Suchergebnisse

AbstractUrban agglomerations are the new feature of China's urban development. Local governments turn to land finance (tudi caizheng) to support super urban agglomeration construction. The issuance of urban investment bonds (UIBs) uses land as the guarantee. Debt repayment depends on land leasing revenue and fees. This study takes UIBs as an example and selects the nonlinear panel model, using the data of 135 prefecture‐level cities from 2006 to 2015 in seven super urban agglomerations, to directly observe the impact of land leasing revenue and leasing scale on UIB issuance, scale, and risk. Empirical results show that land leasing revenue has a positive impact on the possibility of UIB issuance, debt scale, and debt risk, whereas land leasing scale has a negative impact on UIB scale. Differences in the effect of land leasing revenue and land leasing scale are observed among urban agglomerations.

As the collateral for the issuance of urban investment bonds (UIBs), land leasing revenue is the fund that is used to repay the debt with large-scale land hoarding and increasing land price due to China's rapid urbanization. This paper employs the fixed effect model and panel data from 2006 to 2015 to analyze the influence of land hoarding and price on debt scale and risk of local governments. Results reveal that both land hoarding scale and land price exhibit a positive influence on the UIBs' scale and risk. However, regional differences are evident. In the Eastern region, the correlation between land asset and UIBs can be testified. First published online 19 November 2020