2024年一季度非金融企业债务融资工具利差分析

12024年一季度非金融企业债务融资工具利差分析债券类型发行期数发行规模发行量（支）同比（%）发行规模（亿元）同比（%）超短期融资券11314.48一般短期融资券-7.501264.79中期票据72.8011281.2073.99合计255514.3223860.4714.372二、非金融企业债务融资工具利率、利差与信用等级的对应关系债券类型主体信用等级样本量发行利率（%）发行利差（BP）均值标准差最小值最大值均值级差标准差变异系数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债券类型主体信用等级样本量上市首日利率（%）交易利差（BP）均值标准差最小值最大值均值级差标准差变异系数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债券类型主体信用等级样本量发行利率（%）发行利差（BP）均值标准差最小值最大值均值级差标准差变异系数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债券类型主体信用等级样本量上市首日利率（%）交易利差（BP）均值标准差最小值最大值均值级差标准差变异系数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、非金融企业债务融资工具利差的影响因为检验主体信用等级及评级机构是否对非金融企业债务融资工具利差有影类别AAA与AA+AAA与AAAA+与AA270天超短融发行利差差异显著(p=0.000),(184,164)差异显著(p=0.000),(184,51)差异显著(p=0.000),(164,51)交易利差差异显著(p=0.000),(182,163)差异显著(p=0.000),(182,50)差异显著(p=0.000),(163,50)短融发行利差差异显著(p=0.040),(41,67)差异显著(p=0.004),(41,33)差异显著(p=0.024),(67,33)交易利差差异显著(p=0.014),(40,67)差异显著(p=0.002),(40,33)差异不显著(p=0.079),(67,33)3年期发行利差差异显著(p=0.000),(239,281)差异显著(p=0.000),(239,70)差异显著(p=0.000),(281,70)交易利差差异显著(p=0.000),(233,279)差异显著(p=0.000),(233,70)差异显著(p=0.000),(279,70)5年期发行利差差异显著(p=0.000),(137,72)差异显著(p=0.000),(137,10)差异显著(p=0.000),(72,10)交易利差差异显著(p=0.000),(136,71)差异显著(p=0.000),(136,10)差异显著(p=0.000),(71,10)类别AAA与AA+AAA与AAAA+与AA270天超短融发行利差差异显著(p=0.001),(10,40)样本不足(10,6)样本不足(40,6)交易利差差异显著(p=0.029),(10,40)样本不足(10,6)样本不足(40,6)短融发行利差样本不足(5,6)样本不足(5,3)样本不足(6,3)交易利差样本不足(5,6)样本不足(5,3)样本不足(6,3)5类别AAA与AA+AAA与AAAA+与AA3年期发行利差差异显著(p=0.001),(33,54)样本不足(33,6)样本不足(54,6)交易利差差异显著(p=0.037),(33,54)样本不足(33,6)样本不足(54,6)5年期发行利差样本不足(11,9)样本不足(11,0)样本不足(9,0)交易利差样本不足(11,9)样本不足(11,0)样本不足(9,0)评级机构新世纪中诚信国际联合资信大公东方金诚中证鹏元总样本样本总量56244227399AAA样本量76638均值51.1450.5665.0359.1564.1159.0257.60标准差13.0518.5334.4118.1215.538.0925.41AA+样本量404137均值69.8471.8771.5775.70100.8984.38标准差16.7121.91100.1922.5125.4873.3758.64AA样本量6249183516评级机构新世纪中诚信国际联合资信大公东方金诚中证鹏元总样本均值79.4882.7177.2979.82100.8194.2084.83标准差9.9715.190.0037.4916.0019.98评级机构新世纪中诚信国际联合资信大公东方金诚中证鹏元总样本样本总量56244226395AAA样本量75628均值55.6953.1966.0957.3866.7449.0958.99标准差13.6917.7835.6818.5017.4115.2125.94AA+样本量404137均值69.0663.54103.9969.0878.00105.6979.96标准差17.3020.9696.5225.1040.4773.3657.61AA样本量624818350均值77.5077.7290.9762.4198.1590.2283.53标准差8.9012.1538.320.0041.2623.1426.362024年一季度，各机构在主体信用等级上的样本量普遍较小。除联合资信评级机构新世纪中诚信国际联合资信大公东方金诚中证鹏元总样本样本总量5036AAA样本量551141均值64.9762.6184.0190.6272.2561.3072.78标准差12.0223.1634.6437.790.000.0029.91AA+样本量6234767均值66.5384.0366.4680.1779.8187.83标准差9.4032.2194.5012.4212.168.9551.94AA样本量3925433均值78.7984.2378.4475.2991.1180.3482.19标准差8.9514.8610.622.0315.095.9612.877评级机构新世纪中诚信国际联合资信大公东方金诚中证鹏元总样本样本总量4936AAA样本量551140均值46.1754.5371.9390.0169.1667.6163.83标准差17.2519.5941.5234.520.000.0032.20AA+样本量6234767均值75.5672.0565.7176.3962.2780.04标准差30.8830.7795.0218.9552.54AA样本量3925433均值81.1677.4075.7474.8174.8670.7575.94标准差12.1721.429.866.2622.5117.5517.39评级机构新世纪中诚信国际联合资信大公东方金诚中证鹏元总样本样本总量93212584633591AAA样本量3364235240均值66.5372.7683.9486.5677.8189.2876.65标准差20.9836.5631.8049.2648.4964.2337.12AA+样本量549067252520281均值79.8784.2981.9987.96104.5198.2786.01标准差28.1327.8225.3722.6248.7938.7431.16AA样本量6870均值89.20107.04109.66136.90122.3988.64标准差26.5653.9121.5888.4745.357.9950.87评级机构新世纪中诚信国际联合资信大公东方金诚中证鹏元总样本样本总量93209564432583AAA样本量33642195234均值60.3765.0376.6677.9571.7180.9169.24标准差24.1333.4533.6640.5934.8070.4234.948评级机构新世纪中诚信国际联合资信大公东方金诚中证鹏元总样本AA+样本量5490672524279均值71.6274.6973.6375.8692.0790.7976.54标准差30.7827.2229.1423.1944.5241.4831.70AA样本量6870均值86.8392.4499.02103.5669.9995.46标准差18.6340.2026.7540.5936.0710.443