초록 열기/닫기 버튼
지방공기업 부채관리에 대한 높은 관심과 정책적 중요성에도 불구하고, 지방공사 채권시장에 대한 이론적이고 실증적인 연구는 미흡한 실정이다. 공공부문 채권시장의 지속적인 증가를 고려해 볼 때, 다양한 이론과 정책을 검증하는 채권시장 연구가 더욱 필요한 시점이다. 본 연구는 원리금 상환과정에서 발생하는 이자조달비용에 영향을 미치는 채권신용등급에 초점을 맞추고자 한다. 지방공사채의 신용 등급에 미치는 요인을 지방자치단체 변수와 지방공사 변수, 재무적 요인과 비재무적요인으로 구분하여 분석한 결과, 채권신용등급은 지방자치단체의 예산규모에 더 밀접한 관련이 있는 것으로 나타났다.
Financing lumpy capital projects requires a large amount of capital up front, whereas the benefits and revenues are spread over many years. For such projects, local governments borrow from investors such as banks, capital market funds, and other institutions (Lee, Johnson and Joyce, 2012). Debt becomes one of the primary revenue sources to finance capital projects of a municipality across countries, but there have been variations in the form of holding debts. A growing body of research has documented the role of governments in debt management and municipal bond markets in the U.S. and European countries. However, there are relatively few studies focusing on local bond markets in non-Western countries. This study fills the void in the existing line of inquiry toward understanding of municipal bond markets in South Korea. In particular, this study aims to introduce how local governments in South Korea issue bonds through their local-owned enterprises and examine how much local government performance is reflected in credit ratings of local bonds issued by local-owned public enterprises with individual local bond data. This study also contributes to the existing studies by shedding the light on the role of local governments in highly regulated subnational borrowing markets.
키워드열기/닫기 버튼
local public enterprise bond, credit quality
