城投信仰、融资成本与地方政府融资平台市场化

Municipal Bond Faith,Financing Cost and Local Government Financing Platform Marketization

基于2006-2019年我国地方政府融资平台发行的4877只城投债数据,实证检验2014年后实施的剥离政府融资职能政策对地方政府融资平台城投债融资成本变化的影响,据此探究地方政府融资平台融资在政策实施后是否更市场化。实证结果显示,担保条款、区域、主体评级、含权等因素在该政策实施后显著影响城投债的发行利差,表明“城投信仰”发生了转变,地方政府融资平台的市场化水平得到提升。进一步讨论发现,在剥离政府融资职能后,担保条款降低地方政府融资成本的效应在地区和城投债发行主体评级两个维度存在差异,担保条款显著降低了东部地区城投债的融资成本和主体评级较低城投债的融资成本。

Based on the data of 4877 municipal bonds issued by local government financing platforms in China from 2006 to 2019,this paper empirically examines the impact of stripping government financing functions policy on financing cost of municipal bonds after 2014,so as to explore whether financing of local government financing platforms becomes more market-oriented.The empirical results show that guarantee terms,regions,ratings and rights significantly affect interest spread of municipal bonds after implementation of the policy,indicating that“municipal bond faith”has changed,and marketization level of local government financing platform has been improved.Further discussion shows that,after government financing function is stripped,the effect of guarantee on reducing financing cost is different in bond ratings and bond issuing region.Guarantee significantly reduce the financing cost of municipal bonds in eastern China and municipal bonds with lower ratings.