【摘要】：分稅制改革、城市化進(jìn)程加快和宏觀經(jīng)濟(jì)的總體增長(zhǎng)對(duì)地方政府市政建設(shè)資金的籌措能力提出了越來越高的要求。城投債,作為新興的地方財(cái)政融資渠道,得到地方政府的大力支持,也以較高的收益率得到市場(chǎng)投資者的青睞。然而,其近年來暴露的信用風(fēng)險(xiǎn)問題正逐漸引起市場(chǎng)的關(guān)注。本文從理論角度分析了城投債信用風(fēng)險(xiǎn)產(chǎn)生的核心原因是城投公司信息披露質(zhì)量低下,在運(yùn)用信息理論證明高質(zhì)量的信息披露是資本市場(chǎng)健康發(fā)展的必要條件后,又從實(shí)踐角度以實(shí)證方法分析并闡述了城投債發(fā)行過程中,城投公司信息披露質(zhì)量缺陷的具體產(chǎn)生原因和實(shí)現(xiàn)途徑,論證了在城投公司信息披露質(zhì)量堪憂的現(xiàn)狀下,城投債信用風(fēng)險(xiǎn)加劇暴露的必然性,在此基礎(chǔ)上試圖總結(jié)出如何防范城投債信用風(fēng)險(xiǎn)的途徑。本文研究的主要內(nèi)容如下： (1)本文從我國(guó)實(shí)際出發(fā),具體分析中國(guó)城投債市場(chǎng)的信用風(fēng)險(xiǎn)來源,指出信用風(fēng)險(xiǎn)的產(chǎn)生往往和地方政府嚴(yán)重的財(cái)政問題、城投公司自身的治理結(jié)構(gòu)和運(yùn)營(yíng)管理的失策相關(guān)聯(lián),進(jìn)而從政府財(cái)政和城投公司兩方面入手分析,進(jìn)一步鎖定了信用風(fēng)險(xiǎn)的核心來源為城投公司的信息披露質(zhì)量。 (2)本文從委托代理理論、信息不對(duì)稱理論、信息傳遞理論等三個(gè)角度闡述了內(nèi)部控制信息披露的必要性,指出信息披露的實(shí)質(zhì)是為了緩解資本市場(chǎng)存在的信息不對(duì)稱問題,并詳細(xì)探討了其具體表現(xiàn)形式,即城投公司信息的披露質(zhì)量,指出信息披露質(zhì)量和信息披露內(nèi)容對(duì)于城投債市場(chǎng)參與人所具有的重要意義。 (3)本文從城投公司的視角,通過實(shí)證分析描述城投公司信息披露質(zhì)量缺陷的產(chǎn)生的原因和形成的途徑,指出我國(guó)城投債信用風(fēng)險(xiǎn)主要來源于城投公司財(cái)務(wù)的大幅度重組,其真實(shí)盈利能力被遮掩所引發(fā)的風(fēng)險(xiǎn)。 (4)本文通過對(duì)城投公司信息披露質(zhì)量缺陷進(jìn)行的實(shí)證分析,進(jìn)一步論證了在當(dāng)前城投公司信息披露質(zhì)量堪憂的現(xiàn)狀下,城投債信用風(fēng)險(xiǎn)加劇暴露的必然性,并在理論研究和實(shí)證研究的基礎(chǔ)上,提出防范城投債信用風(fēng)險(xiǎn)的途徑。 本文運(yùn)用了文獻(xiàn)研究、制度研究、比較分析法、實(shí)證分析等方法對(duì)城投債的信用風(fēng)險(xiǎn)進(jìn)行了經(jīng)濟(jì)學(xué)分析和研究。在現(xiàn)有的文獻(xiàn)缺乏基于信息披露質(zhì)量的視角研究城投債的信用風(fēng)險(xiǎn)問題的背景下,本文獨(dú)特的研究視角對(duì)于穩(wěn)定債券資本市場(chǎng)秩序有實(shí)際參考意義。 圖8幅,表10個(gè),參考文獻(xiàn)40篇。
[Abstract]:The reform of tax-sharing, the acceleration of urbanization and the overall growth of macro-economy have put forward more and more demands on the ability of local government to raise funds for municipal construction. City bond, as a new financing channel of local finance, has been strongly supported by local government, and has been favored by market investors with higher yield. However, the credit risk exposed in recent years is gradually attracting the attention of the market. This paper analyzes the core reason of credit risk of city investment debt from the angle of theory, which is the low quality of information disclosure of city investment company. After applying information theory to prove that high quality information disclosure is a necessary condition for the healthy development of capital market, From the perspective of practice, this paper analyzes and expounds the concrete causes and ways to realize the quality defects of information disclosure in the process of issuing city investment debt, and demonstrates that the quality of information disclosure of city investment companies is worrying. On the basis of this, the author tries to summarize the ways to prevent the credit risk of city investment debt. The main contents of this paper are as follows: (1) based on the reality of our country, this paper analyzes the sources of credit risk in the investment bond market of Chinatown, and points out that the emergence of credit risk and the serious financial problems of local governments, The governance structure of CICC itself is related to the mismanagement of its operation and management, which is further analyzed from the two aspects of government finance and CTIC. Further locking the core source of credit risk is the quality of information disclosure. (2) this paper from the principal-agent theory, information asymmetry theory, This paper expounds the necessity of information disclosure in internal control from three angles such as information transfer theory, points out that the essence of information disclosure is to alleviate the problem of information asymmetry existing in capital market, and probes into its concrete manifestation in detail. That is, the quality of information disclosure of City Investment Corporation, pointing out that the quality of information disclosure and information disclosure content for the city investment market participants in the important significance. (3) this article from the perspective of the City Investment Corporation, Through the empirical analysis to describe the causes and ways of the quality defects in the information disclosure of CICC, it is pointed out that the credit risk of CICC mainly comes from the financial restructuring of CICC. The risk caused by its real profitability is concealed. (4) through the empirical analysis of the quality defects of CICC's information disclosure, this paper further demonstrates that the current situation of CICC's information disclosure quality is worrisome. On the basis of theoretical and empirical research, the paper puts forward the ways to prevent the credit risk of city investment debt. This paper uses the methods of literature research, institutional research, comparative analysis and empirical analysis to analyze and study the credit risk of city investment debt. Under the background of the lack of the existing literature based on the quality of information disclosure to study the credit risk of city investment debt, the unique perspective of this paper has practical reference significance for stabilizing the order of bond capital market. There are 8 figures, 10 tables and 40 references.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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本文編號(hào)：2144468