This paper takes the policy of transferring the collection of land transfer fees to the tax authorities as a starting point to examine its impact on the issuance size and credit risk of municipal investment bonds.The empirical results show that after implementing the policy of transferring the collection of land transfer fees to the tax authorities,the issuance size of municipal investment bonds significantly decreases,but the credit spread significantly increases.On this basis,this paper explores the heterogeneous impact,economic mechanism,and risk mitigation channel of transferring the collection of land transfer fees to the tax authorities on the credit risk of municipal investment bonds.The results indicate that compared to the eastern regions,the credit spreads of municipal investment bonds in the central and western regions increase significantly;compared to bonds issued by regions with higher administrative levels,the credit spreads of bonds issued by regions with lower administrative levels increase significantly.Higher land dependence,local debt pressure,and corporate debt repayment pressure exacerbate the credit risk of municipal investment bonds after implementing the policy.Issuing"new debt to repay the old debt"municipal investment bonds helps mitigate the positive effect of policy implementation on the credit spreads of municipal investment bonds.This study provides a factual basis for the correct understanding of the policy effects of the land transfer fee collection reform and offers analytical paths and references for preventing and resolving municipal investment bond risks.This study provides factual evidence for the comprehensive understanding of the policy effects of the land transfer fee collection reform and offers analytical paths and references for preventing and mitigating municipal investment debt risks.
land transfer feesmunicipal investment bondsbond issuance sizecredit spreads
万方数据
维普
