数字技术与经济金融前沿论坛（第48期）

摘要：

Exploiting China’s 2019 information disclosure regulation as a quasi-natural experiment, this study investigates how government information transparency affects implicit bond pricing. We find that enhanced local government disclosure significantly increases implicit bond issuance costs. Mechanism analysis demonstrates that transparency operates through two channels: eroding investor expectations of implicit government guarantees and  reducing fiscal subsidies to local government financing vehicles (LGFVs), both of which contribute to higher risk premiums. These effects are particularly strong for unsecured bonds, long-term maturities, and issues with substantial institutional investor participation. While the resulting increase in financing costs constrains LGFVs' capital raising capacity, we provide evidence that improved disclosure enhances bond pricing efficiency by reducing uncertainty about implicit guarantees during market valuation.

主讲人介绍：

胡荣，纽约市立大学巴鲁克学院房地产金融领域的助理教授。她的主要研究领域包括房地产金融与经济、实证公司金融和银行业。她的研究论文曾在多个国际金融和房地产学术会议上宣讲，并发表在《美国经济评论》(American Economic Review)，《管理科学》(Management Science)，《金融与数量分析杂志》(Journal of Financial and Quantitative Analysis)等顶级期刊上。