本文關鍵詞：非含權固定利率城投債發(fā)行定價研究　出處：《科學決策》2017年05期 　論文類型：期刊論文

  更多相關文章： 城投債 固定利率 債券定價

【摘要】：基于2008-2016年中國城投債分布規(guī)律的統(tǒng)計研究,定量分析地方國有企業(yè)非含權固定利率城投債發(fā)行利率受其發(fā)行方式、有無擔保、城投債級別、行業(yè)等因素影響。研究結果表明:(1)2014-2016年城投債平均發(fā)行利率呈下降趨勢;(2)就公募發(fā)行而言,2014-2016年全行業(yè)地級市城投債發(fā)行利率平均高于省級38個基點,地級市高于縣級市16個基點,縣級市債券平均高于省級21個基點,具有地級市最高、縣級市次之,省級最低特點;(3)就私募發(fā)行而言,2015-2016年地級市發(fā)行利率平均高于省級32個基點,縣級市平均高于省級37個基點,縣級市與地級市沒有明顯的統(tǒng)計規(guī)律,省級最低;(4)公募發(fā)行利率低于私募。近三年省級公募發(fā)行利率平均低于私募118個基點、地級公募平均低105個基點、縣級市公募平均低119個基點。定量化研究成果對債券估值實務具有一定的借鑒意義。
[Abstract]:Based on the statistical study of the distribution law of investment bonds in Chinatown from 2008 to 2016, quantitative analysis is made on the non-right fixed interest rate of local state-owned enterprises and its issuing method, with or without guarantee, and with or without guarantee, with or without guarantee, and with the city bond grade. The research results show that the average interest rate of bond issuance in 2014-2016 shows a downward trend; (2) in terms of public offering, the average interest rate of city bond issuance of prefecture-level cities in 2014-2016 is higher than 38 basis points of provincial level, and that of prefecture-level cities is 16 basis points higher than that of county-level cities. The average bond of county level city is 21 basis points higher than that of provincial level, which is the highest in prefectural city, the second in county level city, and the lowest in provincial level. In terms of private placement, the average interest rate of prefecture-level cities in 2015-2016 is 32 basis points higher than that of provincial level, and that of county-level cities is higher than that of provincial levels of 37 basis points on average. The county level city and the prefectural level city have no obvious statistical law, the provincial level is the lowest; The interest rate of public offering is lower than that of private placement in recent three years, the average interest rate of provincial public offering is lower than that of private equity by 118 basis points on average, and that of prefectural public offering is 105 basis points lower on average. The average public offering in county-level cities is 119 basis points lower. The quantitative research results can be used for reference in bond valuation practice.
【作者單位】： 中國地質大學(北京)人文經管學院;中國人民大學后勤集團;中央國債登記結算有限公司中債估值中心;
【分類號】：F832.51
【正文快照】： 徐春騏楊建國趙凌1引言1994年分稅制度改革以來,地方政府開始設立融資平臺籌集建設資金。由于運作不夠規(guī)范、地方政府違規(guī)或變相提供擔保,一些融資平臺融資規(guī)模過快增長,償債風險日益加大。針對這些問題,國務院下發(fā)國發(fā)[2010]19號文件,加強對地方政府融資平臺公司的管理。地方

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