财政透明度对地方政府债券定价影响研究--基于动态面板模型的经验实证  

The impact of fiscal transparency on the pricing of local government bonds-Empirical Demonstration Based on Factor Analysis and Dynamic Panel Model

作　　者：靳伟凤 杨国莉[1] 赵秋梅[1] 蒋琳 JIN Wei-feng;YANG Guo-li;ZHAO Qiu-mei;JIANG Lin(Hebei University Of Economics And Business,Shijiazhuang,Hebei 050064,China)

机构地区：[1]河北经贸大学会计学院,河北石家庄050064

出　　处：《贵州财经大学学报》2022年第1期58-65,共8页Journal of Guizhou University of Finance and Economics

基　　金：国家社会科学基金项目“数字技术推动下的零售业高质量发展研究”(20BJY183);河北省高等学校科学研究计划项目“地方政府隐性债务风险及治理研究”(SQ201092)。

摘　　要：近年来,庞大的地方政府债务规模和日益上升的债务违约风险,对于防范和化解重大金融风险提出了很高的要求。研究如何对地方政府债券进行合理定价,成为了国内外学者和政府机构关注的热点。以我国2015~2019年发行的地方政府债券为样本,借助动态面板模型,实证分析财政透明度对地方政府债券利差的影响。研究结果表明:财政透明度的提高能够显著降低地方政府债券利差。可通过优化地方官员政绩考核机制、加强财源建设、提高财政透明度、加快产业结构优化升级等措施,降低地方政府债券利差,有效降低政府融资成本及其风险。In recent years,the issue of local government bond pricing has become a hot spot for domestic and foreign scholars and government agencies.Taking China’s issuance of local government bonds from 2015 to 2019 as a sample,with the aid of a dynamic panel model,an empirical analysis of the impact of fiscal transparency on the spread of local government bonds.The results of the study show that:improved fiscal transparency can significantly reduce local government bond spreads.Therefore,measures such as optimizing the performance evaluation mechanism of local officials,strengthening the construction of financial resources,improving fiscal transparency,and accelerating the optimization and upgrading of the industrial structure can be adopted to reduce the spread of local government bonds.

关 键 词：地方政府 债券利差 财政透明度 

分 类 号：F812.7[经济管理—财政学]