“堵暗道”奏效了吗? --来自城投债发行市场的证据  

Does"Blocking the Secret Road"Work?--Evidence from the City Investment Bond Issuance Market

作　　者：詹卉 孙征 金殿臣 ZHAN Hui;SUN Zheng;JIN Dianchen(School of Economics,Beijing International Studies University,Beijing 100024,China;Chinese Academy of Fiscal Sciences,Beijing 100142,China)

机构地区：[1]北京第二外国语学院经济学院,北京100024 [2]中国财政科学研究院,北京100142

出　　处：《经济与管理评论》2021年第3期71-82,共12页Review of Economy and Management

基　　金：国家社会科学基金重大项目“国家治理现代化视角下的财税体制研究”(17VZL011)。

摘　　要：地方政府借助融资平台公司,通过银行贷款和发行债券等方式为城市建设和公共服务等提供资金,这一模式在促进地方发展的同时也带来了隐性债务规模膨胀的问题,隐性债务治理一直伴随其始终。利用2013-2019年的28个省级面板数据实证分析了2017年融资平台治理政策对地方发行城投债的影响。研究发现2017年的政策降低了城投债发行量,也降低了城投债发行与土地财政的关联程度,同时,治理政策在不同省份间的效果存在异质性,相对于2017年专门的融资平台治理政策,2015年发布的原则性治理框架的效果并不显著。With the help of financing platform companies,local governments provide funds for urban construction and public services through bank loans and issuance of bonds.This model promotes local development and also brings about the problem of hidden debt expansion,and hidden debt governance has always been with it.This paper uses 28 provincial panel data from 2013 to 2019 to empirically analyze the impact of the 2017 financing platform governance policy on the local issuance of urban investment bonds.The study shows that the 2017 policy reduced the issuance of urban investment bonds and also reduced the degree of connection between urban investment bond issuance and land finance.At the same time,the effect of governance policies in different provinces is heterogeneous.Compared to 2017 governance policies,the effect of debt governance framework released in 2015 is not significant.

关 键 词：城投债 发行市场 隐性债务 融资平台 

分 类 号：F810.5[经济管理—财政学]