典型文献
High-Speed Rail Service and the Issuance of Municipal Corporate Bonds
文献摘要：
This study uses the difference-in-differences method to test the impact of a high-speed rail(HSR)service on the issuance of municipal corporate bonds(MCB)based on panel data for prefecture-level cities in China from 2003 to 2016.The study has three fiindings.First,HSR increased the scale of the issuance of MCB significantly.After conducting a series of robustness tests,the above conclusion remained robust.Second,HSR affected the issuance of MCB by increasing the city's financing demands and improving the city's financing capacity.Third,the effect of HSR on the issuance of MCB varied from city to city.Specifically,the promotion of the opening of HSR to the issuance of MCB was concentrated in remote and fast growing cities.High-speed rail can also effectively reduce the cost and shrink credit spreads of the MCB.This paper shows that it is necessary to further optimize the layout of HSR,release and exploit the financial resource reallocation effect of HSR,and provide financial support to the high-quality development of cities.
文献关键词：
中图分类号：
作者姓名：
Liansheng Zheng;Juncheng Li;Zhihua Zhao
作者机构：
Institute of Finance and Banking,Chinese Academy of Social Science,China;School of Finance,Central University of Finance and Economics,China
文献出处：
引用格式：
[1]Liansheng Zheng;Juncheng Li;Zhihua Zhao-.High-Speed Rail Service and the Issuance of Municipal Corporate Bonds)[J].中国与世界经济（英文版）,2022(04):230-254
A类：
Issuance,fiindings
B类：
High,Speed,Rail,Service,Municipal,Corporate,Bonds,This,study,uses,differences,method,impact,high,speed,rail,HSR,service,issuance,municipal,corporate,bonds,MCB,panel,data,prefecture,level,cities,China,from,has,three,First,increased,scale,significantly,After,conducting,series,robustness,tests,above,conclusion,remained,Second,affected,by,increasing,financing,demands,improving,capacity,Third,varied,Specifically,promotion,opening,was,concentrated,remote,fast,growing,also,effectively,reduce,cost,shrink,credit,spreads,paper,shows,that,necessary,further,optimize,layout,release,exploit,financial,resource,reallocation,provide,support,quality,development
AB值：
0.543043
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