| 公募REITs试点政策对城投债发行成本的影响研究 |
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| 引用本文：鲁筱1，叶剑平2.公募REITs试点政策对城投债发行成本的影响研究[J].湖南大学学报社会科学版,2025,(5):54-63 |
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| 中文摘要:以首批公募REITs上市交易时点构建政策实施虚拟变量，采用城投债发行信用利差作为代理变量，刻画公募REITs试点政策实施的债券市场反应，研究发现，试点政策显著降低了基建行业城投债发行主体在一级市场的融资成本。机制研究表明，城投平台通过将资产剥离上市，降低对地方政府隐性担保的依赖，提升运营效率，进而降低一级市场发行信用风险。异质性研究表明，试点的政策效应主要惠及经济发达地区、省级及以上级别、AA+级及以上评级的城投债发行主体；而在经济欠发达地区、行政级别和评级较低的城投债发行主体中，试点政策带来的资金竞争机制更显著，会增加平台的融资成本，倒逼这类平台加快市场化转型。 |
| 中文关键词:公募REITs试点 城投债 融资成本 市场化改革 |
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| A Study on the Impact of C-REIT Pilot Scheme on the Issuance Cost of City Bonds |
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| Abstract:This paper constructs a dummy variable based on the listing of the first-batch of C-REITs，using the credit spread of city bonds as a proxy variable to depict the bond market’s response to the C-REIT pilot scheme. Research shows that the pilot scheme has significantly reduced the financing cost of infrastructure-related city bond issuers in the primary market. Mechanism analysis indicates that city bond platforms，by divesting and listing assets，reduce reliance on implicit government guarantees，improve operational efficiency，and thus lower credit risks in the primary market. Heterogeneous analysis shows that the policy mainly benefits economically developed regions，provincial-level-and-above platforms，and those with AA + and higher ratings. But in economically underdeveloped areas and for lower-level， lower-rated issuers，the capital competition mechanism under the pilot scheme is more evident，raising financing costs and prompting these platforms to speed up their market-oriented shift. |
| keywords:C-REITs pilot scheme city bonds financing cost market-oriented reform |
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