Abstract:
This paper explores local governments’ invisible guarantee of quasi-municipal bonds. Based on quasi-municipal bonds' data from 2009 to 2014, a series of empirical results are mined. Firstly, there is no significant difference between the non-guarantee quasi-municipal bonds and the third-party guaranteed ones in issuing spread, which means the bond market admits local government’s invisible guarantee behind the non-guarantee quasi-municipal bonds. Secondly, local governments’ finance will affect the quasi-municipal bonds' issuing price by both the ability and willingness to supply guarantee. Thirdly, macro-economy, bonds’ properties, and issuers’ sizes have significant influence on quasi-municipal bonds’ issuing price, but not true for the issuers’ profitability. It suggests that the local government’s financing platforms play the role of the utilities of local government in essence rather than real companies. These results have important meanings for perfecting bonds’ transaction mechanism and developing future municipal bonds.
罗荣华, 刘劲劲. 地方政府的隐性担保真的有效吗？——基于城投债发行定价的检验[J]. 金融研究, 2016, 430(4): 83-98.
LUO Ronghua, LIU Jinjin. Is Local Government’s Invisible Guarantee Effective? An Empirical Test Based onQuasi-municipal Bonds’ Issuing Price. Journal of Financial Research, 2016, 430(4): 83-98.
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