Research on the Change of Bond Credit Spread of Manufacturing Enterprises Empowered by Digital Economy

Dongxiao He

doi:10.54097/8svksh87

Authors

Dongxiao He

DOI:

https://doi.org/10.54097/8svksh87

Keywords:

Digital economy, Manufacturing, Bond financing, Credit spread, Bond market

Abstract

With the rapid development of information technology, the digital economy has become a key force driving economic growth and innovation. Manufacturing acts as a core component of the real economy, it holds a pivotal position in the national economy. Bond financing is the most common financing channel for enterprises. The credit spread is an important indicator for evaluating the credit quality and credit risk of corporate bonds, it is also crucial for the bond market’s stable operation and developmen. This paper studies the impact of the digital economy on the credit spread of bonds of manufacturing enterprises. By constructing an econometric model and using the regression analysis, the finding is that the digital economy can reduce the bond credit spread of manufacturing enterprises siginificantly. Furthermore by conducting robustness tests, endogeneity analysis, and heterogeneity analysis the result still holds.

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