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作为一种市场信号,金融认证机制可以为市场提供更多有关发行人的私人信息,有助于缓解债券投资者与发行人之间的信息不对称。本文采用多元线性回归模型,从信用评级认证、承销商认证和第三方担保认证三个角度分析了金融认证对城投债发行利率的影响,研究发现:第一,信用评级认证、承销商认证和第三方担保认证效果良好,能够降低城投债的发行利率;第二,城投债行政级别越高,金融认证效果越好;城投债行政级别越低,银行主承的效果越好;发行期限越长,信用评级认证效果越好。
As a market signal, the financial certification mechanism can provide the market with more private information about the issuer and help to ease the information asymmetry between the bond investor and the issuer. In this paper, we use the multiple linear regression model to analyze the impact of financial certification on the interest rates of city bonds issued from three aspects: credit rating certification, underwriters certification and third-party guarantee certification. The findings are as follows: First, credit rating certification, underwriting certification and Third-party guarantee certification effect is good, can reduce the interest rate of the bonds issued by the city; second, the higher the administrative level of the city bonds, the better the financial certification; the lower the administrative level of the city bonds, the better the effect of the main bank; The longer the deadline, the better credit rating certification.