从票面利差看集团内发债母子公司信用差异

中证鹏元评级
Nov 20

"主要内容1.2025年截至10月底,全市场共有1,145家(按子公司数量算)企业存在母子公司同期发债的情形,其中央企、国企、民企各有230家、874家、10家,占各自当年全部发债主体的比例为56.9%、29.3%、7.7%,央企占比最高,民企占比最低。央企集团内子公司较多,资质也普遍较优,各子公司之间经营、财务也相对独立,因此子公司发债的情形较多,出现母子公司同期发债的比例最高,民企母子公司之间...

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