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中文摘要：
本文以2007年1月至2010年6月发行短期融资券和中期票据的上市公司为研究对象，从债券特征和公司特征的角度考察了债券发行票面利差形成的影响因素。结果表明：（1）当公司发行的债券具有债券评级等级高、融资规模较大、债券付息方式更加灵活、种类为短期融资券的特征，以及发债公司具有较低的资产负债率和公司规模较大的企业特征时，发债公司可获得有利的发行票面利差，节约融资成本；（2）发债公司的主体评级对债券票面利差有显著影响，但其影响方向与理论分析相反；（3）持股比例变化带来的公司治理效应不同，第一大股东持股比例对票面利差形成有非线性U型影响。
英文摘要：
Using the data of listed companies which issued the short-term debts and medium-term notes from January 2007 to June 2010, this paper analyzes the bond and the firm＇s characteristics on the spread of par bonds. The results show that： firstly, when the bonds with a high grade bond rating, financing a larger scale, more flexible ways of bond interest and short-term financing bonds, and when the company with a low debt ratio and the larger the company, there has a high coupon bond spreads and financing costs saved. Secondly, the company＇s main credit rating has a significant relationship with coupon bond spreads, but the direction is opposite with theoretical analysis. Thirdly, there is a nonlinear U-shaped relationship between the largest shareholders＇ share and the coupon bond spreads.
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