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  本文關鍵詞：中國城市投資債券的風險與對策研究　出處：《吉林大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 城投債 信用風險 規(guī)模控制 信用評級 分稅制

【摘要】：我國自從1994年實施分稅制改革以來，確立了“一級政府，一級事權”的財政體系，導致中央和地方在財權和事權的分配不對等，中央財政收入得到了提高，而地方財政收入?yún)s不斷下降，加之國內轉移支付制度的不完善、城市的高速增長，地方政府的資金缺口不斷增大。而我國城鎮(zhèn)化的速度加快，對城市基礎設施建設的需求越加迫切，各級地方政府大膽創(chuàng)新，借助城投公司在市場上進行融資，城投債就此應運而生。 近年來，地方融資平臺所發(fā)行的城市投資債券規(guī)模也呈現(xiàn)爆發(fā)性增長，無論從城市投資債券發(fā)行的個數(shù)、金額和存量上看，都有一個較大幅度的增長，主要由于2008年，中央政府為抵制金融危機的影響所出臺的4萬億投資計劃，這4萬億主要投向基礎設施建設，各地政府為了提升政績，很多未經核準的項目也爭先上馬，這也帶動了全國范圍內近20萬億的投資。這筆巨大的投資，中央政府的出資只占其中的一小部分，可地方政府財政能力有限，都想到各種辦法進行融資，主要有三種方式：一是搞土地財政，出讓土地使用權獲得資金；二是從銀行貸款，借入資金；三是成立地方政府融資平臺，發(fā)行城投債�？蓢页雠_了一系列政策控制房價，以抑制房地產的快速增長，各大房產公司也開始減緩新建速度，土地價格也隨之下降，多地方政府反復抵押土地獲得資金的做法難以為繼。而銀行對政府的貸款也趨于謹慎，導致城投債倍受青睞，發(fā)行規(guī)模呈爆發(fā)性增長，其信用風險也與日俱增。 本文通過城投公司自身和地方政府兩個方面進行分析，由于城投公司屬性，有獨立法人，但是跟地方政府關系密切，償債資金來源也多為地方政府財政補助，所以從這兩個方面加以分析，能夠更加清楚的看到城投債的風險，得出以下幾點結論：城投債發(fā)行主體下移、債務規(guī)模增速過快、借新還舊的現(xiàn)象頻發(fā)、盈利能力弱、地方政府財政收支風險大、地方債規(guī)模大易造成系統(tǒng)性風險。 在風險的防范方面，要完善相關法律法規(guī)，并建議出臺《地方公債法》，讓城投債有法可依，法律健全的情況下，城投債才能良性發(fā)展；要建立健全的信用評級制度，樹立評級機構的公信力，結合國際評級機構科學的評級方法和我國城投債獨有的元素，，建立符合我國國情的城投債信用評級體系，客觀公正的對城投債進行信用評級，減少信息不對稱，增加市場效率；要完善分稅制改革，增加地方政府收入，加強其償債的能力，從而減少對土地財政的依賴；加強信息披露，增加地方財政透明度，通過社會公眾監(jiān)測，樹立地方政府公信力的同時，也能減少城投債的隱性風險；要改變地方政府官員肆意發(fā)債的現(xiàn)象，實施連帶責任制，誰舉債誰償債制，徹底制止這種盲目的行為。
[Abstract]:Since the implementation of the tax sharing reform in 1994, China has established the financial system of "the first level of government, the first level of power", which leads to the unequal distribution between the central and local governments in the financial and administrative powers. The central fiscal revenue has been improved, while the local fiscal revenue has been declining, coupled with the imperfect domestic transfer payment system, the rapid growth of the city. The funding gap of local governments is increasing. However, the speed of urbanization in China is accelerating, and the demand for urban infrastructure construction is becoming more and more urgent. Local governments at all levels have boldly innovated and made use of the City Investment Corporation to raise funds in the market. City investment debt came into being at the historic moment. In recent years, the scale of urban investment bonds issued by local financing platforms has also shown explosive growth, no matter from the number, amount and stock of urban investment bonds issued, there is a large increase. In 2008, the central government launched a 4 tillion investment plan to resist the impact of the financial crisis, which was mainly invested in infrastructure construction and local governments to improve their performance. Many unapproved projects are rushing in, spurring nearly $20 tillion of investment across the country. Central government funding accounts for only a fraction of this huge investment. But the local government has limited financial capacity, all think of a variety of ways to finance, there are mainly three ways: first, land finance, transfer land use rights to obtain funds; Second, borrowing funds from banks; Third, the establishment of local government financing platform to issue debt. But the state has introduced a series of policies to control house prices to curb the rapid growth of real estate, the major real estate companies are also starting to slow down the pace of new construction. Land prices also fell, many local governments repeatedly mortgage land access to finance practices are difficult to sustain. And banks tend to be cautious about government loans, resulting in city debt is favored, the size of the issuance of explosive growth. Its credit risk also increases day by day. This article through the city investment company itself and the local government two aspects carries on the analysis, because of the city investment company attribute, has the independent legal person, but has the close relation with the local government, the debt repayment fund source also mostly is the local government financial subsidy. So from these two aspects of analysis, can more clearly see the risk of city investment debt, draw the following conclusions: city investment debt issuance subject down, debt growth rate is too fast, borrow the old phenomenon frequently. The profitability is weak, the local government fiscal revenue and expenditure risk is large, the local debt scale is easy to cause systemic risk. In the aspect of risk prevention, we should perfect the relevant laws and regulations, and suggest the introduction of "Local Public debt Law", so that the city investment debt has laws to abide by, and only when the law is sound, can the city investment debt develop healthily. It is necessary to establish a sound credit rating system, establish the credibility of rating agencies, combined with the international rating agencies scientific rating methods and the unique elements of China's city investment debt, to establish a credit rating system in accordance with the national conditions of our country. Objectively and fairly to the city investment debt credit rating, reduces the information asymmetry, increases the market efficiency; It is necessary to improve the reform of the tax distribution system, increase the revenue of local governments, and strengthen their ability to repay debt, so as to reduce the dependence on land finance; Strengthen the information disclosure, increase the transparency of the local finance, establish the credibility of the local government through the public monitoring, but also reduce the hidden risk of the city investment debt; It is necessary to change the phenomenon of wanton issuance of bonds by local government officials, to implement joint and several responsibility systems, and to put an end to such blind behavior.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F299.24

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本文編號：1436210