高铁开通与地方政府债务信用利差  

The Opening of High-Speed Rail and the Credit Spread of Local GovernmentDebt

作　　者：张永冀[1] 热孜亚·巴吾尔江 陈惠瑜 ZHANG Yongji;REZIYA Bawuerjiang;CHEN Huiyu

机构地区：[1]北京理工大学管理与经济学院,北京100081 [2]中央财经大学金融学院,北京100081

出　　处：《上海商学院学报》2023年第6期80-95,共16页Business Economic Review

基　　金：中央高校基本科研业务费专项资金“气候风险冲击对地方政府债务的传导路径及溢出效应研究”(2023CX13024)。

摘　　要：利用2014—2021年我国地方政府债与城投债的面板数据,采用双重差分法,从交通基础设施建设这一新视角探究了其对地方政府债与城投债发行定价的影响以及作用机制。研究发现,高铁开通能够显著降低地方政府债与城投债的信用利差,这种影响在第三产业比重较高和碳排放量较低的沿线城市中更为显著。进一步考察高铁发挥作用的内在机制发现,高铁开通后沿线城市商品房价格的上涨与地方政府财政透明度的提高,是影响地方政府债与城投债发行定价的重要路径。结果表明:高铁开通对沿线城市地方政府的债务融资具有积极影响,有助于减轻地方政府的偿债压力。该研究结论为我国交通基础设施建设对地方政府信用利差的影响提供了经验证据和政策启示。Based on the panel data of local government bonds and urban investment bonds in China from 2014 to 2021,this paper adopts the DID method to explore the impact of transportation infrastructure construction on the issuance pricing of local government bonds and urban investment bonds and its mechanism from a new perspective.It is found that the opening of high-speed rail can significantly reduce the credit spread between local government bonds and urban investment bonds,and this impact is more significant in the cities along the route with a high proportion of tertiary industry and low carbon emissions.Further investigation of the internal mechanism of the role of high-speed rail shows that the rise in the price of commercial housing along the high-speed rail and the improvement of the transparency of local government finance are important ways to affect the pricing of local government bonds and urban investment bonds.The results show that the opening of high-speed rail has a positive impact on the debt financing of local governments along the route,which helps to reduce the pressure of local governments'debt repayment.The conclusion of this study provides empirical evidence and policy implications for the impact of China's transportation infrastructure construction on local government credit spreads.

关 键 词：地方政府债 城投债 高铁 信用利差 

分 类 号：F812.5[经济管理—财政学] F532