摘要
以2011-2019年中国155个城市为样本,采用面板数据模型、中介效应模型和GMM方法探讨了基建投资、工业土地价格对城投债发行利率的影响。研究结果表明:基础设施建设投资规模和工业土地出让价格对城投债发行利率分别具有正向和负向影响,且低碳试点城市和非试点城市存在显著的区域异质性;基建投资的总体效益与技术效益的提高有助于融资平台以较低的利率发行城投债。
Using a sample of 155 cities in China from 2011 to 2019,panel data models,mediation effect models and GMM methods are used to explore the impact of infrastructure investment and industrial land prices on municipal investment bond issuance rates.The results of the study show that the scale of infrastructure investment and the price of industrial land have positive and negative effects on the municipal investment bond issuance rates respectively,and there is significant regional heterogeneity between low-carbon pilot cities and non-pilot cities.The improvement of the overall efficiency and technical efficiency of infrastructure investment helps financing platforms to issue municipal investment bonds at a lower interest rate.
作者
王锋
陈天
刘思雨
WANG Feng;CHEN Tian;LIU Siyu(School of Economics and Management,China University of Mining and Technology,Xuzhou 221116,China)
出处
《经济与管理评论》
北大核心
2024年第3期108-121,共14页
Review of Economy and Management
基金
教育部人文社会科学研究规划基金项目“减污降碳进程中的能源安全评估、预警与保障策略研究”(23YJA790076)
江苏省社会科学基金重点项目“多时空尺度视角下江苏高质量发展水平的测度、驱动机制及提升路径研究”(22EYA005)
江苏高校哲学社会科学研究重大项目“时空效应下长三角产业一体化高质量发展评价与提升路径研究”(2021SJZDA022)。
关键词
城投债发行利率
基础设施建设投资
工业用地价格
低碳试点城市
municipal investment bond issuance rates
infrastructure investment
industrial land price
low-carbon pilot cities
