摘要
为促进债券市场高质量发展,本文使用差分GMM方法研究地方政府债务风险与地方政府干预因素对地方政府一般债券定价市场化的影响程度。研究结论说明:债务风险因素是地方政府债券市场化定价过程中的重要影响因素,但是地方政府债券并未完全得到市场化定价,风险利差反而与债务率等指标相反,可能原因在于政府对债务监管不严,以及地方债务信息披露程度不足。地方政府干预因素会压低地方政府债券的到期收益率利差,弱化市场化定价程度。债务风险因素在东部、中部、西部之间影响差异不大,与整体回归结果类似。政策上应该约束政府干预行为,使政府债券的定价体现出债务风险的影响。
In order to promote the high-quality development of the bond market,from the perspective of local debt risk,the differential GMM method is used to study the impact of local government debt risk factors and local government intervention factors on the market-oriented pricing of local government general bonds.Conclusion:Debt risk factors are important influencing factors in the market-oriented pricing process of local government bonds.However,local government bonds have not been fully priced in the market,and the risk spread is actually opposite to indicators such as debt ratio.The possible reasons are the existence of implicit guarantee expectations of the central government,lax government supervision of debt,and insufficient disclosure of local debt information.Local government intervention factors will lower the yield to maturity spread of local government bonds and weaken the degree of marketoriented pricing.The impact of debt risk factors is not significantly different between the eastern,central,and western regions,and is similar to the overall regression results.Policies should constrain government intervention behavior,so that the pricing of government bonds reflects the impact of debt risk.
作者
李程
陈彤
Li Cheng;Chen Tong
出处
《开发性金融研究》
2024年第4期37-50,共14页
Development Finance Research
