Academic Journal of Business & Management, 2026, 8(3); doi: 10.25236/AJBM.2026.080302.
Yihong Yu1, Xuejun Xu1
1School of Management, University of Shanghai for Science and Technology, Shanghai, China
After the reform of tax distribution system, the transfer payment system has become an important tool to balance the financial resources of central and local governments, and the relationship between urban investment bonds and local governments has also attracted attention. Taking the urban investment bonds issued by China during 2018-2024 as the research sample, this paper explores the impact mechanism and heterogeneity characteristics of transfer payment on the issuance premium of urban investment bonds. This paper puts forward the following policy suggestions: optimizing the transfer payment structure, improving the pricing mechanism of urban investment bond market, and promoting differentiated governance based on the actual situation of different regions.
Transfer Payment; Urban Investment Bond; Issue premium; Debt guarantees; Urban Investment Platform
Yihong Yu, Xuejun Xu. The Impact of Transfer Payments on the Issuance Spread of Urban Investment Bonds. Academic Journal of Business & Management (2026), Vol. 8, Issue 3: 10-15. https://doi.org/10.25236/AJBM.2026.080302.
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