The fair competition review system maintains the market order of fair competition to a certain extent by regulating administrative monopoly and suppressing government intervention.Taking the implementation of the fair competition review system as a quasi-natural experiment,this paper examines the impact of fair competition review system on bond financing costs of local state-owned enterprises.The results show that the fair competition review system significantly increases bond financing costs of local state-owned enterprises.The impact mechanism analysis shows that the fair competition review system increases the risk level of local state-owned enterprises and weakens the perception of implicit guarantees by investors,thereby increasing the bond financing costs of local state-owned enterprises.At the same time,the system can also enhance the information disclosure quality of local state-owned enterprises,thereby weakening part of its negative impact on bond financing costs of local state-owned enterprises.Further research shows that the effect is more pronounced in a sample of bonds of local state-owned enterprises with lower financing constraints,higher levels of governance,and in regions with lower fiscal pressure,higher fiscal transparency,and higher levels of social trust.This paper provides empirical evidence for the government to further improve the fair competition review system and promote the long-term healthy development of the bond market.
万方数据
