地方融资平台投资上市公司与城投债信用评级

Investments in Listed Companies by Local Government Financing Vehicles and the Credit Ratings of Urban Construction Investment Bonds

中文关键词:  地方融资平台  市场化转型  城投债  信用评级  经营绩效  声誉

英文关键词:local government financing vehicles  market-oriented transformation  urban construction investment bonds  credit ratings  operating performance  reputation

中文摘要:

      地方融资平台市场化转型不仅是促进其可持续发展的必由之路,更是从源头上防范地方政府隐性债务风险的重要举措。基于2014—2022年地方融资平台城投债数据,探讨了地方融资平台投资上市公司这一市场化转型路径对城投债信用评级的影响。研究发现,地方融资平台投资上市公司提升了城投债信用评级,包括债项信用评级和主体信用评级。机制检验结果表明,地方融资平台投资上市公司能够提高经营绩效和自身声誉,进而提高城投债信用评级。异质性分析发现,当地方融资平台为公益性、区县级融资平台,以及地区债务压力较大、地区投资规模较大时,上述提升效应更为显著。进一步分析发现,当地方融资平台投资国有、业务关联度低、财务状况好的上市公司时,对城投债信用评级的提升作用更大。因此,在市场化转型过程中,地方融资平台应根据自身业务结构、财务状况等因素,通过投资优质的上市公司来提高盈利能力和声誉,进而提升城投债信用评级、降低融资风险。地方政府也应合理引导和鼓励地方融资平台参与资本市场,并做好相应监管工作,助力解决地方隐性债务问题。

英文摘要:

      The market-oriented transformation of local government financing vehicles (LGFVs) represents not only an essential path to achieving their sustainable development but also an important measure for mitigating local government implicit debt risks at the source. Using data from urban construction investment bonds issued by LGFVs from 2014 to 2022, this paper examines the impact of LGFVs' investments in listed companies—a key market-oriented transformation path—on the credit ratings of these bonds. The results show that such investments improve the credit ratings of urban construction investment bonds, including both the bond-level and issuer-level credit ratings. Mechanism analysis indicates that investments in listed companies enhance LGFVs' operating performance and reputation, thereby contributing to higher bond credit ratings. Heterogeneity analysis further reveals that this positive effect is more pronounced when LGFVs are public welfare-oriented, operate at the district/county level, or are located in regions facing greater debt pressure or exhibiting larger investment scales. Further analysis shows that the rating-enhancing effect is stronger when LGFVs invest in listed companies that are state-owned, have low business relatedness, and maintain sound financial conditions. Therefore, in the course of market-oriented transformation, LGFVs should select high-quality listed companies for investment based on their own business structure and financial capacity, so as to enhance profitability and reputation, enhance the credit ratings of urban construction investment bonds, and reduce financing risks. Meanwhile, local governments should provide appropriate guidance and incentives for LGFVs' participation in capital markets, while implementing corresponding regulatory measures, in order to help address local government implicit debt issues. 