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地方融资平台持股上市公司与城投债发行定价

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近年来,越来越多的地方融资平台通过持股上市公司的方式来实现自身的产业化转型.本文在债券定价理论的框架下,运用固定效应模型对 2007-2021 年城投债发行数据进行实证检验,研究发现融资平台持股上市公司显著降低了城投债的发行利差,并且相较于参股上市公司,控股上市公司可以帮助融资平台在更大程度上降低发行利差.机制检验发现,融资平台持股上市公司对城投债发行利差的影响是通过增强自身的造血能力、风险抵御能力和提高媒体监督力度实现的.异质性检验发现,当融资平台公益性职能较强、地方政府救助能力较弱、地区制度环境较差,以及持股公司的财务状况较好、市场竞争地位较高、股利分配较多时,融资平台持股上市公司降低城投债发行利差的作用更为明显.本文从融资平台持股上市公司这一新颖的角度切入,丰富了城投债发行定价和融资平台转型领域的研究,对于我国完善地方政府债务治理、实现国有资本的保值增值也具有政策启示作用.
Shareholding in Listed Firms by Local Government Financial Vehicles and the Issuance Pricing of Urban Investment Bonds
In recent years an increasing number of local government financial vehi-cles(LGFVs)have experienced industrial transformation by holding shares of listed firms.Based on bond pricing theory,this paper employed the fixed effects model to empirically investigate the impact of shareholding in listed firms by LGFVs on the issuance spread of urban investment bonds(UIBs)from 2007 to 2021.The results show that the issuance spread of UIBs by LGFVs significantly decreases when LGFVs hold shares of listed firms.The negative relationship is more significant when LGFVs are controlling shareholders.The channel analysis shows that improvement in profitability and cash flows,decreases in op-erational risks and bankruptcy risks,and enhancement in media supervision work as the transmissional channels.Further analysis shows that the negative relationship between LGFVs'shareholding in listed firms and the issuance spread of UIBs is more pronounced when LGFVs have more business relating to public service,receive limited support from local governments and operate in areas of poor institutional environment.In addition,when the listed firms held by LGFVs have stronger financial status,enjoy competitive advantage,or distribute more dividends,a more significant relationship between LGFVs'shareholding in listed firms and issuance spread of UIBs is identified.This study enriches the literature of UIBs issuance pricing and the transformation of financing platforms from a novel perspective of shareholding in listed firms by LGFVs.It also sheds light on manage-ment of local government debt as well as the preservation and appreciation of state-owned capital.

Local Government Financial VehiclesShareholding in Listed FirmsUrban Investment BondsBond Issuance PricingIndustrial Transformation

佟岩、李鑫、徐国铨

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北京理工大学管理学院(邮编:100081)

西南财经大学会计学院(邮编:611130)

北京外国语大学国际商学院(邮编:100089)

地方融资平台 持股上市公司 城投债 债券发行定价 产业化转型

国家自然科学基金面上项目广东省普通高等学校人文社会科学重点研究基地项目北京外国语大学"双一流"重大(点)标志性项目

720720122023WZJD0092022SYLZD001

2024

10.14116/j.nkes.2024.04.006

南开经济研究
南开大学经济学院

南开经济研究

CSTPCDCSSCICHSSCD北大核心
影响因子：1.82
ISSN：1001-4691
年,卷(期)：2024.(4)
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