Research And Analysis On The Influence Factors Of The Issue Interest Rate Difference Of Urban Investment Debt In China

City Investment Bond,refers to the bond issued by the financing platforms,that is,Urban Investment Co.,Ltd.,controlled by local government departments,raise funds is mainly used in infrastructure construction or public welfare projects.The difference between the face rate of the city's debt issuance and the interest rate of the same-term bond is generally considered to reflect the size of the credit risk and,to some extent,the debt-servicing pressure of the subject in the future.As one of the most important factors in the management of the city's debt issuance,the influence factor of the difference of profit and difference has a great effect on the management of the issuance and management of the city's debt.This paper establishes multiple regression models for the influencing factors of spreads under the conditions of policy relaxation and policy tightening before and after the Document No.43 issued by the Ministry of Finance.After analysis,we come to the conclusion that,(1)The national macro-policy has a great influence on the issuance of urban investment bonds.(2)Before the issuance of Document No.43,there was an inverse relationship between fiscal revenue/GDP and issuance interest margin in areas with higher fiscal revenue/GDP,but a positive relationship appeared in areas with lower fiscal revenue/GDP;After the issuance of Document No.43,the budgetary fiscal revenue/GDP is inversely proportional to the issuance interest margin.(3)Before and after the issuance of Document No.43,the GDP growth rate is proportional to the issuance spread.(4)Before and after the issuance of Document No.43,the level of economic development is directly proportional to the spreads of the issuance of urban investment bonds.(5)Before the issuance of Document No.43,the level of financial market development is proportional to the issuance spreads;after the issuance of Document No.43,the level of financial market development is inversely proportional to the issuance spreads.(6)Before and after the issuance of Document No.43,the influence of liquidity ratio on issuance spreads is not significant.(7)Before the issuance of Document No.43,the impact of long-term debt ratio on issuance spreads was not significant;after the issuance of Document No.43,the relationship between long-term debt ratio and issuance spreads was inversely proportional.(8)Before and after the issuance of Document No.43,the ratio of assets to liabilities is proportional to the spread of issuance interest.Finally,some policy suggestions are put forward according to the analysis conclusion.