混合所有制改革与地方隐性债务风险——来自城投债盈余信息有效性的证据  

Mixed Ownership Reform and Implicit Debt Risk of Local Government:Evidence from the Effectiveness of Surplus Information of Urban Investment Bonds

作　　者：王剑锋[1] 陈玉洁 WANG Jian-feng;CHEN Yu-jie(School of Finance,University of International Business and Economics,Beijing 100083,China)

机构地区：[1]对外经济贸易大学金融学院,北京100029

出　　处：《海南大学学报（人文社会科学版）》2023年第2期104-113,共10页Journal of Hainan University （Humanities & Social Sciences）

摘　　要：从债券市场有效性的视角,研究了城投公司混合所有制改革是否有利于化解地方隐性债务风险。首先,在利用正交分解法剥离出“政府隐性担保”信息的基础上,有效证实了“城投公司混合所有制改革→政府隐性担保降低→债券市场有效性增强(1)”的作用路径。其次,上述城投公司混合所有制改革降低政府隐性担保的作用,具体是通过减轻城投公司的政策性负担和经营性亏损来实现的。研究发现,在财政透明度较低的地区,混合所有制改革降低政府隐性担保、提高城投债盈余信息有效性的作用更加显著,研究成果对防范化解地方隐性债务风险具有借鉴意义,同时为财政与金融政策在微观层面的有效协同提供启示。From the perspective of the effectiveness of bond market, this paper studies whether the mixed ownership reform can help solve the hidden debt risk of local government. Firstly, the orthogonal decomposition method is used to peel out the information of "implicit government guarantee", which effectively confirms the path of "mixed ownership reform of urban investment companies → reduction of implicit government guarantee → enhancement of bond market effectiveness". Secondly, weakening the policy burden and operating loss of urban investment companies can reduce the implicit government guarantee in the mixed ownership reform of urban investment companies. Finally, it is found that the mixed ownership reform plays a more significant role in reducing the implicit government guarantee and improving the effectiveness of surplus information of urban investment bonds in regions with lower fiscal transparency. Research results provide reference for preventing and resolving local hidden debt risks, and provide inspirations for the effective coordination of fiscal and financial policies at the micro level.

关 键 词：混合所有制改革 城投债盈余信息有效性 政府隐性债务风险 政策性负担 财政透明度 

分 类 号：F812.2[经济管理—财政学]