论文标题
政府内部政治网络的财务价值：中国市政公司债券的证据
The financial value of the within-government political network: Evidence from Chinese municipal corporate bonds
论文作者
论文摘要
本文研究了中国市政领导人政治网络对市政公司债券的定价的影响。利用市政领导人的工作经验来衡量政治网络，我们发现该网络通过提高发行人的信用评级（当地政府融资工具）来降低债券发行收益率的差异。政治网络与发行收益率之间的关系在金融市场和法律制度较不发达的领域得到了加强。
This paper examines the effect of the political network of Chinese municipal leaders on the pricing of municipal corporate bonds. Using municipal leaders' working experience to measure the political network, we find that this network reduces the bond issuance yield spreads by improving the credit ratings of the issuer, the local government financing vehicle. The relationship between political networks and issuance yield spreads is strengthened in areas where financial markets and legal systems are less developed.
