Factors Affecting China's Bond Issuance Size: An Empirical Study

Issuing bonds is an important tool which our government uses to raise money, make up for the deficit, ease the financial pressure and regulate macroeconomic policy. As a macroeconomic variable, national debt issuance is affected by many political and economic factors. Therefore, researching those factors to adjust the issuance of Treasury bond is of vital significance. This paper conducted an empirical analysis according to these influencing factors. Firstly, it established an econometric model, removed relatively unimportant factors by taking the method of stepwise regression, and eventually sought to two important factors, namely the credit scale and debt servicing. The two factors aim to provide some reference value for the national debt issue in the future.