Data Factors and Pricing Chengtou Bonds:A Quasi-Natural Experiment Based on Open Government Data
This paper undertakes the establishment of open government data platform websites across diverse prefecture-level cities as a quasi-natural experiment to assess the influence of open government data on the spread of chengtou bonds with a difference-in-differences model examining the issuance information of chengtou bonds from 2003 to 2019.The paper finds that access to government data significantly reduces the issuance spreads of local chengtou bonds by 11.5 basis points on average.The mechanism analysis reveals that data openness reduces investors'information cost,lowering the information premium;meanwhile,big data facilitate external monitoring and enhance business decision-making,lowering the credit risk of local government financing vehicles.A closer analysis suggests that data on public services,social livelihoods,and the economy manifest a strong effect on narrowing spreads.The conclusion of the study indicates that government initiatives to improve government data access have a significantly positive impact on risk management in the financial market.
open government datadata factorschengtou bondscredit spreads
万方数据
维普
