城投债的必然发展方向:市政债券——基于城投债信用利差实证研究  

Ultimate Development Direction of Urban Investment Bonds——Based on Empirical Studies on Credit Spread of Urban Investment Bonds

作　　者：马金华[1] 杨晓飞[2] 

机构地区：[1]中央财经大学财政学院 [2]中央财经大学

出　　处：《创新》2013年第4期43-48,127,共6页Innovation

基　　金：2011中国财政发展协同创新中心;"中央财经大学2012年研究生科研创新基金"联合资助

摘　　要：我国城市建设投融资平台的实质是政府市政债券代理发行机构,其发行的债券(称"城投债")除没有免税待遇外,具备市政债券的其他一般特征,城投债转化为市政债券是未来地方政府财政体制改革的发展方向。市政债券一般可细化分为一般责任债券和收益债券两大属性,通过研究这两种属性对城投债信用利差的影响,发现城投债的一般责任债务属性和收益债务属性对信用利差风险有显著关系,我国城投债一般责任债券属性的利差风险大于收益债券属性利差风险,而且这种影响作用随着东、中、西部地区逐渐增大。The urban construction financing platform in China virtually is that government is the issuing agency of municipal bonds. Except for the tax-exempt treatment, the bonds it issues (called 'urban investment bond') have all other characteristics of municipal bonds. It is the development direction for the reform of the financial system for local governments in the future to transform urban investment bonds into municipal bonds. Municipal bonds can be divided to include two properties, namely general obligation bonds and revenue bonds. After studying the impacts of the two properties on the credit spread of urban investment bonds, it is found that the properties of general obligation bonds and revenue bonds are closely related to credit spread risk. There are more credit spread risks for general obligation bonds than for revenue bonds, and such risks keep increasing from eastern, central and western regions.

关 键 词：城投债 市政债券 信用利差 属性 

分 类 号：F812.5[经济管理—财政学]