Abstract: Developing the local government bond market, which means opening the “front door” of local government debt, is the key link to strengthen local government debt management. The special bond innovation pilot policy implemented by the Ministry of Finance in 2017 essentially aims to improve the information accuracy of special bonds from the following three dimensions: segmenting categories, defining project locations and balancing project revenue and expenditure by unpacking. This paper uses propensity score matching method to explore the impact of the accuracy of special bond information on coupon rate and liquidity. The study finds that compared with non-specific special bonds, the coupon rate of new type special bonds has increased by about 11 base points, and the average trading interval of bonds has decreased by about 23 days. The purpose of this paper is to provide a reference for further development of China's local government bond market by exploring the policy effects of local government special bond innovation pilots.

Key words: Local Government Bonds, Information Accuracy, Issuing Rate, Bond Liquidity, Propensity Score Matching

摘要： 发展地方政府债券市场、开好地方政府举债的“前门”是加强地方政府债务管理的关键环节。2017年财政部推行的专项债券创新试点政策本质上是以拆包发行的方式从细分项目类别、明确项目所在地和平衡项目收支三个维度提高专项债券的信息准确度。本文使用倾向得分匹配法探究专项债券信息准确度对债券发行利率和流动性的影响。研究发现,与非特定品种的专项债券相比,新型专项债券的发行利率提高约11个基点,债券平均交易间隔缩短约23天。本文旨在通过探究地方政府专项债券创新试点的政策效果,为进一步发展我国地方政府债券市场提供参考。

关键词: 地方政府债券, 信息准确度, 发行利率, 债券流动性, 倾向得分匹配