江浙地区城投债票面利率分析  

The Research of Municipal Bonds Coupon Rate in Jiangsu and Zhejiang Provinces

作　　者：黄德斌[1] 徐春骐[1] 

机构地区：[1]中国地质大学(北京)人文经管学院

出　　处：《财务与金融》2015年第6期1-5,共5页Accounting and Finance

摘　　要：文章回顾了2008-2014年江浙两省城投债的发行情况,对票面利率做了统计分析;并利用SAS软件建立城投债票面利率的计量经济模型,定量分析各宏微观因素对江浙地区城投债票面利率的影响方式和程度。结果显示,江浙地区城投债票面利率与财政收入与国内生产总值之比、资金使用效率和债项评级等指标呈反比关系,与财政支出与国内生产总值之比、债券期限呈正比关系。The paper reviews the issue of municipal bonds in Jiangsu and Zhejiang provinces from 2008 to 2014, making a statistical analysis of coupon rate. In order to measure the effect of macroeconomic environment and micro factors on coupon rate, we define and statistically estimate a model via the SAS software. According to the results, we find that the ratio of fiscal revenue to GDP, capital usage efficiency and credit rating consistently have a negative influence on coupon rate, while the ratio of fiscal expenditure to GDP and bond period have a positive influence on coupon rate.

关 键 词：城投债 票面利率 违约风险 

分 类 号：F830[经济管理—金融学]