摘要
针对地方政府通过多种隐性手段为城投债提供担保导致的城投平台信用风险增大的问题,以2014-2020年中国城投债数据为样本,通过对比有担保、无担保城投债发行利差的影响因素,分析政府对城投平台的隐性担保是否存在。研究表明:担保类型对城投债利差影响不显著,存在政府隐性担保;政府财政收入、政府行政级别、政府支持程度与无担保城投债利差负相关;相比于监管宽松期,监管严格期发行的无担保城投债利差较大;权益资本收益率与无担保城投债利差显著负相关;不同区域、不同级别、不同规模的城投平台发展差异化显著。研究结论为研究中国地方城投平台的担保情况、担保手段提供参考。
In view of the fact that local governments provide guarantees for the issuance of bonds by urban investment platforms through a variety of implicit means,which leads to the expansion of the credit risk of urban investment platforms,and the differences in the implicit guarantees of urban investment platforms at various administrative levels and scales in various regions,according to the data of China’s urban investment bonds from 2014 to 2020,through the comparative analysis of the factors affecting the issuance interest margin between guaranteed and unsecured urban investment bonds,the implicit guarantees and means of the government for urban investment platforms are analyzed.It is found that the type of guarantee has no significant impact on the interest rate spread of urban investment bonds,and there is implicit government guarantee;The government revenue,the administrative level of the government and the degree of government support are negatively correlated with the spread of unsecured urban investment bonds;Compared with the loose regulation period,the interest margin of unsecured urban investment bonds issued in the strict regulation period is larger;The return on equity capital is significantly negatively correlated with the spread of unsecured urban investment bonds;There are significant differences in the development of urban investment platforms in different regions,levels and scales.The research conclusion provides a reference for analyzing the guarantee situation and guarantee means of local urban investment platforms in China.
作者
张少华
木鑫
李宇欣
ZHANG Shaohua;MU Xin;LI Yuxin(School of Economics and Statistics,Guangzhou University,Guangzhou 510006,China)
出处
《辽宁工程技术大学学报（社会科学版）》
2022年第4期241-249,共9页
Journal of Liaoning Technical University(Social Science Edition)
关键词
隐性担保
城投信仰
城投债
异质性
implicit guarantee
urban investment faith
urban investment debt
heterogeneity
