Anti-corruption effects on the credit risk of local financing vehicles and the pricing of Chengtou bonds: Evidence from a quasi-natural experiment in China

被引：21

作者：

Qian, Ningyu ^{[1
]}

机构：

[1] Huazhong Univ Sci & Technol, Sch Management, Luoyu Rd 1037, Wuhan 430074, Hubei, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2018年 / 26卷

基金：

中国博士后科学基金; 中国国家自然科学基金;

关键词：

Corruption; Local financing vehicles; Credit risk; Chengtou bond; Pricing; POLITICAL CONNECTIONS; PUBLIC CORRUPTION; INVESTMENT; DEBT; IMPACT;

D O I：

10.1016/j.frl.2018.01.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the causal effects of anti-corruption on the credit risk of local financing vehicles (LFVs) and the pricing of Chengtou bonds (CBs) in China. Difference-in-differences estimates show that anti-corruption decreases LFVs' earnings, thereby increasing LFVs' credit risk. This corresponds to a reduction in LFVs' nonoperating incomes, and the greatest reduction of earnings occurs among LFVs investing in public infrastructure. Finally, we find that credit risk mispricing occurs in the primary market.

引用

页码：162 / 168

页数：7

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