第三方专业担保孰优?信用债券担保增信效果探究  

Is the Third-Party Professional Guarantee Better?Exploring the Effectiveness of Credit Bond Guarantees for Credit Enhancement

作　　者：黄本鑫 任云霄 HUANG Benxin;REN Yunxiao(DongXing Securities CO.,LTD.)

机构地区：[1]东兴证券股份有限公司固定收益业务总部

出　　处：《金融市场研究》2024年第10期68-75,共8页Financial Market Research

摘　　要：本文利用2019—2023年债券发行利差和交易利差季度数据研究信用债券担保增信效果。研究发现,第三方专业担保比关联担保更有利于降低信用利差。而且当债券发行人为产业主体、来自市场化程度较高的区域时,担保增信作用更明显。此外,本文还进一步将产业债发行人划分为民营企业和国有企业,研究得出第三方专业担保对民营企业的增信效果更显著。为此,建议各省市设立专业市场化担保机构,用第三方专业担保逐步替代关联担保,并鼓励和支持专业担保机构加大对产业企业、优质民营企业扶持力度等,同时引导专业担保公司借鉴成熟经验积极参与化解目前突出的债务风险。This paper examines the credit enhancement effect of credit bond guarantees using quarterly data on bond issue spreads and trading spreads from 2019-2023.It is found that third-party professional guarantees are more conducive to reducing credit spreads than affiliated guarantees.Moreover,when the bond issuer is an industrial entity and comes from a region with a higher degree of market-oriented,the credit-enhancing effect of the guarantee is more obvious.In addition,this paper further divides industrial bond issuers into private and state-owned enterprises,and concludes that third-party professional guarantees have a more significant credit enhancement effect on private companies.In this regard,it is recommended that provinces and cities set up professional market-oriented guarantee institutions,gradually replace related guarantees with third-party professional guarantees,and encourage and support professional guarantee institutions to increase support for industrial enterprises and high-quality private companies,etc.,and at the same time,guide professional guarantee companies to actively participate in resolving the current prominent debt risks by drawing on mature experiences.

关 键 词：第三方专业担保 关联担保 城投债 产业债 市场化程度 信用利差 

分 类 号：F832.51[经济管理—金融学]