Local government debts and corporate bond spreads:Evidence from China  

作　　者：Haoming Ye Yan Wang Xiaoguang Yang 

机构地区：[1]Academy of Mathematics and Systems Science,Chinese Academy of Sciences,Beijing,China [2]School of Economics and Management,University of Chinese Academy of Sciences,Beijing,China [3]School of Economics and Management,China University of Mining and Technology,Xuzhou,China

出　　处：《Economic and Political Studies》2025年第1期16-42,共27页经济与政治研究(英文版)

基　　金：supported by the National Natural Science Foundation of China[Grant Nos.72192800,71532013].

摘　　要：Using a comprehensive dataset of Chinese corporate bonds that existed during 2011-2018,we find a significant positive relationship between local government debts and the credit spreads of local firms.By matching their debt maturity,we find that long-term government debts have an obvious effect on the spreads of long-term corporate bonds.Moreover,with the expansion of local government debts,local firms reduce their debt financing in response to the rising borrowing cost.These findings show that a crowding out effect does exist between local government debts and local corporate bonds.The effect is attributable to the decrease in the capital supply in the credit market,the weakened implicit guarantee from the government,and the increasing investment cost for local firms,which are all correlated with the expansion of local government debts.

关 键 词：Local government debt credit spread debt maturity implicit guarantee 

分 类 号：F812.5[经济管理—财政学]