!"#$% %&'()*+,- !"#$%&'()*+,-./0 !123*425/6 789:;<='>?****@%HI*JKL/ - .MNOPQRST!UVWEFXYUZ[\*=]***@AB^ . *:;_`#abc*T!dVW/%ghij%B !klmno $%*pqrAs !tuB +,-.=vwx& yz& { | y 万方数据 !"#$% %&'(./012/3 +,-.=vkl}~+!"#$%I+,-.*&'/ (m+"#)*+, !-.U/01)-.*234d567/ 89-.:;<d=<B !>?***@A)BC+DfE+,-.* l-U-FJKGH !IJK89LM/DfNIO3$P3UQ RS2TUV"WdXG+,-.B !Y/1 {~Z[\I >?]B +,-.^_" !YB `******@hbJcd#ef +,-.=vwx& 42g3wx& yz& { | y yz&2013{ 4|28y 万方数据***@A)BC+hi+,-. I !"#$%&'()*+,-./0 UV .f116jklm9noIpqrs /tu+******@vwx/ NIyz{IJd|}~IJ !*hp/^r0"wx#$dR S#$^pqoI%&*O'89}():;B yz{IJ* !rAY%/p*+,$pq-./012dl h3453(6^klm9n/7R089:pq*oI%& ;< *O'/wx*~=6>o}%/?T#$e;<******@A0^B CD{*5EIJ9}:;/fBCFGHI$JKHI$d0LM Nu"=r#$89} !/rA)M;<BOY%pq9Pv^l h34*53(6Qr!G/R^BCD{5EIJ!GST/Ua 0BC5EIJ*VWSrX['2Y*B |}~yZIIJ* !rAY%/[\]%Id^_I`a r0*#"^oI%&;<*O'/bcde*^_IdfKI# ")g ;<O'/1ChIX9!******@dBC*pqde/b d*fK^pd*O')M%;BwxjW*~=6>o}%/ *rA:l/m%r0"#$^D+pqde*oI%& n'*~=6/o0)******@rooI%&*UaO'stB |}~|ZIIJs_IJu\T/wxjW*~=6voO 'dwx/y*zm{|#$*#"^oI%&*O'******@A}z* rA~/D0vo!z"#$/doIp%&'4()*O'B WXY3oI%&$r0"wx$klm9n$89p 万方数据***@A)BC+hi+,-. II ASTUDYONTHEDETERMINANTSOFTHECREDIT SPREADSOFBONDSINREALESTATESECTOR ABSTRACT Inthispaper,weuse116bondsinrealestatesectorasdatasampleto studythedeterminantsofcreditspreadswithreferencetomaturemodels modelvariablesusingbothcross-sectionalandtimeseriesdataregression method. Cross-sectionalregressionresultsshowthatbondrating,sinkingfund provisionandfinancialstrengthoflocalgovernmenthaveasignificant %withallvariablessignificant. Wealsoconductstudiesonfirm-levelvariablesincludingleverageratio, variableswhichindicatesthatbondinvestorspaymoreattentiontothe supportoflocalgovernmentandpaylesstothefirm- mainlyattributedtothelaggingdisclosureoffinancialdata. Theti
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