金融生态环境与地方政府债务融资成本——基于省级城投债数据的实证检验

Financial Ecological Environment and the Cost of Local Government's Debt Financing——Empirical Tests Based on the Investment Bonds of Cities at the Provincial Level

地方政府投融资平台的债务风险近年来不断累积,导致担负一方经济建设重任的地方政府背负着巨大的偿债压力。金融生态环境决定了市场主体的外部融资条件,势必也会影响到地方政府债务融资的成本,然而鲜有学术文献尝试探讨二者间关系。鉴于此,本文以2006-2012年期间的省级城投债数据为样本,实证考察了金融生态环境对地方政府债务融资成本的影响效应。结果表明:在控制其他因素的情况下,良好的金融生态环境能够为地方政府筹措资金创造条件,有效地降低了地方政府债务融资成本;地方的经济基础越好,当地政府债务融资的成本越低,这在财政分权程度也比较高的地区更为明显;地方政府治理水平越高,政府债务融资的成本越低,尤其是在法律环境相对薄弱的地区。本文的研究发现不仅能够提供地方政府债务融资影响因素方面新的经验证据,而且对于地方政府债务治理具有重要的参考价值。

Increasing debt under financing platform for local government has brought about tremendous pressure. The financial ecological environment across different districts of China is significantly different. Thus,this will induce the different cost of local governments' debt financing. We use provincial data during the period of 2006- 2012 as sample,examine the impact of financial ecological environment on the debt cost of local governments. The empirical results suggest: When other factors are the same,a good financial environment can create better financing conditions for attracting local funds,thus effectively reducing the cost of local governments' debt financing; The better the economic bases are,the lower the cost of local governments' debt financing,especially in the districts with higher degree of fiscal decentralization; The higher the level of government governance is,the lower the cost of local governments' debt financing,especially in the districts with weaker legal environment. Our findings have reference value for the issuance and governance of local governments' debt.