土地财政、地区金融发展水平与地方政府债券发行定价关系的研究

Study on the Relationships among Land Finance, Development Level of Regional Finance and Pricing of Local Government Bonds Issuance

随着中国地方政府债券发行市场化进程不断推进,探索影响地方政府债券发行定价相关因素成为一个重要的研究议题。文章通过对2015-2018年31个省级地方政府债券的研究发现,土地财政依赖度与地方债发行定价呈正相关关系,即土地财政依赖度越大,地方债发行定价和融资成本越高。进一步,地区金融发展水平可以缓解土地财政依赖对地方债发行定价的不利影响。因此,建议地方政府积极优化财政收入结构,降低土地财政依赖度,进一步推进地区金融发展进程,增加债务偿付能力,从而降低地方债发行成本,防范化解地方债务风险。

With the continuous promotion of the market-oriented process of the local government bonds issuance in China,it has become an important research subject to explore the influential factors of local bonds issuance and pricing.Base on the empirical analysis of the data regarding to 31 provincial government bonds from 2015 to 2018,it is found that the degree of the land finance dependence is positively related to the pricing of the local bonds issuance.The higher the dependence on land finance is,the higher its bond issuance rate and financing cost are.In addition,the development level of regional finance could effectively alleviate the adverse impact of land finance dependence on the local bonds issuance.Therefore,this paper suggests that local government should optimize the revenue structure,reduce the dependence on land finance,develop regional finance and increase its debt solvency,so as to reduce the local bonds issuance cost and prevent the risk resulted from local debt.