Study On The Influence Of Regional Factors On The Issuance Spread Of Project Income Bonds

With the continuous development of the country's urbanization,the financing problems of infrastructure and public utility projects have attracted the attention of the state and the government.Under the requirement of “de-leveraging” in the financial market,how can we alleviate the pressure on local governments to finance and repay debts? Can you quickly help the project raise funds? Based on the characteristics of the project's income bond using the future cash flow of its own project for interest repayment,its implementation perfectly solves this problem and is strongly supported by the state and the government.Since the project proceeds bond is still in short-term implementation in China,there are few related papers.In the study of the factors affecting the predecessor---the investment rate of urban investment,it is found that the influence of regional factors on its interest rate is controversial.Accordingly,the purpose of this paper is to try to explore whether regional factors have a significant impact on the interest rate of bond yields on projects.First of all,based on the characteristics of urban infrastructure and public utilities construction,this paper uses the perspective of urbanization development to select four explanatory variables that represent the urbanization development of different regions: urbanization rate,the added value of the tertiary industry accounts for the proportion of GDP,fixed asset investment and the area of urban construction land to the urban area.Secondly,in the Wind database,the research sample of this project is determined according to the project income bond under the Chinese debt classification,and the empirical analysis and robustness test are carried out after the outliers are eliminated.The results show that regional factors have a significant impact on the interest rate of the bond yield of the project.Specifically,in the eastern coastal areas where the economy is more developed,the degree of urbanization development is negatively correlated with the project income bonds.In the remote western areas where the economy is underdeveloped,the degree of urbanization development is positively correlated with the project income bonds.Finally,through the case study,this paper selects two project income bonds issued by Jiangsu and Shandong provinces in the eastern region and Sichuan and Chongqing provinces in the same year in the same year,and verifies the conclusions of this paperAt the micro level,the actual value of this paper is reflected in the specific quantitative relationship to help the project yield bond issuer to make reasonable and standardized pricing,avoiding the issuer's failure to issue due to low issue rate and the issue rate is too high to increase the unnecessary issuance cost..From the perspective of investors,the reasonable pricing of bonds also gives investors a stable guarantee of their principal and interest.From a macro perspective,the reasonable and standardized pricing of project income bonds will help its own stable and healthy development in the bond market,and thus promote the development of China's overall urbanization process.