Impact of implicit government guarantee on the credit spread of urban construction investment bonds  

作　　者：Rongda Chen Han Li Xuhui Tang Chenglu Jin Shuonan Zhang Xinyu Zhang 

机构地区：[1]Zhejiang Financial College,Hangzhou 310018,China [2]School of Finance,Zhejiang University of Finance and Economics,Hangzhou 310018,China [3]Financial Innovation and Inclusive Finance Research Center,Zhejiang University of Financeand Economics,Hangzhou 310018,China

出　　处：《Financial Innovation》2024年第1期1-31,共31页金融创新(英文)

基　　金：supported by grants from Major Program of National Social Science Foundation(No.22&ZDo73).

摘　　要：Financing sources for urban construction have garnered significant attention globally.Among various financing methods,the urban construction investment bond(UCIB)is unique to China.The UCIB credit spread,which represents the compensation for credit risk,has become a focal point for researchers.However,owing to shortcomings of previous approaches,few scholars have accurately assessed the impact of implicit government guarantees on credit spreads.This study introduces an innovative approach that uses orthogonal decomposition to extract proprietary information from credit ratings,reflecting implicit government guarantees.After accounting for bond factors,local government financing vehicle factors,and macroeconomic conditions,the implicit government guarantee substantially reduces the UCIB's credit spread.This conclusion remains robust when controlling for investor attention,regional factors,or duration.

关 键 词：Urban construction investment bond Implicit government guarantee Credit rating Credit spread 

分 类 号：O17[理学—数学]