Based on the data of the nature of corporate bonds and their property rights issued by listed companies in Shenzhen and Shanghai stock exchanges from 2014 to 2018, as well as the data of fair value stratification collected manually, this paper makes an empirical analysis. The results show that the higher the proportion of the fair value measurement items at the first level, the smaller the credit spread of corporate bonds. The higher the proportion of fair value measurement items at the second and third levels, the greater the credit spread of corporate bonds. In the special environment of state owned and non state owned enterprises, the impact of credit risk brought by the second and third level fair value information in state owned enterprises will be restrained, while the positive signals of the first level fair value information in non state owned enterprises are suppressed, which reflects the phenomenon of “state owned enterprise belief”, peculiar to the Chinese bond market. These findings are conducive to in depth analysis of corporate bond pricing problems in China’s bond market, and provide reference for investment and financing decisions and supervision.