Exploring The Impacton The Issuance Scale Of Urban Investment Bonds From The Ferspective Of Economic Development Quality

After the reform of tax sharing system,the tax revenue of local governments has been greatly reduced,and the following restrictions on the issuance scale of local government bonds have further led to the tense situation of local finance.It is necessary for local governments to open up new channels to obtain sustained and stable financial capacity.The urban investment platform and its issued urban investment bonds came into being under such an opportunity.As a state-owned enterprise mainly engaged in public welfare projects,the urban investment platform has gained good reputation due to the endorsement of the government.The urban investment bonds issued by it undoubtedly have great attraction to investors,which improves the disposable capital level of local governments and forms a benign capital flow.In response to the global financial crisis,the "four trillion" stimulus plan has gradually pushed the development of urban investment bonds to the peak,but in the process of its rapid expansion,some risks have also been exposed.In 2010,the release of No.10 document of the State Council officially opened the supervision of the issuance of urban investment bonds to prevent systemic risks.There are some problems in the pricing and regional heterogeneity of urban investment bonds,which will undoubtedly have a certain impact on the stability of local financial markets and economic construction.In order to facilitate the research on such problems,this paper expounds the structure and caculation method of the quality index system of economic development in detail.Because of its comprehensiveness and integrity,the index system can well quantify the level of economic development and facilitate the regression analysis and empirical research on the pricing of urban investment bonds.Firstly,this paper expounds the quality indicators of economic development.After the selection of specific indicators,the collection of data and the processing of index calculation methods,a total of 17 indicators at three levels are finally formed,The analytic hierarchy process is used to calculate the weight of indicators at each level,and the specific value of economic development quality index is further calculated based on the index data of 34 provinces,autonomous regions and municipalities directly under the central government from 2009 to 2020;Then take the scale of urban investment bonds and interest rate spread as the explanatory variables,the quality index and sub index of economic development as the explanatory variables,and add the control variables such as financial self-sufficiency rate,financial industry scale and deposit loan ratio for regression analysis.This paper concludes that:(1)Over the past decade,the overall quality of national economic development has shown an upward trend.Specifically,the eastern region has the highest quality of economic development and has obvious leading advantages,followed by the central and western regions,and there is little gap between them.On the whole,there is a lot of room for improvement.(2)The better the performance of economic development quality indicators,the larger the scale of urban investment bonds.(3)In terms of sub indicators,the level of innovation and development and people’s living standards have the most significant impact on the scale of urban investment bonds,and the current level of sustainable development is not significant.(4)In terms of regions,the regression insults in the eastern region are consistent with the whole country;the four indicators in the western region are significant,but not in the middle region.The tomographic analysis of this paper provides some support for the quantitative research of the quality of economic development,and the empirical research provides a new basis for the reasonable issuance scale and interest spread analysis of urban investment bonds.