Abstract: As more low-rating corporations owned by county governments or located in western regions have issued city investment bonds in recent years, the approval and pricing of city investment bonds rely more on the guarantee corporations. This paper analyzes the relation between guarantee, rating and pricing based on the characteristics of the credit enhancement process of city investment bonds. The empirical study using the data of China's interbank market and exchange market from 2007 to2017generates the following results: (1)The rating of the city investment bonds can be improved by the participation of guarantee corporations; (2)The participation of guarantee corporations has no obvious effect on reducing the interest spread of the city investment bonds; (3)The involvement of guarantee companies weakens the attention of rating agencies and investors on issuers' risk characteristics. The conclusions above indicate that the function of credit enhancement of guarantee companies has been seriously distorted under the issuance approval arrangement of city investment bonds.

Key words: Guarantee, Credit Rating, Issuing Price

摘要： 随着城投债发行向信用评级较低的县域平台公司和西部地区延伸,担保公司增信已成为城投债发行审批和价格决定中一个不可忽略的重要因素。本文基于我国城投债增信安排的特点,从理论上分析了担保公司增信对城投债评级和发行定价的影响关系,并利用2007~2017年银行间市场和交易所市场发行的城投债样本进行了实证检验。研究发现:(1)担保公司增信有利于提高城投债信用评级;(2)担保公司增信对缩小城投债发行利差没有明显作用;(3)担保公司的介入弱化了评级机构和投资者对发行人自身风险特征的关注。以上结论说明担保公司增信的功能和作用在城投债现有的发行审批制度下出现了扭曲。

关键词: 担保, 信用评级, 发行定价