CAJ | 학술논문

国有企业和地方融资平台在一定程度上都受政府隐性担保，政府隐性担保是否会因两者之间的不同而发生变化，进而产生不同的影响？通过对2007—2012年上市债券的研究，我们发现，政府隐l性担保降低了国有企业债券的风险，却增加了地方融资平台债券的风险。我们还发现，信用评级越低，政府隐性担保越能降低国有企业债券的风险，相反，信用评级越高，政府隐性担保越能增加地方融资平台债券的风险。不同于国有企业，政府帮助地方融资平台取得债务资金，隐性担保的方式发生了变化，损害了债权人的利益。
국유기업화지방융자평태재일정정도상도수정부은성담보，정부은성담보시부회인량자지간적불동이발생변화，진이산생불동적영향？통과대2007—2012년상시채권적연구，아문발현，정부은l성담보강저료국유기업채권적풍험，각증가료지방융자평태채권적풍험。아문환발현，신용평급월저，정부은성담보월능강저국유기업채권적풍험，상반，신용평급월고，정부은성담보월능증가지방융자평태채권적풍험。불동우국유기업，정부방조지방융자평태취득채무자금，은성담보적방식발생료변화，손해료채권인적이익。
State-owned enterprises and local financing platform both have government implicit guarantee. Are there different from their government implicit guarantee？ And does their government implicit guarantee have dif- ferent influence on their financing cost？ Based on the investigation about the corporate bonds listed during 2007 -2012, we find that government implicit decreases state -owned enterprises bonds＇ risk, but increases local financing platform bonds＇ risk. We also find that government implicit decreases more state - owned enter- prises bonds＇ risk when bond rating is lower, and government implicit increases more local financing platform bonds＇ risk when bond rating is higher. There is different from state - owned enterprises. Governments illegally help local financing platform get capital. This hardly hurt creditors＇ benefits. Our results suggest that we should strip local financing platforms＇ financing function off.