地方债管理新政对城投债信用风险的影响研究

发布时间：2017-12-31 01:46

本文关键词：地方债管理新政对城投债信用风险的影响研究　出处：《金融发展研究》2017年06期 　论文类型：期刊论文

【摘要】：地方债管理新政提出全面加强地方政府性债务管理,可能导致存量城投债信用能力发生分化。本文基于2012—2015年间企业债面板数据,将地方债管理新政作为政策冲击,采用双重差分法评估政策实施对于存量城投债信用风险的影响。实证结果表明,在剔除其他因素对信用风险的影响后,地方债管理新政显著增大了存量城投债信用风险;地方融资平台的政府债务认定率越小、获得的政府支持力度越小,地方债管理新政对存量城投债信用风险的放大作用越显著。地方政府应妥善处理存量债务,确定合理的政府债务认定率,适当加大政府支持力度,提高地方融资平台经营能力,以实现新旧地方债管理方式的平稳过渡。
[Abstract]:The new debt management is proposed to comprehensively strengthen local government debt management, may lead to the stock of the city voted debt credit ability of differentiation. The 2012 - 2015 years of corporate bonds based on panel data, the new debt management policies as local impact, using the double difference method for evaluating policy implementation effect of stock investment bonds credit risk empirical. The results show that after eliminating the influence of other factors on the credit risk, the new debt management of local stock significantly increases the credit risk of the city investment bond; local government debt financing platform for the determination of the rate of smaller government spending to get more small, new debt management of local amplification of the stock of credit risk of the city investment bond more significant the local government should properly handle the stock of debt, to determine the reasonable determination of the rate of government debt, increasing government support, improve the local financing platform operation ability, to realize the new old The smooth transition of the management of the square debt.

【作者单位】：中南大学商学院;
【分类号】：F812.5
【正文快照】： 一、引言地方政府通过设立融资平台举债用于城市基础设施建设,促进了地区经济增长,但过度投资导致城投债规模迅速膨胀,其中的风险隐患不容忽视。首先,地方隐性债务缺乏健全的约束机制。地方政府投资建设的政绩工程常常资质较差,项目收益率低且回收期长,再加上运营不善导致效率

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