摘要
本文基于2015-2018年地方政府债券样本,研究货币政策对地方政府债券发行定价的影响,并进一步探究发行主体差异如何影响二者间的关系。实证结果表明,宽松的货币政策能够显著降低地方政府债券的发行利差。而发行主体差异会影响货币政策与地方政府债券发行利差之间的关系,具体而言:财政分权程度越高,货币政策对地方政府债券发行利差的影响越弱;地方政府债务风险越高,货币政策对地方政府债券发行利差的影响越强;政府治理能力越强,货币政策对地方政府债券发行利差的影响越弱。货币政策影响地方政府债券定价的中介机制检验表明,宽松的货币政策能通过增加市场资金供给以及改善地方政府财政状况来降低地方政府债券的发行利差。本文的研究结论不仅提供了货币政策影响地方政府债券发行定价的经验证据,还对提升政府治理能力、防范地方政府债务风险有启示意义。
Based on a sample of local government bonds from 2015 to 2018,this paper studies the impact of monetary policy on the pricing of local government bonds.Further,this paper explores how the differences among issuing agencies affect this relationship.The empirical results show that loose monetary policy can reduce the spread of local government bonds.The difference among issuing agencies would affect the relationship between monetary policy and the spread of local government bonds.Specifically,the degree of fiscal decentralization could moderate the impact of monetary policy on the spread of local government bond issuance;the debt risk of local government might increase the impact of monetary policy on the spread of local government bond issuance;the ability of government governance could moderate the impact of monetary policy on the spread of local government bond issuance.In addition,tests on the intermediary mechanism of monetary policy affecting local government bond pricing show that loose monetary policy can reduce the spread of local government bond issuance by increasing the supply of market capital and improving the financial status of local governments.The conclusions of this paper could not only provide empirical evidence on the relationship between monetary policy and the pricing of local government bond,but also provide some insights for improving government governance capabilities and preventing local government debt risks.
出处
《会计研究》
CSSCI
北大核心
2019年第12期72-77,共6页
Accounting Research
基金
国家自然科学基金(71502033、71972036)
全国统计科学研究项目(2019LY07)
东南大学“至善青年学者”支持计划
江苏省研究生实践创新计划项目(SJCX19_0474)的资助。
关键词
货币政策
地方政府债券
发行主体差异
债券发行定价
Monetary Policy
Local Government Bonds
Differences among Issuing Agencies
Bond Pricing
