【摘要】 新《预算法》实施后,地方融资平台的政府融资职能被剥离,新发城投债不再具备政府隐性担保。城投债融资额维持高位且社会效益显著,但地方融资平台偿债能力较差,因此存在一定的信用风险。文章采用2015年地方融资平台发行的AA级企业债数据,将信息不对称纳入变量范围,运用回归分析研究城投债发行利差的影响因素。更多还原

【Abstract】 Following the implementation of the new Budget Law, financing functions for local governments have been stripped from local government financing platforms and newly issued urban construction investment bonds will no longer have implicit guarantees from local governments. The issuance of urban construction investment bonds maintains high and achieves remarkable social benefits, yet they are accompanied with credit risks as the repayment ability of local government financing platforms is rather poor. Utilizing the statistics of AA grade corporate bonds issued by local government financing platforms in 2015 and including information asymmetry as a variable, the paper studies the influencing factors of credit spreads of urban construction investment bonds by using the regression analysis method.更多还原