本文選題：地方政府債券 + 招標(biāo)發(fā)行�。� 參考：《中國財(cái)政科學(xué)研究院》2017年碩士論文

【摘要】：自2014年8月31日通過的《預(yù)算法》修正案允許地方政府通過舉債方式進(jìn)行融資以來,地方政府債券已成為地方政府融資最重要的渠道之一。截至2016年10月底,地方政府債券的發(fā)行規(guī)模和存續(xù)量雙雙超過10萬億元,成為僅次于國債的第二大債券品種。目前,招標(biāo)發(fā)行是地方政府債券發(fā)行的主要方式,其中繳款環(huán)節(jié)需要中標(biāo)的投資人依靠自身信用對(duì)地方政府繳款以獲得相應(yīng)的債券確權(quán)。在這一環(huán)節(jié),投資人的信用對(duì)于債券發(fā)行的成功至關(guān)重要,一旦部分投資人出現(xiàn)違約不予繳款的情況,對(duì)整個(gè)地方政府債券的確權(quán)和配售都會(huì)產(chǎn)生很大的風(fēng)險(xiǎn)。在我國信用建設(shè)體系尚不完善,違約道德風(fēng)險(xiǎn)客觀存在的環(huán)境下,現(xiàn)行的招標(biāo)發(fā)行制度亟待完善,以降低地方政府發(fā)行人面臨的風(fēng)險(xiǎn)敞口。否則,地方政府債券面臨的發(fā)行風(fēng)險(xiǎn)將導(dǎo)致地方政府債務(wù)置換進(jìn)程受到影響,并可能進(jìn)一步加大我國地方政府債務(wù)的風(fēng)險(xiǎn)。本文針對(duì)這一潛在風(fēng)險(xiǎn),提出將保證金制度引入地方政府債券招標(biāo)發(fā)行環(huán)節(jié)的設(shè)想,以期通過完善制度降低潛在風(fēng)險(xiǎn)。圍繞著這一設(shè)想,本文進(jìn)行了有關(guān)理論的梳理以及國外的經(jīng)驗(yàn)制度總結(jié),從必要性、可行性以及潛在風(fēng)險(xiǎn)等方面進(jìn)行論證,認(rèn)為地方政府債券招標(biāo)引入保證金制度是一種防范潛在違約風(fēng)險(xiǎn)的有效制度。雖然這一制度可能抬升地方政府融資成本,但可以通過完善制度加以對(duì)沖,并實(shí)現(xiàn)地方政府債券發(fā)行人和潛在投資人利益博弈的二次平衡。保證金制度在地方政府債券招標(biāo)發(fā)行中的前瞻性應(yīng)用,可以為未來數(shù)年的大規(guī)模地方政府債券發(fā)行規(guī)避一個(gè)潛在的風(fēng)險(xiǎn)點(diǎn)。此外,通過分別從股票發(fā)行認(rèn)購保證金、拍賣保證金和期貨交易保證金制度中提煉可以借鑒的制度經(jīng)驗(yàn),并設(shè)計(jì)完善的能夠應(yīng)用在地方政府債券招標(biāo)發(fā)行環(huán)節(jié)中的保證金制度,是本文的一大亮點(diǎn)。本文分為八章。首先從地方政府債券招標(biāo)發(fā)行制度存在信用繳款違約的研究背景出發(fā),提出了引入保證金制度的方案設(shè)想;在梳理基本概念和有關(guān)理論、文獻(xiàn)的基礎(chǔ)上,介紹了國外針對(duì)這一風(fēng)險(xiǎn)的制度安排,并根據(jù)我國國情分析了國外制度安排在我國無法應(yīng)用的原因;隨后,本文論證了保證金制度的必要性和可行性;最后,本文根據(jù)有關(guān)理論和市場實(shí)踐,設(shè)計(jì)了現(xiàn)階段適應(yīng)我國國情的地方政府債券招標(biāo)發(fā)行引入保證金制度的方案和實(shí)施步驟。待條件成熟后,可最終使保證金制度退出。本文所設(shè)計(jì)的方案未有相似參照情形,還有待市場檢驗(yàn),可能存在相應(yīng)不足之處,下一步將加深理論與市場運(yùn)行實(shí)踐的結(jié)合,提高設(shè)計(jì)方案的可行性。
[Abstract]:Local government bonds have become one of the most important sources of financing for local governments since the Budget Law amendment passed on August 31, 2014, which allowed local governments to borrow money. By the end of October 2016, local government bonds had both issued more than 10 trillion yuan, making them the second largest bond category after government bonds. At present, tender issuance is the main way of issuing local government bonds, in which the payment link requires the winning investors to rely on their own credit to pay to the local government to obtain the corresponding bond confirmation right. At this stage, the credit of investors is crucial to the success of bond issuance. Once some investors fail to pay for default, there will be great risks to the whole local government bonds. Under the circumstances of imperfection of credit construction system and objective existence of moral hazard of breach of contract, the current system of tender and issuance needs to be improved urgently in order to reduce the exposure of local government issuers. Otherwise, the risk of issuing local government bonds will affect the process of local government debt replacement, and may further increase the risk of local government debt in China. In view of this potential risk, this paper puts forward the idea of introducing the margin system into the tender and issuing links of local government bonds in order to reduce the potential risk by perfecting the system. Around this assumption, this article has carried on the related theory combing as well as the foreign experience system summary, from the necessity, the feasibility and the potential risk and so on aspect carries on the demonstration, It is considered that the introduction of margin system in local government bond bidding is an effective system to guard against the potential default risk. Although this system may raise the local government financing cost, it can be hedged by perfecting the system, and realize the second balance between the local government bond issuer and the potential investor in the game of interests of the local government bond issuer and the potential investor. The prospective application of margin system in local government bond tender issuance can avoid a potential risk point for large-scale local government bond issuance in the next few years. In addition, by refining the system experience from the stock issue subscription margin, auction margin and futures trading margin system, and designing a perfect margin system that can be applied in the local government bond tender and issuance, It is one of the highlights of this paper. This paper is divided into eight chapters. First of all, from the background of the research on the existence of credit payment default in the local government bond tender and issuance system, this paper puts forward the scheme of introducing the margin system, on the basis of combing the basic concepts and related theories, and the literature. This paper introduces the institutional arrangements of foreign countries in view of this risk, and analyzes the reasons why foreign institutional arrangements cannot be applied in our country according to the national conditions of our country. Then, this paper demonstrates the necessity and feasibility of the margin system; finally, it analyzes the reasons why the foreign institutional arrangements cannot be applied in China. According to the relevant theory and market practice, this paper designs the scheme and implementation steps of introducing the margin system into the local government bond tender issuance, which adapts to the situation of our country at the present stage. After the conditions are ripe, the margin system can eventually withdraw. The scheme designed in this paper has no similar reference situation and needs to be tested by the market. There may be some shortcomings. The next step is to deepen the combination of theory and market operation practice and improve the feasibility of the design scheme.
【學(xué)位授予單位】：中國財(cái)政科學(xué)研究院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F812.5

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