金融资源优势、隐性金融担保与城投债发行——来自城商行成立及网点扩张的经验证据  

Financial Resource Advantages,Implicit Financial Guarantees,and the Expansion of Local Government Debt:Evidence from the Establishment and Expansion of Urban Commercial Banks

作　　者：郑建伟 党印[2] 陈磊[1] ZHENG Jianwei;DANG Yin;CHEN Lei(School of Economics,Dongbei University of Finance and Economics,Dalian 116025,China;School of Labor Education,China University of Labor Relations,Beijing,100710,China)

机构地区：[1]东北财经大学经济学院 [2]中国劳动关系学院劳动教育学院

出　　处：《金融评论》2024年第4期31-57,156,157,共29页Chinese Review of Financial Studies

基　　金：国家社会科学基金重大项目《中央银行的逻辑与现代中央银行制度的建设》(项目批准号:21ZDA045);国家社会科学基金哲学社会科学领军人才项目《多重约束下的中国财政政策、货币政策与汇率政策协调配合研究》(项目批准号:22VRC018)的资助。

摘　　要：明确地方政府债务持续增长原因是有效防范化解重大经济金融风险的基本前提,金融资源在债券发行中的担保作用不容忽视。本文运用2005~2021年286个地级市城市商业银行成立与网点扩张数据衡量地方政府所掌握的金融资源优势,并基于多期双重差分模型实证检验地方政府金融资源优势对融资平台城投债发行的影响。研究发现:第一,在“隐性金融担保”能力作用下,地方政府所具有的金融资源优势会引起融资平台城投债发行量的增加。第二,异质性分析结果显示,在城商行经营情况不同的地级市之间,地方政府的金融资源优势对融资平台城投债发行的影响存在明显的异质性特征。第三,“显性财政担保”和“隐性金融担保”相互协同,地方政府可利用预算内财政资源、土地财政资源与金融资源共同为地方政府融资平台发行城投债提供担保。本文从“隐性金融担保”和“财政金融协同”双重视角考察了融资平台城投债规模持续扩张的原因,为防范化解地方政府债务风险及深化财政金融体制改革提供了新的经验证据与政策启示。Understanding the factors driving the continuous growth of local government debt is essential for preventing and mitigating major economic and financial risks.This study examines the relationship between local government financial resource advantages and the scale of urban investment bond issuance by financing platforms.Using data on the establishment and branch expansion of city commercial banks from 2005 to 2021 and employing a multi-period difference-in-difference model,we empirically analyze the impact of these financial advantages on municipal bond issuance.Our findings reveal three key insights:(1)Local governments'financial resource advantages,bolstered by"implicit financial guarantees,"significantly increase the issuance of municipal investment bonds by financing platforms.(2)There is substantial heterogeneity in this impact across prefecture-level cities,depending on the operational conditions of city commercial banks and the nature of official transitions.(3)Local governments coordinate"explicit"and"implicit"financial guarantees,leveraging budgetary,land-based,and financial resources to support bond issuance by local financing platforms.This study offers new policy insights for managing local government debt risks and advancing fiscal and financial system reforms,particularly through the lenses of"implicit financial guarantees"and"fiscal-financial coordination."

关 键 词：金融资源优势 隐性金融担保 城投债发行 财政金融协同 

分 类 号：F832[经济管理—金融学]