关键词: 债券评级, 信用利差, 城投债增信, 43号文

Abstract: Based on the 2010~2018 city investment bond data, this paper studies the effect of credit enhancement on the rating and financing cost of city investment bonds, and the difference in the effect of credit enhancement before and after No. 43 document. The empirical study finds that the credit enhancement measures can improve the debt rating and reduce the cost, and the effect of this credit enhancement is more significant for the city investment bonds with weaker credit qualifications. Further, the issuance cost of city investment bonds issued before 2015 is basically not affected by the credit enhancement measures. Investors pay more attention to the economic development level of the area where the city investment bonds are issued, indicating that the city investment platform reflects the credit of local government. After 2015, the proportion of guarantees has increased, and various credit enhancement measures have significantly reduced financing costs. The above results indirectly prove that after the No. 43 document, the credit enhancement measures do bring financing facilities to the city investment company.

Key words: bond rating, credit spread, credit enhancement of city investment bond, No. 43 document