High-speed railway and urban construction investment bond yield spreads: a quasi-natural experiment

IF 3.6 Q1 BUSINESS, FINANCE Review of Accounting and Finance Pub Date : 2023-03-28 DOI:10.1108/raf-10-2022-0298
Juan Chen, Hongling Guo, Zuoping Xiao
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引用次数: 2

Abstract

Purpose This study aims to investigate how high-speed railway (HSR) development affects urban construction investment (UCI) bond yield spreads based on China’s background. Design/methodology/approach This study constructs a quasi-natural experiment and adopts regression analyses to empirically examine the relation between HSR development and UCI bond yield spreads. The empirical analysis is based on a Chinese sample of 15,109 bond offering observations from 2008 to 2019. Findings The results show that HSR development reduces UCI bond yield spreads. Mechanistic analysis shows that HSR development increases land prices and the level of urbanization, which in turn lowers the UCI bond yield spreads. In addition, the impact of HSR development on UCI bond yield spreads is more significant at higher marketization levels and lower degrees of dependence on land finance cities where UCI corporations are located. Research limitations/implications The results imply that transportation infrastructure improvement, such as HSR development, helps to enhance the credit of local governments and the solvency of UCI corporations and ultimately reduces the financing cost of UCI bonds. Originality/value This paper provides theoretical support and empirical evidence for the impact of transportation infrastructure construction on the implicit debt risks of local governments in China, which enriches the research on the “HSR economy” from a micro perspective and expands the research on the influencing factors of local governments’ debt risk.
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高铁与城建投资债券利差:准自然实验
本研究旨在探讨基于中国背景的高铁发展对城建投资债券收益率息差的影响。设计/方法/方法本研究构建准自然实验,采用回归分析对高铁发展与UCI债券收益率差的关系进行实证检验。实证分析基于2008年至2019年中国15109个债券发行观察样本。研究结果表明,高铁的发展缩小了UCI债券的收益率差。机制分析表明,高铁发展提高了土地价格和城市化水平,进而降低了UCI债券收益率差。此外,高铁发展对UCI债券收益率息差的影响在市场化程度越高、对UCI公司所在土地财政城市依赖程度越低的情况下更为显著。研究局限/启示研究结果表明,交通基础设施的改善,如高铁的发展,有助于提高地方政府的信用和UCI公司的偿债能力,最终降低UCI债券的融资成本。本文为交通基础设施建设对中国地方政府隐性债务风险的影响提供了理论支持和实证证据,从微观角度丰富了“高铁经济”的研究,拓展了对地方政府债务风险影响因素的研究。
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
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