本文關(guān)鍵詞：我國城投債發(fā)行信用利差的影響因素分析　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 城投債 信用利差 宏觀經(jīng)濟(jì)因素 微觀區(qū)域因素 債券自身因素

【摘要】：近幾年我國債券市場迎來了一段黃金發(fā)展的時(shí)期。2008年我國企業(yè)債發(fā)行’總數(shù)為85只,發(fā)行總額1846.80億元。而在剛剛過去的2012年,更是創(chuàng)下了發(fā)行870只和12029.49億元的歷史高點(diǎn)。債市規(guī)模呈幾何級數(shù)增長,固定收益市場一片火熱。其中城投債的發(fā)展最讓人關(guān)注,它成為今時(shí)今日債券品種里的一大分支,是中國固定收益市場中十分重要的角色。 但在城投債的火熱發(fā)行中也夾雜著市場對于該類債券風(fēng)險(xiǎn)的憂慮。2012年三季度城投債的暴跌,一度讓市場參與者聞“城投”而色變。究其原因,就在于地方政府債務(wù)的高企,令市場對其信用風(fēng)險(xiǎn)的擔(dān)憂進(jìn)一步放大,城投債發(fā)行的信用利差擴(kuò)大,不僅提高了發(fā)債主體的融資成本,也令投資者望而卻步。 在這樣的背景下,本文針對城投債信用利差的影響因素進(jìn)行研究,以便為發(fā)行人和投資人提供更好的視角去認(rèn)識城投債信用利差的變化。 文本首先回顧了城投債發(fā)展的歷史,之后介紹我國城投債的一些特征。接下來從宏觀經(jīng)濟(jì)、微觀區(qū)域和債券自身三個(gè)方面分析其對城投債信用利差變化的影響,并選取相關(guān)的數(shù)據(jù)進(jìn)行實(shí)證檢驗(yàn)。最后針對實(shí)證結(jié)果提出一些建議。
[Abstract]:In recent years , China ' s bond market has usher in a period of gold development . In 2008 , China ' s corporate debt issuance ' totaled 85 , with a total issuance of 1846.80 billion yuan . In the past 2012 , it has set up a historic high point for the issuance of 870 and 1202.49 billion yuan . The development of bond market is the biggest concern , and it becomes a branch of today ' s bond variety . It is a very important role in China ' s fixed income market . But in the hot issue of the city ' s debt , there is also the market ' s concern about the risk of such bonds . In the third quarter of 2012 , the collapse of the bond market caused the market participants to smell the " city investment " . The reason is that the local government ' s debt is high and the market ' s concern about its credit risk is further amplified , and the credit spread of the city ' s debt issuance has expanded , not only to raise the financing cost of the debt - issuing subject , but also to discourage investors . Against this background , this paper studies the influencing factors of the credit spread of the city investment , so as to provide the issuer and investors with a better view to understand the change of the credit spread of the city investment . The paper firstly reviews the history of the development of the capital investment in the city , then introduces some characteristics of the capital investment in our country . Then , it analyzes its influence on the change of the credit spreads in the city from the three aspects of macro - economy , micro - region and bond itself , and selects the relevant data to carry out an empirical test . Finally , some suggestions are put forward for the empirical results .

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F224

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相關(guān)期刊論文 前2條

1 齊天翔;葛鶴軍;蒙震;;基于信用利差的中國城投債券信用風(fēng)險(xiǎn)分析[J];投資研究;2012年01期

2 游俊;劉薇;;論我國城投債發(fā)展現(xiàn)狀、問題及建議[J];中國外資;2011年18期

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本文編號：1371093