| Summary: | 碩士 === 國立政治大學 === 財務管理研究所 === 102 === The article focuses on the offshore Renminbi bonds (dim sum bonds) and domestic Renminbi bonds issued from January 2011 to December 2013. We use logistic regression model to analyze the relation between financial characteristics of issuers and bond financing determination. We find that the companies with more proportion of government ownership, higher growth potential, better profitability, and greater size tend to issue Dim Sum bonds instead of domestic Renminbi bonds.
In addition, from the issued amounts and credit spreads of the bonds, this article tries to analyze the different characteristics of offshore dim Sum bonds and domestic Renminbi bonds. The results show that the issued amount and the credit spread of the dim Sum bonds are significantly lower than those of domestic Renminbi bonds. For dim sum bonds, the expected RMB exchange rate and the amount issuance have significantly positive relation, while the expected appreciation of the Renminbi with no significantly effect to domestic bonds.
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