湖南大学学报（社会科学版）2025，Vol.39Issue(5)：54-63,10.DOI:10.16339/j.cnki.hdxbskb.2025.05.007
公募REITs试点政策对城投债发行成本的影响研究
A Study on the Impact of C-REIT Pilot Scheme on the Issuance Cost of City Bonds
摘要
Abstract
This paper constructs a dummy variable based on the listing of the first-batch of C-REITs,using the credit spread of city bonds as a proxy variable to depict the bond market's response to the C-RE-IT pilot scheme.Research shows that the pilot scheme has significantly reduced the financing cost of infra-structure-related city bond issuers in the primary market.Mechanism analysis indicates that city bond plat-forms,by divesting and listing assets,reduce reliance on implicit government guarantees,improve opera-tional efficiency,and thus lower credit risks in the primary market.Heterogeneous analysis shows that the policy mainly benefits economically developed regions,provincial-level-and-above platforms,and those with AA+and higher ratings.But in economically underdeveloped areas and for lower-level,lower-rated issu-ers,the capital competition mechanism under the pilot scheme is more evident,raising financing costs and prompting these platforms to speed up their market-oriented shift.关键词
公募REITs试点/城投债/融资成本/市场化改革Key words
C-REITs pilot scheme/city bonds/financing cost/market-oriented reform分类
管理科学引用本文复制引用
鲁筱,叶剑平..公募REITs试点政策对城投债发行成本的影响研究[J].湖南大学学报（社会科学版）,2025,39(5):54-63,10.基金项目
中国人民大学"中央高校建设世界一流大学(学科)和特色发展"引导专项资金 （学科）
