隐性政府担保:来自意外公司债券违约事件的证据

PSN: Debt Crises (Topic) Pub Date : 1900-01-01 DOI:10.2139/ssrn.3935586

Ying Lei, Ei Yang, Yue Yin

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摘要

本文利用2020年意外的国有企业债券违约和差中差法，确定了中国公司债券市场的隐性政府担保规模。研究发现，地方政府财政负担是隐性政府担保的来源。违约事件通过财政负担渠道对不同地区的影响是不均衡的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Implicit Government Guarantee: Evidence from an Unexpected Corporate Bond Default Event

Using an unexpected state-owned-enterprise bond default in 2020 and a difference-in-difference method, we identify the size of implicit government guarantee in the corporate bond market of China. We find that the local government fiscal burden is the source of the implicit government guarantee. The default event has uneven impacts on different regions through the fiscal burden channel.

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PSN: Debt Crises (Topic)

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