| 摘要: |
| 近年来，中国地方政府债券规模快速增长，其发行定价问题逐渐引起关注。鉴于此，本文从LPR视角出发，研究LPR改革是否提高了货币市场利率与地方政府债券利率之间的传导效率，以及LPR改革是否影响了地方政府债券定价市场化水平等问题。研究发现：LPR改革提高了货币市场利率对地方政府债券利率的传导效率，促使地方政府债券的风险溢价回归到更为合理的位置。据此，本文提出的相关政策建议为央行需要进一步疏通利率传导机制淤堵点，构建有效利率走廊，降低利率波动可能引发的相关风险。同时，商业银行应更加有效管理LPR改革后的利率风险及创新丰富金融产品。 |
| 关键词: LPR；利率市场化；地方政府债券；利率传导 |
| DOI： |
| 分类号:F832 |
| 基金项目:国家自然科学基金面上项目“流动性囤积视角下的货币政策传导问题：理论，实证与政策研究”（71973035）；广东省教育厅普通高校省级创新团队（社会科学类）资产管理创新团队（2018WCXTD004）；广东省科技创新战略专项资金（“攀登计划”专项资金）《专项债视角下的地方政府债务使用效率研究》（pdjh2020b0402）；广东省科技创新战略专项资金（“攀登计划”专项资金）《房价与地方债务联动性机制》（pdjh2021b0349） |
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| Research on Local Government Bond Issuance Pricing from the Perspective of LPR |
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XIANG Hou-jun，LAI Wei-ping，LIANG Xiao-lin1,2
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1.uangdong University of Finance，School of Finance and Investment;2.Industrial and Commercial Bank of China Intensive Operations Center
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| Abstract: |
| In recent years，the scale of local government bonds in China has been increasing rapidly，and the issue pricing of local government bonds has gradually attracted attention.In view of this，from the perspective of LPR，the article studies whether the LPR reform has improved the transmission efficiency between money market interest rate and local government bond interest rate，and affected the marketization level of local government bond pricing.The following conclusions are drawn: The LPR reform has improved the transmission efficiency of money market interest rates to local government bond rates，and promoted the risk premium of local government bonds to return to a more reasonable position.Accordingly，The relevant policy suggestions put forward in the article are that the central bank needs to further dredge the blockage point of the interest rate transmission mechanism，build an effective interest rate corridor，and reduce the possibility of interest rate fluctuation risks.Meanwhile，commercial banks should more effectively manage interest rate risks after the LPR reform and innovate and enrich financial products. |
| Key words: LPR；Interest Rate Liberalization；Local Government Bonds；Interest Rate Transmission |
