土地资源配置、隐性担保与城投债发行利差

Land Resource Allocation,Implicit Guarantee and Interest Margin of Urban Investment Bond Issuance

本文选取2010-2020年270个地级市数据,研究土地资源配置对城投债发行利差的影响及机制。研究发现:土地资源配置降低了东部地区城投债发行利差,提升了中西部地区城投债发行利差;在经济发展水平较高的地区土地资源配置降低城投债发行利差的效果更加明显;地方政府隐性担保对土地资源配置影响城投债利差的机制效应存在差异,表现为东部地区的弱化效应,中西部地区的强化效应;将城投债分为具有第三方担保与无担保城投债进行异质性分析,发现土地资源配置仅对无担保城投债发行利差有影响,对具有第三方担保城投债则无影响。

This paper selects the data of 270 prefecture-level cities during 2010-2020 to study the impact of land resource allocation on the interest margin of urban investment bond issuance and its mechanism.The study shows that the allocation of land resources reduces the interest margin of urban investment bond issuance in the eastern regions and increases the interest margin in the central and western regions;the effect of land resource allocation on reducing the interest margin is more obvious in areas with higher economic development level;there is diference in the impact of the implicit guarantee on the effect,and the effect is weakened in the eastern region and is strengthened in the central and western regions;the heterogeneity analysis,in which the urban investment bonds are divided into those with third-party guarantee and non-guarantee urban investment bonds,shows that the allocation of land resource has an impact only on the interest margin of non-guarantee urban investment bond issuance,but has no impact on the bonds with third-party guarantee.