| Summary: | 碩士 === 國立高雄第一科技大學 === 風險管理與保險研究所 === 102 === Dim Sum Bond is the off Offshore Renminbi bond issued by Chinese firms. Currently, there are only few studies investigating the issues related to Dim Sum bond. This study is aimed to examine the determinants of yield to maturity for Offshore Renminbi Dim Sum Bond based on multiple regression analysis method. Our observation period ranged from November 18, 2010 to September 30, 2013, and the total number of Dim Sum Bond is 115. In sum, the monthly data of YTM for Dim Sum bond, interest rate, exchange rate and economic indicators are obtained by this study.
The empirical results show that the variables of exchange rates, interest rates and economic indicators have great impact on YTM for Dim Sum bond. There is a negative relationship between YTM for Dim Sum bond and the exchange rate of RMB to the Hong Kong dollar. On the contrary, there is a positive relationship between YTM for Dim Sum bond and one-year Hong Kong deposit rate, and Chinese consumer price index. The aforementioned results indicate that the offshore RMB Dim Sum bonds issued in Hong Kong, the yields are complexly influenced by the nature of the Dim Sum bonds, currency (RMB), the short term interest rate in Hong Kong and the inflation rate in China.
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