南华大学学报（社会科学版）2025，Vol.26Issue(1)：63-73,11.DOI:10.13967/j.cnki.nhxb.2025.0008
地方政府隐性债务风险对城投债发行定价的影响
The Influence of Local Government Hidden Debt Risk on the Pricing of Chengtou Bonds
摘要
Abstract
The pricing of Chengtou bonds reflects the credit risk of local financing platforms and the risks of the bonds them-selves,and is influenced by the implicit debt risk of local governments.Taking the data of municipalities and states under the jurisdic-tion of Hunan Province as an example,this paper constructs the hidden debt risk index of local government and examines the impact of local government hidden debt risk on the pricing of Chengtou bonds issuance and its mechanism.The conclusion shows that the higher the hidden debt risk of local government,the larger the credit spread of Chengtou bonds issuance.At the same time,it is verified that after the introduction of"No.43 document",the responsibility subject behind the implicit guarantee of municipal urban investment bonds is the provincial government,which has a significant impact on it.Mechanism analysis shows that the hidden debt risk of local government will increase the credit spread of Chengtou bonds by restraining the inflows of foreign direct investment(FDI)and causing misallocation of land resource.Heterogeneity analysis shows that the impact of local government hidden debt risk on the credit spread is more significant in cities with higher economic development level,net population inflow and large scale of hidden debt.关键词
地方政府隐性债务/发行定价/发行利差/政府隐性担保Key words
local government implicit debt/issuance pricing/issue spread/government implicit guarantee分类
社会科学引用本文复制引用
刘洪波,王睿嘉..地方政府隐性债务风险对城投债发行定价的影响[J].南华大学学报（社会科学版）,2025,26(1):63-73,11.基金项目
教育部人文社会科学研究青年项目"失信联合惩戒机制研究"资助(编号:17YJC630083) （编号:17YJC630083）
南华大学科研启动项目"信用资本的度量及应用研究"资助(编号:190XQD111) （编号:190XQD111）
