本文選題：城投債　切入點(diǎn)：發(fā)行利差　出處：《安徽大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：城投債是由地方城投企業(yè)發(fā)行,籌集資金用于地方基礎(chǔ)設(shè)施建設(shè)的債券。1994年分稅制改革后,地方政府出現(xiàn)收支不平衡,導(dǎo)致財(cái)政缺口不斷擴(kuò)大。2008年以后,中央政府推行擴(kuò)張性政策來(lái)維持經(jīng)濟(jì)增長(zhǎng)。該擴(kuò)張政策的實(shí)施更是加劇了地方政府財(cái)政失衡。我國(guó)《預(yù)算法》規(guī)定,地方政府不得自行發(fā)行債券。在大量資金缺口的壓力下,地方政府通過(guò)設(shè)立城投公司,發(fā)行城投債券,達(dá)到規(guī)避限制,籌集資金的目的。1992年第一支城投債上海浦東建設(shè)債券成功發(fā)行,城投債在我國(guó)債券市場(chǎng)誕生。城投債出現(xiàn)之初并沒(méi)有受到大量地方政府的關(guān)注。其主要原因是,在這段時(shí)間內(nèi),地方政府的財(cái)政壓力并不大。城投債隨后經(jīng)歷了兩次大發(fā)展。第一次的時(shí)間段是2009年至2011年,城投債進(jìn)入快速發(fā)展階段。第二次則是從2012年開(kāi)始,城投債進(jìn)入爆發(fā)式增長(zhǎng)階段。目前,我國(guó)的城投債的發(fā)行也是主要集中在這兩個(gè)時(shí)間段。城投債在快速發(fā)展的同時(shí),其信用風(fēng)險(xiǎn)開(kāi)始凸顯。其主要原因是,一方面城投企業(yè)主營(yíng)業(yè)務(wù)盈利微薄、財(cái)務(wù)制度不健全、企業(yè)負(fù)債過(guò)重,導(dǎo)致城投企業(yè)自身償債能力薄弱;另一方面中央政府加強(qiáng)對(duì)地方政府債務(wù)管理,禁止地方政府為企業(yè)債務(wù)提供擔(dān)保,導(dǎo)致城投債不再有政府的隱性擔(dān)保。城投債發(fā)行利差是城投債發(fā)行票面利率與同期限的國(guó)債利率之間的差值。該利差不僅用于衡量信用風(fēng)險(xiǎn),還代表企業(yè)未來(lái)的償債壓力。因此對(duì)城投債發(fā)行利差影響因素進(jìn)行研究,不僅有利于投資者對(duì)城投債進(jìn)行正確的價(jià)值評(píng)估,而且有助于城投企業(yè)控制城投債的融資成本。本文首先對(duì)國(guó)內(nèi)外的相關(guān)文獻(xiàn)進(jìn)行了綜述,該綜述主要分為三部分,分別是對(duì)企業(yè)債的信用利差影響因素的研究、對(duì)市政債信用利差影響因素研究、對(duì)城投債發(fā)行利差影響因素研究。隨后對(duì)我國(guó)的城投債進(jìn)行了概述,重點(diǎn)對(duì)我國(guó)城投債的發(fā)展現(xiàn)狀和特點(diǎn)進(jìn)行了分析。結(jié)合前兩部分?jǐn)⑹?我們對(duì)城投債發(fā)行利差影響因素進(jìn)行了理論上的分析,并且在該分析的基礎(chǔ)上分別從企業(yè)債角度和市政債角度進(jìn)行實(shí)證分析,得出結(jié)論。我們通過(guò)實(shí)證發(fā)現(xiàn)城投債發(fā)行利差受宏觀因素、債券因素、隱性擔(dān)保影響顯著,而企業(yè)因素對(duì)城投債發(fā)行利差影響不顯著。
[Abstract]:City investment debt is a bond issued by local investment enterprises to raise funds for the construction of local infrastructure. After the tax sharing reform in 1994, the local government had an imbalance in revenue and expenditure, resulting in a growing fiscal gap. After 2008, The central government has implemented expansionary policies to maintain economic growth. The implementation of this expansion policy has exacerbated the fiscal imbalance of local governments. According to the Budget Law of China, local governments are not allowed to issue bonds on their own. Under the pressure of a large capital gap, By setting up a city investment company and issuing city investment bonds, local governments have achieved the purpose of circumventing restrictions and raising funds. In 1992, the first city investment bond, Shanghai Pudong construction bond, was successfully issued. City investment bonds were born in the bond market of our country. At the beginning of their emergence, city investment bonds did not receive much attention from local governments. The main reason for this was that during this period of time, The financial pressure on the local governments was not great. The city investment debt went through two major developments. The first time period was from 2009 to 2011, and the city investment debt entered the stage of rapid development. The second time was from 2012. City investment debt has entered a stage of explosive growth. At present, the issuance of city investment debt in our country is also mainly concentrated in these two periods. With the rapid development of city investment debt, its credit risk is beginning to highlight. The main reason is that, On the one hand, the main business of the CityInvestment enterprises has a meagre profit, the financial system is not perfect, and the enterprises are over-indebted, which results in the weak ability of the City-based enterprises to repay their debts. Prohibiting local governments from providing guarantees for corporate debt, As a result, there is no longer an implicit government guarantee for city bonds. The spread is the difference between the coupon rate on a city bond issue and the interest rate on a bond of the same maturity. The spread is used not only to measure credit risk, It also represents the future debt service pressure of the enterprise. Therefore, the study of the factors affecting the spread of interest rate in the issuance of city investment bonds is not only helpful for investors to correctly evaluate the value of the city investment bonds, At first, this paper summarizes the related literature at home and abroad, which is mainly divided into three parts, which are the research on the factors influencing the credit spreads of corporate bonds. This paper studies the influencing factors of the credit spreads of municipal bonds and the factors affecting the issue of urban investment bonds. Then, it summarizes the city investment bonds in China, and analyzes the present situation and characteristics of the city investment bonds in China. We have carried on the theoretical analysis to the city investment bond issue interest rate difference influence factor, and has carried on the demonstration analysis separately from the enterprise debt angle and the municipal debt angle on the basis of this analysis, We find that the difference of city investment bond issuance interest rate is influenced by macro factors, bond factors and implicit guarantee factors, while corporate factors have no significant impact on city investment bond issuance spreads.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F812.5

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