中国城投债市场制度环境与地方关系承销研究  

Institutional environment and local relationship underwriting in Chinese municipalbonds markets

作　　者：余峰燕[1] 李温玉 梁琪[2] YU Feng-yan;LI Wen-yu;LIANG Qi(School of Management and Economics,Tianjin University,Tianjin 300072,China;School of Economics,Nankai University,Tianjin 300071,China)

机构地区：[1]天津大学管理与经济学部,天津300072 [2]南开大学经济学院,天津300071

出　　处：《管理科学学报》2020年第8期78-100,共23页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(71872127;71790594;71532009).

摘　　要：近年来,不断累积的地方政府债务问题受到广泛关注,其中,城投债是重要组成部分.对城投债承销市场的“属地性”现象及其经济后果进行研究,发现:第一,地方关系承销的城投债利差较小,且用债券评级调整度量其质量后发现,该类债券不存在质量优势,说明地方关系承销城投债更可能侵害投资者利益,存在“利益冲突”效应;第二,采用区域管辖权与股权两个维度刻画地方政府与承销商的关系强度,发现地方关系强度越大,地方关系承销效应越强;第三,从空间、时间两个角度刻画制度环境变化,发现高的地方政治不确定性,从内部削弱了地方政府的干预动机,有效缓解了地方关系承销的“利益冲突”效应;2015年地方政府债务改革对地方关系承销净效应无显著影响•此外,地方关系承销城投债多发于地方市场化程度较高、财税收入对城投债本金覆盖率较低的地区.为监管当局提高承销商独立性、加快地方政府债务市场化改革提供了理论基础与经验证据.Recently the rapid accumulating of local government debt,among which municipal bonds are an important component,has attracted the authorities’ great attention. This paper investigates the "local oligopolies"phenomenon in Chinese municipal bonds’ underwriting markets and its economic consequences. The paper finds that,first,local relationship underwriting bonds demonstrate significant lower interest rates,and that there is no significant quality advantage in local relationship underwriting bonds when using post-issuance credit rating changes to capture bond quality. This indicates that local relationship underwriting in municipal bond markets has eroded the interests of investors. Second,using territorial jurisdiction and ownership to measure the local relationship intensity,these effects of local relational underwriting are found to increase with the relationship intensity. Third,local political uncertainty( capturing regional institutional environment change) effectively alleviates the conflicts of interest by curbing the local government’s intervention motivation and capability,while the 2015 regional government debt reform( reflecting period institutional environment change) exerts limited influence on these effects of local relational underwriting. Besides,local relationship underwriting is driven by local factors. This paper provides theoretical basis and empirical evidence for the authorities to evaluate the potential risk of local government debt and to accelerate the market-oriented reform in local government debt markets.

关 键 词：地方关系承销 制度环境 城投债 利益冲突 

分 类 号：G21[文化科学—新闻学] G32016