Abstract
This paper investigates the impact of insider selling on credit spreads in the secondary market of corporate bonds. The data of listed corporate bonds with insider sale events from 2012 to 2021 are selected as the research sample. It is found that the greater the intensity of insider's holdings sale, the greater the credit spreads of corporate bonds in the secondary market; the mechanism test reveals that the more serious the company's unpredicted performance decline, the more pronounced the positive impact of insider's holdings sale on credit spreads; when analysts' attention increases, it correspondingly weakened the positive impact of insider's holdings sale on the credit spreads of corporate bonds.
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