地方政府债券发行定价影响因素研究——基于银政关系的视角  

The Influencing Factors of the Pricing of Local Government Bond Issuance——Based on the Relationship between Banks and Government

作　　者：巴曙松 李羽翔[1] 张搏 Ba Shusong;Li Yuxiang;Zhang Bo

机构地区：[1]对外经济贸易大学金融学院 [2]香港交易所 [3]中国银行业协会 [4]中国农业银行金融市场部

出　　处：《国际金融研究》2019年第7期76-86,共11页Studies of International Finance

摘　　要：本文以2015-2017年公开发行的地方政府债券为研究样本,探索地方债发行定价的影响因素。研究发现,银行与地方政府关系影响地方政府债券的发行定价,地方政府在进行国库现金管理过程中,地方债发行定价受到影响。借助逐步开放的地方国库现金管理招标试点提供的自然实验平台,通过双重差分模型研究发现,试点的开通在一定程度上压低了地方债的利差,地方政府综合财力对地方债定价影响并不显著,地方债发行定价并未充分体现出发行主体的信用资质。进一步研究发现,地方政府主要通过财政承诺渠道影响地方债市场化发行。本文根据相关研究结论,提出落实严禁财政承诺、完善地方债发行机制以及引入更多投资主体等政策建议。We used the local government bonds issued in 2015-2017 as a research sample, and explored the factors influencing the spread of local government bond pricing. Through the gradual opening of the local treasury cash deposit tendering pilot, we used natural experiment method to find out whether the pilot had a significant impact on bonds spreads. The local government bond spreads in the pilot provinces are lower. The impact of local government credit situation on the pricing of bonds was not significant. It was found that the price of local government bonds were affected by non-market factors rather than credit factors. Treasury cash management is a typical means of financial resource allocation. The allocation of financial resources is an important non-marketing factor affecting pricing. The quotation behavior of commercial banks in the issuance market is mainly affected by the allocation of financial resources and the latitude of liquidity in the market. Finally, according to relevant conclusions, we proposed several related measures banning financial commitments, promoting the issuance system and allowing more investors to participate in the local government bonds market.

关 键 词：地方债 发行利差 信用资质 银政关系 

分 类 号：F832[经济管理—金融学]