本文關(guān)鍵詞：TM城投債信用風(fēng)險(xiǎn)分析　出處：《華中科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： TM城投 城投債 信用風(fēng)險(xiǎn)

【摘要】：分稅制改革后,地方政府采取了多種方式進(jìn)行投融資,最主要的方式是通過搭建地方政府投融資平臺,其中城投公司是最重要的地方政府投融資平臺,地方政府城投公司平臺在城市化建設(shè)以及應(yīng)對各種金融危機(jī)中發(fā)揮了極其重要的作用。其中發(fā)行債券由于其易操作性成為融資的一個(gè)主要融資方式。城投債的特點(diǎn)是高利率和高信用,因此20年來一直廣受市場投資者的青睞,但是由于國際經(jīng)濟(jì)形勢的變化,從2011年開始,城投債價(jià)格變得極其不穩(wěn)定,頻頻出現(xiàn)暴跌,在各級市場上引起了恐慌,投資者開始關(guān)注城投債的信用風(fēng)險(xiǎn)。TM城投是我國地級市城投公司的代表,本文首先論述了我國城投債的現(xiàn)狀,再以TM城投債為例,對TM城投債所面臨的風(fēng)險(xiǎn)尤其是信用風(fēng)險(xiǎn)進(jìn)行分析,指出TM城投面臨的信用風(fēng)險(xiǎn)主要來自于地方政府,自身風(fēng)險(xiǎn),以及政策風(fēng)險(xiǎn),闡述了TM城投對于所面臨的信用風(fēng)險(xiǎn)實(shí)施的償債計(jì)劃和保證措施,并針對三項(xiàng)風(fēng)險(xiǎn)來源提出了化解以TM城投為代表的我國城投債的信用風(fēng)險(xiǎn)的措施,希望給目前城投債市場上的參與者帶來關(guān)于信用風(fēng)險(xiǎn)的更深入的認(rèn)識,同時(shí)也給TM城投提出了警示,各級政府在發(fā)行城投債時(shí),應(yīng)合理規(guī)劃所籌集的資金,合理投建項(xiàng)目,保證資金使用所能達(dá)到的經(jīng)濟(jì)與社會效益,積極監(jiān)督籌集資金的流向以預(yù)防信用風(fēng)險(xiǎn)的發(fā)生。
[Abstract]:After the tax distribution reform, local governments have adopted a variety of ways to invest and finance, the most important way is to build local government investment and financing platform, among which CityInvestment Corporation is the most important local government investment and financing platform. The local government city investment company platform has played an extremely important role in the construction of urbanization and the response to various financial crises. The issuance of bonds has become one of the main financing methods because of its ease of operation. The point is high interest rates and high credit. So it has been widely favored by market investors for 20 years, but due to the changes in the international economic situation, since 2011, the price of city bond has become extremely unstable, frequently appear plummeting. At all levels of the market caused panic, investors began to pay attention to the credit risk of city debt. TM City Investment is the representative of our prefecture-level city investment company. This paper first discusses the current situation of our country's city debt. Taking TM City debt as an example, this paper analyzes the risk faced by TM City Investment debt, especially the credit risk, and points out that the credit risk faced by TM City Investment mainly comes from the local government, its own risk, and the policy risk. This paper expounds the debt repayment plan and guarantee measures for the credit risk faced by TM City Investment, and puts forward some measures to resolve the credit risk of our country's city investment debt, which is represented by TM City Investment, in view of the three risk sources. The author hopes to bring a deeper understanding of credit risk to the participants in the city bond market at present, and at the same time, it also gives a warning to TM City Investment, all levels of government should reasonably plan the funds raised when issuing the city debt. Invest in the project reasonably, guarantee the economic and social benefits that can be achieved by using the funds, and actively supervise the flow of the raised funds to prevent the occurrence of credit risk.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F283

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