本文關(guān)鍵詞：運(yùn)用市政債券融資規(guī)避我國(guó)地方融資平臺(tái)風(fēng)險(xiǎn)研究　出處：《南開大學(xué)》2013年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 地方政府 融資平臺(tái) 市政債券 風(fēng)險(xiǎn)管理

【摘要】：根據(jù)人民銀行2011年9月披露的數(shù)據(jù),我國(guó)3800多家地方融資平臺(tái)管理總資產(chǎn)8萬(wàn)億元,地方政府負(fù)債則接近5.2萬(wàn)億元。地方政府融資平臺(tái)既是我國(guó)經(jīng)濟(jì)建設(shè)不可或缺的力量,但也因其超高負(fù)債率、違規(guī)擔(dān)保承諾、項(xiàng)目資本金不足、項(xiàng)目?jī)攤芰Φ拖碌葐?wèn)題而蘊(yùn)含著極大的金融風(fēng)險(xiǎn)。當(dāng)然,如果驟然停止對(duì)地方政府的貸款,也必將導(dǎo)致大量的爛尾工程出現(xiàn),甚至?xí)崆耙胤秸膫鶆?wù)風(fēng)險(xiǎn)。因此,如何尋找科學(xué)、合理的融資工具,積極拓寬地方政府的融資渠道,緩解地方政府對(duì)土地財(cái)政的依賴,即以多元化的融資結(jié)構(gòu)去化解地方政府財(cái)政風(fēng)險(xiǎn),已經(jīng)成為地方政府、實(shí)務(wù)界和理論界共同關(guān)注的焦點(diǎn)。 本文立足于中國(guó)特定的國(guó)情,采取比較分析與系統(tǒng)分析相結(jié)合,定量分析與定性分析相結(jié)合的研究方法,試圖構(gòu)建一個(gè)具有說(shuō)服力的理論框架,分析政府融資平臺(tái)中的風(fēng)險(xiǎn)管理問(wèn)題,評(píng)估政府債券融資的科學(xué)性與合理性,進(jìn)而提出實(shí)現(xiàn)地方政府融資平臺(tái)的良性和可持續(xù)發(fā)展的政策建議,為政府有關(guān)部門提供有價(jià)值的信息。 本論文在結(jié)構(gòu)安排上可以劃分為七章,除第一章導(dǎo)論部分外,其余各章主要內(nèi)容概述如下：第二章為文獻(xiàn)綜述部分。按照時(shí)間順序?qū)?guó)內(nèi)外相關(guān)研究文獻(xiàn)進(jìn)行綜述與評(píng)析。以傳統(tǒng)的公共債務(wù)之一般理論研究為起點(diǎn),分析、歸納了西方經(jīng)濟(jì)學(xué)家提出的重要的理論觀點(diǎn)�；诖�,重點(diǎn)研究了發(fā)達(dá)國(guó)家政府制定的某些“游戲規(guī)則”和相關(guān)政策。對(duì)國(guó)內(nèi)學(xué)者最近幾年在地方政府債務(wù)及其融資平臺(tái)方面的研究活動(dòng)所取得的各項(xiàng)成果,同樣予以了高度重視。 第三章為國(guó)際經(jīng)驗(yàn)研究與借鑒部分。研究、分析了某些典型國(guó)家(如美國(guó)、日本、韓國(guó))的市政融資活動(dòng)之成功與不足,總結(jié)適合我國(guó)國(guó)情的值得借鑒的經(jīng)驗(yàn)。通過(guò)比較研究,對(duì)我國(guó)市政債券融資現(xiàn)狀、存在問(wèn)題,以及發(fā)展前景進(jìn)行了廣泛分析。 第四章為市政債券發(fā)行與償債機(jī)制研究部分。首先,基于相關(guān)理論,建立了一個(gè)用于證券設(shè)計(jì)的理論分析框架；然后,分別從“信息不對(duì)稱”和“信息對(duì)稱”兩種角度,探討了地方政府融資工具的最優(yōu)選擇問(wèn)題；接下來(lái),根據(jù)我國(guó)實(shí)際情況,對(duì)我國(guó)地方政府債券的發(fā)行模式、發(fā)行主體、發(fā)行種類、發(fā)行方式等問(wèn)題進(jìn)行了必要的探討；最后,按照收益風(fēng)險(xiǎn)原則,設(shè)計(jì)了地方政府償債保障機(jī)制。 第五章為市政債券定價(jià)研究部分。首先,對(duì)影響債券定價(jià)的宏觀經(jīng)濟(jì)、行業(yè)特點(diǎn)、財(cái)務(wù)風(fēng)險(xiǎn)這三大因素分別進(jìn)行了較為深入的分析。其次,基于市政債券的期限結(jié)構(gòu)理論,構(gòu)建了適合的市政債券之定價(jià)模型。最后,運(yùn)用江蘇省的數(shù)據(jù)進(jìn)行了模擬研究,測(cè)算了對(duì)于該省而言的合理的債券定價(jià)和發(fā)債規(guī)模。 第六章為市政債券信用風(fēng)險(xiǎn)分析與市場(chǎng)監(jiān)管研究部分。在對(duì)債券估價(jià)研究之后,基于KMV模型建立了市政債券信用風(fēng)險(xiǎn)分析體系,并且繼續(xù)運(yùn)用江蘇省的數(shù)據(jù)進(jìn)行實(shí)證分析。為了建立一個(gè)適合我國(guó)國(guó)情的,高效的市政債券信用評(píng)級(jí)體系,不僅注意吸收了美國(guó)政府管理部門、社會(huì)中介部門等對(duì)市政債券評(píng)級(jí)工作的成功經(jīng)驗(yàn),而且認(rèn)真分析了涉及我國(guó)市政債券市場(chǎng)監(jiān)管體系的各種重大問(wèn)題。 第七章為對(duì)策建議部分。除了再次強(qiáng)調(diào)化解地方政府融資平臺(tái)風(fēng)險(xiǎn)是一項(xiàng)系統(tǒng)工程外,還從地方融資平臺(tái)的市場(chǎng)化機(jī)制出發(fā),就市政債券的發(fā)行、定價(jià)管理,信用風(fēng)險(xiǎn)管理,市場(chǎng)監(jiān)管體系建設(shè)等幾個(gè)主要方面,提出了切實(shí)可行的政策、措施建議。
[Abstract]:According to the people's Bank of China in September 2011 the disclosure of the data, more than 3800 local financing platform to manage the total assets of 8 trillion yuan, the local government debt is close to 5 trillion and 200 billion yuan. The local government financing platform is indispensable to the economic construction of our country's power, but also because of its high debt ratio, illegal guarantees, inadequate capital projects, project debt problems low capacity and contains tremendous financial risk. Of course, if a sudden stop of local government loans will lead to a large number of unfinished works, even detonated the debt risk of local government. Therefore, how to find a scientific and reasonable financing tools, and actively expand the financing channels of local government, local government relief financial dependence on land, the diversified financing structure to resolve the financial risks of local government, the local government has become a common concern, practice and theory circles Focus.
This paper is based on the Chinese specific national conditions, take the comparative analysis combined with system analysis, research methods of quantitative analysis and qualitative analysis, tries to construct a theoretical framework of persuasion, to analyze the problems of risk management of government financing platform, evaluation of science and rationality of government debt financing, and then put forward the implementation of local the government financing platform for healthy and sustainable development policy recommendations, provide valuable information for the relevant government departments.
This dissertation can be divided into seven chapters, except the first chapter, the main contents of each chapter are summarized as follows: the second chapter is literature review. According to the time sequence of summary and analysis of the relevant research literature at home and abroad. With the traditional theory of the public debt as a starting point, analysis, summed up the important theories of western economists put forward. Based on this, focus on some of the "rules of the game" developed country government and relevant policies. The achievements of domestic scholars in recent years, local government debt financing platform and the research activities achieved, also given the high attention.
The third chapter is the international experience and reference research. Research, analysis of some typical countries (such as the United States, Japan, South Korea) successful municipal financing activities and disadvantages, summarized suitable for the situation of our country experiences. Through the comparative study, the problems of municipal bond financing in China, as well as the status quo, development prospects extensive analysis.
The fourth chapter is the part of the municipal bond issuance and repayment mechanism. Firstly, based on related theory, a theoretical framework for security design is established; then, from the "information asymmetry" and "information symmetry" two angles, discusses the optimal local government financing tools selection problem; next, according to the actual situation of me in China, on China's local government bonds issuing mode, the main issue, issue type, issue mode is investigated; finally, according to the principle of income risk, design of local government debt guarantee mechanism.
The fifth chapter is the part of the municipal bond pricing. Firstly, the impact of macroeconomic, bond pricing characteristics of the industry, the financial risk of the three factors are analyzed systematically. Secondly, based on the theory of the term structure of municipal bonds, constructs a pricing model suitable for the municipal bonds. Finally, using the data of Jiangsu province are a simulation study to measure for the province the reasonable pricing of the bond and bond scale.
The sixth chapter is the part of the municipal bond credit risk analysis and market supervision research. After the research of bond valuation, was established based on KMV model of municipal bond credit risk analysis system, and continue to use the data of Jiangsu province for empirical analysis. In order to establish a suitable condition of our country, municipal bond credit rating system is not only efficient. Pay attention to absorb the U.S. government management department, the successful experience of social intermediary Department of municipal bond rating, and a careful analysis of the various major issues concerning China's municipal bond market supervision system.
The seventh chapter is the suggestion part. But again lgfp risk is a system engineering, from the market mechanism of local financing platform of municipal bond issuance, pricing management, credit risk management, market supervision system construction of the major aspects, and puts forward feasible policy measures. Advice.

【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F812.5;F832.4

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