| 增信措施对城投债评级和定价的影响 |
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| 引用本文： | 陈姗姗,骆烨飞. 增信措施对城投债评级和定价的影响[J]. 运筹与管理, 2020, 29(7): 180-188. DOI: 10.12005/orms.2020.0187 |
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| 作者姓名： | 陈姗姗 骆烨飞 |
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| 作者单位： | 同济大学 经济与管理学院,上海 200092 |
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| 基金项目： | 国家自然科学基金资助项目(71402123);教育部霍英东教育基金会第十六届高等院校青年教师基金资助项目(161081)资助同济大学重点建设项目(190164);中央高校基本科研业务费专项资金资助(22120190103) |
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| 摘 要： | 本文以2010~2018年城投债数据,研究增信措施对城投债的发行评级和融资成本的作用,以及43号文前后增信效果的差异。实证发现,增信措施可提高债项评级,降低主体融资成本,同时这种增信效果对信用资质较弱的城投债作用更显著。进一步地研究发现,2015年前发行的城投债的发行成本基本不受增信措施的影响,投资者更看重城投债发行主体所在区域的经济发展水平,体现了城投平台背后隐含地方政府信用;而在2015年之后,新增城投债的担保比例增加,各种增信措施均能显著降低融资成本。上述结果间接证明了43号文之后,增信措施给城投公司带来了融资便利。
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| 关 键 词： | 债券评级 信用利差 城投债增信 43号文 |
| 收稿时间： | 2019-03-28 |
Impact of Credit Enhancement on City Investment Bond Rating and Pricing |
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| CHEN Shan-shan,LUO Ye-fei. Impact of Credit Enhancement on City Investment Bond Rating and Pricing[J]. Operations Research and Management Science, 2020, 29(7): 180-188. DOI: 10.12005/orms.2020.0187 |
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| Authors: | CHEN Shan-shan LUO Ye-fei |
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| Affiliation: | School of Economics and Management, Tongji University, Shanghai 200092, China |
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| Abstract: | Based on the 2010~2018 city investment bond data, this paper studies the effect of credit enhancement on the rating and financing cost of city investment bonds, and the difference in the effect of credit enhancement before and after No. 43 document. The empirical study finds that the credit enhancement measures can improve the debt rating and reduce the cost, and the effect of this credit enhancement is more significant for the city investment bonds with weaker credit qualifications. Further, the issuance cost of city investment bonds issued before 2015 is basically not affected by the credit enhancement measures. Investors pay more attention to the economic development level of the area where the city investment bonds are issued, indicating that the city investment platform reflects the credit of local government. After 2015, the proportion of guarantees has increased, and various credit enhancement measures have significantly reduced financing costs. The above results indirectly prove that after the No. 43 document, the credit enhancement measures do bring financing facilities to the city investment company. |
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| Keywords: | bond rating credit spread credit enhancement of city investment bond No. 43 document |
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