摘要
近年来,针对地方债发行中存在财政存款调节发行利差等现象,财政部从扩大承销团、投资者群体等方面积极提升地方债发行定价的市场化程度。本文对地方债发行信用利差开展实证研究,发现随着发行次数增多、承销团成员增加、投资者群体更为广泛,地方债发行定价的市场化程度相应提升。
In the issuance of local government bonds,the fiscal deposits have been used to adjust the issuance premiums. The Ministry of Finance has actively promoted the marketization of the issue pricing of local government bonds from the aspects of expanding underwriting syndicates and attracting more investors.This paper conducts an empirical study on the credit spreads of local government bond issuance and finds out that with the increase of issuances,the expanding of underwriting syndicates,and the diversification of investor base,the degree of the marketization of the local government bond issue pricing will increase accordingly.
出处
《中国货币市场》
2018年第12期55-60,共6页
China Money
