地方城投平台融资租赁债务违约与风险传导

The Default and the Risk Transmission of Financing Leasing Debt of Local Urban Investment Platforms

融资租赁债务是当前中国地方城投平台“非标”债的重要组成部分。不同于传统债务,融资租赁债具有信息透明度低、违约传递链条长等特征,因而潜在违约风险高、传染性强。为此,研究了地方城投平台融资租赁债违约及风险外溢问题。研究发现,地方城投平台融资租赁债违约会导致属地其他城投平台债务融资规模急剧下降,使得同区域的地方国有企业再融资发债利率显著上升,并且债务期限缩短。上述风险传染效应在属地政府财力较弱、市场金融资源供给失衡地区以及区域企业资信水平评级较低等情形下,表现更为明显。研究为地方城投平台融资租赁债违约风险的形成与传导机制提供了微观证据,为防范和应对地方债系统性风险提供政策建议。

Financing leasing debt is an important part of the“non-standard”debt of the local urban investment platform in China.Different from the traditional debt,financing leasing debt has the characteristics of low information transparency and long transmission chain of default,so the potential default risk is high and contagious.Therefore,this paper studies the default and risk spillover of financing leasing debt of local urban investment platforms.The study finds that the default of the financing leasing debt of local urban investment platform will lead to a sharp decline in the scale of debt financing of other urban investment platforms of the region,which will lead to the significant rise of the interest rate of the refinancing bonds issued by the local state-owned enterprises in the same region,and the debt maturities become shorter.The risk contagion effect is more obvious in the regions with weak local government financial resources,unbalanced supply of financial resources and low credit rating of regional enterprises.This study provides microcosmic evidence for the formation and the transmission mechanism of default risk of financing leasing debt of local urban investment platform,and provides policy suggestions for preventing and dealing with the systemic risk of local debt.