Research On The Relationship Between Local Government Special Debt And The Debt Scale Of Urban Investment Company

Conclusion analyzing the debt scale of urban investment companies has always been a key topic of research,which is closely related to the research hotspots such as the scale of government debt,the scale of implicit debt and the market-oriented transformation of urban investment companies.As an important external financing channel for the government,the urban investment company before the transformation plays an important role in broadening the financing mode for the government and solving the problem of government infrastructure funds.However,due to the government’s "implicit disclosure" and "soft budget constraints",a large number of investment and financing behaviors have occurred in the urban investment companies before the transformation,which has increased the scale of implicit debt and the risk of debt default.Therefore,the financing functions of the urban investment companies have been stripped off and market-oriented transformation has been carried out.The government diversified the government financing methods by issuing special bonds,improved the government’s income level and financing capacity by promoting profitable infrastructure projects,curbed the occurrence of implicit debt,and led social capital parties to improve their enthusiasm for public investment and financing infrastructure projects.The special bond has the same financing function attribute as the urban investment company before the transformation,that is,as an important financing channel of the government,the relationship between the two is "one ebb and flow",which makes the urban investment company gradually peel off the government financing function and withdraw from the historical stage.There is still a positive role in promoting the market-oriented transformation of the urban investment company,and it has become a concern of the academic circles to make investment and financing decisions with the goal of maximizing its own interests.Taking the scale of special debt and the scale of debt of urban investment companies from 2015 to 2020 as research samples,this paper empirically tests the relationship between local government special debt and the scale of debt of urban investment companies through the perspectives of interest bearing debt of urban investment companies,micro perspective of urban investment bonds,macro perspective of urban investment bonds,heterogeneity of economic development,etc.This paper finds that local government special debt will promote the expansion of interest bearing debt scale and urban investment debt scale of urban investment companies to a certain extent,and for areas with low economic development level,the positive promotion relationship between special debt and urban investment debt of urban investment companies will be more obvious.Therefore,it can be concluded that there is a positive relationship between the local government special debt and the debt scale of the urban investment company.The positive relationship between the two is conducive to the analysis of the marketization of the investment and financing behavior of urban investment companies and whether they have carried out effective market-oriented transformation.It is also conducive to improving the way of government financing and eliminating the scale of implicit debt.It is of theoretical and practical significance to improve the regional economic development level and the vitality of the debt market by making use of the issuance of special bonds and the better coordinated development of social capital.It also has a positive impact on the market-oriented transformation of the urban investment company,and improves the necessity and enthusiasm of the transformation of the urban investment company.Finally,based on the analysis results and the current form of economic development,this paper puts forward relevant suggestions on the market-oriented transformation of the government,government bonds and urban investment companies.This paper broadens the research perspective of the debt scale of urban investment companies,enriches the empirical research on the market-oriented transformation of urban investment companies and the research on the "crowding in" effect of government macro subjects on micro subjects.In this paper,the impact of special debt on urban investment bonds of urban investment companies through the scale of special debt is heterogeneous,which provides an empirical basis for the market-oriented transformation of urban investment companies and promotes the market-oriented transformation process of urban investment companies.