Local officials' sentiment and government financing cost: Evidence from Chengtou bonds in China

被引：1
|
作者：
Ren, Zhaoyue [1 ]
Xiong, Yang [2 ]
Huang, Yongjian [1 ]
机构：
[1] Cent Univ Finance & Econ, Sch Finance, Beijing, Peoples R China
[2] ABC Wealth Management Co Ltd, Beijing, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 63卷
关键词：
Sentiment; Officials; Government financing cost; Implicit guarantee;
D O I：
10.1016/j.frl.2024.105360
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the relation between local officials' sentiment and government financing cost. Utilizing the textual tone in government work reports to measure officials' sentiment, we find that officials' sentiment has a negative effect on yield spreads of Chengtou bonds issued by local government financial vehicles. This effect is more pronounced for issuers located in regions with more readable government work reports, issuers with a larger amount of bonds maturing, and bonds issued in the interbank market.
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页数：11
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