关于我国地方政府债定价市场化的分析  

Analysis on the Market-oriented Pricing of Chinese Local Government Bonds

作　　者：何泽源 He Zeyuan

机构地区：[1]中国财政科学研究院研究生院

出　　处：《财政科学》2018年第12期57-72,共16页Fiscal Science

摘　　要：自2015年我国推出地方政府全面自发自还的地方政府债以来,地方政府债已成为存量规模最大的债券品种,其一级市场发行利率偏低、二级市场流动性偏弱的情况持续受到研究者和债券市场投资者的关注。本文通过理论分析和模型分析的方法,探讨了我国地方政府债券利率定价市场化程度有待提高的问题,并对未来完善的方向进行了一些思考。Since the local government in China began to issue self-sufficient local government bonds in 2015,local government bonds have become the largest Chinese bond in stock.The low interest rate of the primary market and the weak liquidity of the secondary market have been continuously concerned and discussed by researchers and bond market investors.To explore the degree of marketization of local government bond interest rate pricing,this paper analyzes the problem of the pricing marketization in the local government bond market in China through theoretical analysis and model analysis,and discusses the direction of improvement.

关 键 词：地方政府债 定价市场化 向量误差修正模型(VECM) 

分 类 号：F812.5[经济管理—财政学]