摘要
文章以2009-2016年发行的城投债为样本,实证考察地方土地财政与城投债发行成本之间的关系。研究发现,地方土地财政依赖度与城投债发行成本之间存在显著的U型关系,即土地财政依赖度存在最佳水平,当土地财政依赖度低于最佳水平时,城投债发行成本随土地财政依赖度的上升而下降;当土地财政依赖度超过最佳水平时,城投债发行成本随土地财政依赖度的上升而上升。当地方金融发展水平较低时,土地财政依赖度对城投债发行成本的影响更明显;此时土地出让收入越稳定,城投债发行成本越低;但土地出让收入增速对城投债发行成本并无显著影响。
This paper takes the sample of urban construction investment bonds issued from 2009 to 2016 to study the relationship between local land finance and the issue costs of urban construction investment bonds.Results show that there is a significant Ushaped relationship between local land finance dependence and the issue costs of urban construction investment bonds.When land finance dependence is lower than the optimal level,the issue costs of urban construction investment bonds decrease with the increase of the land financial dependence.Once land finance dependence exceeds the optimal level,the issue costs turn to rise following the rise of land finance dependence.The U-shaped relationship between them is more significant in a low-level local financial environment,where the land transfer fee is less stable,the issue costs of urban construction investment bonds are higher.The growth rate of land transfer fee has no significant effect on the issue costs of urban construction investment bonds.
作者
罗党论
王本浩
Danglun Luo;Benhao Wang(Faculty of Accounting,Guangdong Baiyun University,Guangzhou Guangdong 510450,China;Lingnan(University)College,Sun Yat-Sen University,Guangzhou Guangdong 510275,China;Huatai Securities(Shanghai)Asset Management CO.,LTD.,Shanghai 200120,China)
出处
《会计与经济研究》
CSSCI
北大核心
2020年第2期59-76,共18页
Accounting and Economics Research
基金
国家自然科学基金重大项目(71790603)
国家自然科学基金面上项目(71872186)
广东省基础与应用基础研究基金项目(2019A1515011409)
广东省2019−2020年度会计科研课题(19-20*011)
广东省普通高校哲学社会科学专项(2019GXJK078)
广东省财政科研课题(Z202079)。
关键词
城投债
发行成本
土地财政
urban construction investment bonds
issue costs
land finance
