This paper analyses the effects of the ECB Corporate Sector Purchase Programme (CSPP) on yields of corporate sector bonds and its impact on the corporate sector's debt markets. The CSPP started as a part of an existing asset purchase programme and significantly affected corporate bond markets. Any research undertaken in this area of the ECB's respective actions is fairly limited due to the restrained access to data and its OTC nature. This paper analyses CSPP effects by using two distinct methods - a detailed regression-controlled event study and an impulse-response analysis of constructed VAR models. This study addresses questions regarding time, size and place of effects caused by the CSPP on corporate bond markets and deals in detail with related issues and related economic theory backgrounds. A series of obtained sector, country and company-specific results gives us a picture of the non-negligible impact of the CSPP on purchased bonds and of the size and persistency of stock and flow effects of the ECB's actions.

中文翻译：

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欧洲央行企业部门购买计划的影响和范围

本文分析了欧洲央行企业部门购买计划（CSPP）对企业部门债券收益率的影响及其对企业部门债务市场的影响。CSPP是现有资产购买计划的一部分，对公司债券市场产生了重大影响。由于限制访问数据及其OTC性质，因此在欧洲央行各自行动的这一领域进行的任何研究都相当有限。本文通过使用两种不同的方法来分析CSPP效果-详细的回归控制事件研究和构造的VAR模型的冲激响应分析。这项研究解决了CSPP对公司债券市场造成影响的时间，规模和影响范围的问题，并详细讨论了相关问题和相关的经济理论背景。一系列获得的部门