premium Exist?:Evidence from China's Bond Market
This paper constructs an econometric model to examine the issuance premium of science and technology innovation bond.Using science and technology innovation bonds issued during 2021 and 2023,we investigate China's science and technology innovation bond premium using a matching methodology.This paper concludes that,rate of sci-ence and technology innovation bonds are on average higher than the rate of their ordinary counterparts by 27 basis points,suggesting that science and technology innovation bond issuance premium exists significantly in China's bond market.The main issuers of science and technology innovation bonds are high rated enterprises,while technology-based small and medium-sized enterprises with weaker qualifications have fewer opportunities to obtain bond finan-cing.Policymakers should actively encourage market entities to participate in the investment of science and technology innovation bond to reduce the premium.Additionally,the construction of the High-Yield Bond Market should be ac-celerated to open up bond financing channels for technology-based small and medium-sized enterprises.
Science and Technology Innovation BondHigh-Yield BondBond CostsNew-Quality Produc-tivity
NETL
NSTL
万方数据
