企业补贴对地方政府借贷成本的影响:来自市政债券的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2023-05-15 DOI:10.1093/rof/rfad021

Sudheer Chava, Baridhi Malakar, Manpreet Singh

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引用次数: 0

摘要

摘要本文分析了美国地方政府提供的400亿美元企业补贴对其借贷成本的影响。我们发现，与败诉县相比，获胜县的债券收益率息差增加了15.2个基点。当补贴协议与较低的就业乘数相关联，或者当获胜的县具有较低的债务能力时，收益率的增长会更高(18-26个基点)。然而，高就业乘数似乎并没有缓解地方政府的债务能力限制。我们的研究结果凸显了企业补贴给地方政府带来的潜在成本。

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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Impact of Corporate Subsidies on Borrowing Costs of Local Governments: Evidence from Municipal Bonds

Abstract We analyze the impact of $40 billion of corporate subsidies given by US local governments on their borrowing costs. We find that winning counties experience a 15.2 basis points (bps) increase in bond yield spread as compared to the losing counties. The increase in yields is higher (18–26 bps) when the subsidy deal is associated with a lower jobs multiplier or when the winning county has a lower debt capacity. However, a high jobs multiplier does not seem to alleviate the debt capacity constraints of local governments. Our results highlight the potential costs of corporate subsidies for local governments.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.