城投债与地方政府债券发行定价差异及其机理研究

A Comparative Study on the Pricing of City Investment Bonds and Local Government Bonds:Difference and Its Mechanism

城投债和地方政府债券是我国基础设施建设和公共服务项目的主要资金来源,在地方经济和城市发展过程中发挥着重要作用。那么,城投债和地方政府债券在发行定价方面是否存在差异?导致二者间定价存在差异的可能原因是什么呢?本文以2011-2016年城投债与地方政府债券为样本进行实证检验,研究发现:在控制其他因素的影响下,城投债发行利差显著高于地方政府债券。进一步研究表明,债券期限越长,城投债与地方政府债券发行利差的差异越大;地区经济越发达及财政收支越好,城投债与地方政府债券发行利差的差异越小。本文对比研究城投债与地方政府债券发行定价差异,有助于全面认知地方政府债务风险,为降低地方政府债务融资成本提供有益借鉴。

City investment bonds and focal government bonds are the main sources of funds for infrastructure construction and public service projects in China. This plays an important role in urban development. Is there a difference in the pricing between city investment bonds and local government bonds？ Furthermore, what are the possible explanations for the differences in the pricing between city investment bonds and local government bonds？ U- sing data of city investment bonds and local government bonds issued during the period from 2011 to 2016 in china, this paper finds that after controlling the influence of other factors, the credit spread of city investment bonds was significantly higher than that of local government bonds. Further research found that bond maturity will significantly increase the credit spread difference between city investment bonds and local government bonds. In addition, the regional economy and the fiscal revenue will significantly reduce the credit spread difference between city investment bonds and local government bonds. This paper makes a comparative study of the pricing differences between urban investment bonds and local government bonds, which is helpful for us to fully understand the risk of local government debt and provide useful reference for reducing the cost of local government debt financing.