中国地方政府融资平台债务风险外溢及驱动机制

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-07 DOI:10.1016/j.frl.2025.107548

Hongbing Ouyang, Tianqi Long

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引用次数: 0

摘要

本研究基于复杂网络模型，对中国30个省份不同期限的城市投资债券日收益率数据进行建模。分析了各省债务网络特征及其溢出效应。此外，基于经济发展水平和城市发展一体化，探究了债务网络风险的传导路径，并分析了债务网络的空间相关性。最后，本研究探讨了不同期限债务风险的跨地区外溢及其原因。研究结果对于中央政府规范各省地方政府融资平台运行，防范区域风险蔓延，完善区域债务风险预警机制具有重要意义。

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Debt risk spillover and driving mechanism of China’s local government financing platforms

This study models the daily yield data of urban investment bonds with different maturities in 30 provinces in China based on a complex network model. It analyzes provinces’ debt network characteristics and spillover effects. Moreover, this study explores the transmission path of debt network risk based on economic development level and urban development integration and analyzes the spatial correlation of the debt network. Finally, this study investigates the spillover of debt risks of different maturities across regions and their causes. The findings are of great significance for the central government to regulate the operation of local government financing platforms in various provinces, prevent regional risk contagion, and improve regional debt risk early warning mechanism.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance