本文關(guān)鍵詞：我國(guó)地方政府債券市場(chǎng)化運(yùn)行模式研究　出處：《天津財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 地方政府債券 市場(chǎng)化 信貸風(fēng)險(xiǎn) 安全規(guī)模

【摘要】：市場(chǎng)化發(fā)行地方政府債券在國(guó)外發(fā)達(dá)國(guó)家已有成熟體制,隨著我國(guó)市場(chǎng)化進(jìn)程的不斷推進(jìn)和資本市場(chǎng)的進(jìn)一步完善,我國(guó)債券市場(chǎng)得到迅速發(fā)展,其中發(fā)行地方政府債券的部分經(jīng)濟(jì)條件也日益具備。近年來(lái)中央代理發(fā)行地方政府債券和四省市試點(diǎn)運(yùn)行地方政府債券的行為強(qiáng)烈的體現(xiàn)出地方政府債券在我國(guó)運(yùn)行的必要性。然而,鑒于當(dāng)前復(fù)雜多變的經(jīng)濟(jì)形勢(shì),在2012年6月的十一屆全國(guó)人大常委會(huì)恢復(fù)了以往禁止地方政府自行發(fā)債的規(guī)定,未能給與地方政府獨(dú)立自主的債務(wù)融資資格。這說(shuō)明我國(guó)發(fā)行地方政府債券的條件尚未完全具備致使目前只是在可行性上遇到障礙,并不表示發(fā)行地方政府債券不適合我國(guó)的經(jīng)濟(jì)發(fā)展。針對(duì)此種情況,文章以分析地方政府債券的發(fā)行條件為切入點(diǎn),在深入剖析地方政府債券現(xiàn)狀及所存問(wèn)題基礎(chǔ)上,有針對(duì)的提出利于其發(fā)行的市場(chǎng)化模式,同時(shí)結(jié)合國(guó)外成熟的地方政府債券市場(chǎng)化運(yùn)行經(jīng)驗(yàn),探索出我國(guó)自有特色的市場(chǎng)化發(fā)行地方政府債券的相關(guān)路徑和選擇。 內(nèi)容主要分為五個(gè)部分,第一部分首先明確了研究目的和寫作意義,并有重點(diǎn)的和分類別的介紹了地方政府債券的發(fā)展歷程及國(guó)內(nèi)外對(duì)此相關(guān)主題的已有研究成果。同時(shí),也指出了本文寫作中所采用的研究方法以及創(chuàng)新點(diǎn)。 第二部分則是介紹了市場(chǎng)化運(yùn)行地方政府債券的相關(guān)金融效應(yīng),以金融的角度來(lái)闡釋發(fā)行地方政府債券的重大意義和必要性。 第三部分是文章的重點(diǎn)章節(jié),首先對(duì)地方政府債券發(fā)行的現(xiàn)有問(wèn)題進(jìn)行剖析,進(jìn)而有針對(duì)的提出我國(guó)市場(chǎng)化發(fā)行地方政府債券應(yīng)具備的條件,包括如何制定地方政府債券的相關(guān)基本因素以及所遇風(fēng)險(xiǎn)種類,其中重中之重的是基于信用風(fēng)險(xiǎn)度量模型基礎(chǔ)上的債券安全發(fā)行規(guī)模的確定。 第四部分則是學(xué)習(xí)美日等發(fā)達(dá)資本國(guó)家成功市場(chǎng)化運(yùn)行地方政府債券的經(jīng)驗(yàn)和教訓(xùn),有比較的吸取其長(zhǎng)處,得出利于我國(guó)運(yùn)行地方政府債券的啟示。 第五部分主要是在上述章節(jié)的基礎(chǔ)上提出我國(guó)實(shí)施地方政府債券市場(chǎng)化運(yùn)行模式的路徑選擇。
[Abstract]:Market-oriented issuance of local government bonds in developed countries has a mature system, with the continuous advancement of the marketization process and the further improvement of the capital market, our bond market has been rapidly developed. In recent years, the behavior of central agency issuing local government bonds and four provinces and cities running local government bonds on a pilot basis strongly reflects the local government bonds in our country. The need to run. In view of the current complex and changeable economic situation, in June 2012, the standing Committee of the 11th National people's Congress (NPC) resumed the previous prohibition of local governments from issuing bonds on their own. Failed to give the local government independent debt financing qualifications. This shows that the conditions for issuing local government bonds in China have not been fully available, resulting in the current only in the feasibility of encountered obstacles. It does not mean that issuing local government bonds is not suitable for the economic development of our country. In view of this situation, the article analyzes the conditions of issuing local government bonds as the starting point. On the basis of deeply analyzing the present situation and existing problems of local government bonds, this paper puts forward a market-oriented model to facilitate the issuance of local government bonds. At the same time, it combines the mature foreign local government bonds marketization operation experience. To explore our own characteristics of market-oriented issuance of local government bonds related to the path and choice. The content is divided into five parts. The first part defines the purpose of the research and the significance of writing. It also introduces the development of local government bonds and the existing research results on this subject at home and abroad. At the same time, it also points out the research methods and innovation points used in this paper. The second part introduces the financial effects of market-oriented operation of local government bonds and explains the significance and necessity of issuing local government bonds from the perspective of finance. The third part is the key chapter of the article, first of all to analyze the existing problems of the issuance of local government bonds, and then put forward the market-oriented issuance of local government bonds in China should have the conditions. It includes how to formulate the basic factors of local government bonds and the types of risks encountered, among which the most important is the determination of the security issuance scale based on the credit risk measurement model. The 4th part is to learn from the experience and lessons of successful marketization of local government bonds in developed capital countries such as the United States and Japan. On the basis of the above chapters, the 5th part puts forward the path choice of implementing market-oriented operation mode of local government bonds in our country.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F812.5;F832.51

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