乡村振兴债券发行定价的影响因素研究  

Research on the Influencing Factors of the Issuance Pricing of Rural Revitalization Bonds

作　　者：陈帅 汪小亚 许坤[1] CHEN Shuai;WANG Xiao-ya;XU Kun

机构地区：[1]西南财经大学中国金融研究院 [2]西南财经大学

出　　处：《农村金融研究》2024年第11期54-67,共14页Rural Finance Research

基　　金：清华大学中国农村研究院研究课题“我国乡村振兴债的发展现状、分析与对策研究”(编号:CIRS2024-4)的研究成果。

摘　　要：乡村振兴债券在金融有力有效推进乡村全面振兴中发挥了重要作用。论文以2018-2023年乡村振兴债券为样本,全面系统研究了影响乡村振兴债券发行利差(票面利率与基准利率差值)的因素。研究发现:对乡村振兴债券而言,发行主体所在地区的政府偿债能力,为影响利差的重要因素,而非债券期限、信用评级、是否城投债;发行规模与利差为倒“U”型关系。在承销发行阶段,承销商的数量,是影响乡村振兴债券利差的因素,而非承销商类型(商业银行或证券公司)或发行市场差异。上述部分乡村振兴债券利差影响因素,在经济增速较快、贷款规模较高的地区体现尤为明显。因此,研究乡村振兴债券发行定价的影响因素,有利于推动乡村振兴债券实现更大发展,以增强债券这一金融工具在服务乡村振兴重点工作中的作用发挥。Rural Revitalization Bonds have played an important role in effectively promoting the overall revitalization of rural areas.Based on the sample of Rural Revitalization Bonds from 2018 to 2023,this paper comprehensively and systematically studies the factors affecting the issuance spread of Rural Revitalization Bonds(the difference between coupon rate and benchmark interest rate).It is found that for Rural Revitalization Bonds,the solvency of the local government where the issuer is located,rather than the bond maturity,credit rating and whether the bond is invested in cities,is the factor affecting the spread;the relationship between the issuance scale and the spread is an inverted"U"shape.At the stage of underwriting and issuance,the number of underwriters,rather than the type of underwriters(commercial banks or securities companies)or the difference in the issuance market,is the factor affecting the spread of Rural Revitalization Bonds.The above-mentioned factors affecting the spread of Rural Revitalization Bonds are particularly evident in areas with faster economic growth and higher loan scale.Therefore,the study of the influencing factors of the issuance and pricing of Rural Revitalization Bonds will be conducive to promoting the greater development of Rural Revitalization Bonds,so as to enhance the role of bonds as a financial instrument in serving the key work of rural revitalization.

关 键 词：乡村振兴债券 利差 偿债能力 承销商 发行市场 

分 类 号：F832.5[经济管理—金融学]