Research On The Factors Affecting The Issuance And Pricing Of Local Government Project Revenue Special Bonds In My Countr

The new "Budget Law" implemented in 2015 allows local governments to issue bonds within the limit to raise funds.According to the use of funds and the source of debt repayment funds,local government bonds are divided into general bonds and special bonds.In the process of improving the issuance structure of local government special bonds and expanding the types of bonds,the Ministry of Finance has allowed the issuance of special bonds for local government project income since 2017.According to statistics,from 2017 to 2020,more than 2,000 local government project income special bonds have been issued,with a cumulative issuance scale of about 3.3 trillion yuan,and their proportion in the special bond market has increased from 14.3% in 2017 to 2020.75% of the total,which means that special bonds for local government project income have developed into an important part of the local government bond market.Project income special bonds are related to specific projects,reflecting the characteristics of project information,and their pricing has certain particularities,but at present,few scholars have paid attention to the issue and pricing of local government project income special bonds.Based on this,this paper takes the local government project income special bond as the research object,conducts a special in-depth study,and explores the factors that affect the issuance and pricing of the local government project income special bond.This paper takes the local government project income special bond rate as the research object,based on the existing literature,according to the issuance and pricing principle of project income special bond,from the characteristics of the bond itself,regional economic characteristics,local government credit characteristics,market characteristics and project characteristics Five This paper analyzes the influencing factors of project income special bond issuance and pricing,selects relevant variables and builds measurement models.The sample for the empirical study in this paper is the special bonds issued by local government projects from 2017 to 2020,and the empirical analysis is carried out through stata software.The research results show that the issuance spread of local government project income special bonds is more affected by the local government’s credit characteristics and the macroeconomic characteristics of the region where it is located.The impact is relatively small.This shows that in the process of issuing special bonds for local government project income,it is more influenced by the bond issuer,especially the influence of local government intervention,and cannot fully reflect the influence of the project itself.This paper further divides the samples of local government project income special bonds into three major regions,east,middle and west,and three categories of land reserves,infrastructure,and people’s livelihood,and analyzes the differences in the issuance and pricing of local government project income special bonds in different regions and types.The study found that: regional macroeconomic characteristics and local government credit characteristics have a significant impact on the issuance and pricing of project income special bonds in the eastern,central and western regions,and the impact of project characteristics has significant differences in different regions;the difference between different types of local government project income special bonds,the issue pricing factors vary greatly.Based on the analysis of the current situation and empirical research conclusions of local government project income special bond issuance in my country,this paper proposes to standardize the project income special bond issuance process,improve the supervision mechanism,standardize the project income bond information disclosure process,strengthen follow-up information disclosure and auditing,and establish differentiated localities.Policy recommendations such as the credit rating mechanism of special bonds for government project income.The research results of this paper have a certain reference for better understanding the pricing rules of local government project income special bonds and promoting the scientific and standardized development of local government project income special bonds in my country.