财政透明度、融资成本与地方债务风险异质性效应——国家治理的市场反应

Fiscal Transparency,Financing Costs,and Heterogeneity of Risk of Local Government Debts:The Market Reaction of National Governance

财政透明是国家治理的一个核心内容,本文基于城投债数据,研究财政透明度对地方债务风险的影响和作用机制,揭示国家治理的市场反应。实证结果表明,当财政透明度水平较低时,财政透明度的提高抑制了城投债发行;当财政透明度水平较高时,财政透明度的提高促进了城投债发行。进一步的作用机制表明,国家治理水平将产生市场反应:财政透明度通过影响融资成本,对地方债务风险产生异质性影响。本文从国家治理的市场反应入手,为合理防范地方债务风险提供了新视角。

Fiscal transparency is one of the key contents in Chinese governance system and capacity.This paper studies the causal relationship,as well as the mechanism,between fiscal transparency and municipal government’s debt from the perspective of the risk of urban construction investment bonds(UCIB)in prefecture-level cities,revealing the market reaction of Chinese governance system and capacity.The result reveals that fiscal transparency affects the risk of UCIB positively in the cities with relatively low fiscal transparency,restraining the issuance of UCIB,and negatively in the cities with relatively high fiscal transparency,promoting the issuance of UCIB.As for the internal mechanism,governance level leads to market reaction.Fiscal transparency has heterogeneity influence on the risk of local government debts by affecting financing costs.We focus on the perspective of governance system and capacity,expecting to contribute to defusing the risk of local government debts reasonably.