地方政府专项债券发行定价的影响因素测度

Influencing Factors Measurement of Local Government Special Bond Issuance and Pricing

文章整理了2015—2020年中国地方政府专项债券的发行数据,研究地方财政和资本市场特征对专项债券发行定价的影响并进一步探究了项目收益专项债与普通专项债之间的定价差异。实证研究发现:地方政府专项债券自身特征、地方的财政经济和资本市场特征均体现了对债券发行定价的影响。特别的,市场货币供应增加能降低项目收益债与普通专项债之间的定价差异,而银行间拆借利率则会提高这一差异。分地区结果显示中西部地区政府性基金预算对普通专项债的信用担保能力较强,而对项目收益债的信用担保能力较弱增加了投资者对其预期收益融资自平衡的担忧。文章对专项债发行定价的影响因素进行研究,以期为完善专项债券发行制度、降低地方政府债务风险和融资成本提供借鉴。

By sorted out the issuance data onto special bonds between Chinese local governments from 2015 to 2020,the influence of local finance and capital market characteristics on the pricing of special bonds was studied,and the pricing differences between special bonds between project revenue and ordinary special bonds was further explored.The empirical study finds that the characteristics of local government special bonds themselves,local financial economy and capital market all reflect the impact on bond pricing.In particular,an increase in the market money supply reduces the pricing differential between project income bonds and ordinary special bonds,while interbank lending rates increase the differential.The regional results show that the budget of government-managed funds of central and western China has a strong credit guarantee ability for ordinary special bonds,while the weak credit guaranteed ability for project income bonds increases investors’concerns about self-balance of expected income financing.The factors influencing the pricing of special bond issuance is studding,in order to provide reference to perfecting the special bond issuance system and reducing the debt risk and financing cost of local governments.