F县城投公司企业债发行案例分析

发布时间：2019-01-23 21:55

【摘要】：2016年11月4日,财政部有关负责人就地方政府债务问题接受记者采访时表示,新《预算法》实施以后,地方政府融资平台举借的债务依法不属于地方政府的债务,由地方政府融资平台自行偿还,地方政府不承担偿还责任。在债券资金的偿还中,地方政府不再作为偿债主体,不将城投公司举借的债务列入财政负债预算表中。但城投公司作为企业债券发行的主体,自设立开始就被作为地方政府的融资平台,公司的经营业务、债券募集资金用途及增信担保措施都与都与地方政府存在密切的关联。本文以中国债券信息网披露的2016年F县城投公司企业债发行文件为样本,运用个案分析、数据统计和归纳总结的研究方法,通过对F县城投公司主体的法人性质、主营业务范围、资产负债情况对城投公司主体偿债能力分析,根据募集资金投向项目的收益测算、建设项目回款及第三方增信担保,论述企业债券发行中,城投公司与地方政府之间的关系。比较城投债与地方政府债之间在发行主体、募集资金投向、偿债保障等方面的区别,分析F县城投公司企业债的实质是为地方政府基础设施建设的融资行为,进一步分析在F县城投公司企业债券中,地方政府是否承担城投债的清偿责任。分析在新《预算法》赋予省级政府发行地方政府债券的权利后,城投公司发行企业债券存在的信用风险和法律风险。
[Abstract]:On November 4, 2016, the responsible person of the Ministry of Finance told reporters on the issue of local government debt that after the implementation of the new "Budget Law," the debts borrowed by local government financing platforms did not belong to local government debts according to law. By the local government financing platform self-repayment, the local government does not bear the repayment responsibility. In the repayment of bond funds, the local government no longer serves as the main body of debt service, and does not include the debts borrowed by the city investment companies in the financial liabilities budget. However, as the main body of corporate bond issuance, CICC has been used as the financing platform of local government since its establishment. The business of the company, the use of bond raising funds and the measures of increasing credit guarantee are closely related to the local government. This paper takes the enterprise bond issuance document of F county investment company disclosed by China Bond Information Network in 2016 as a sample, using the research methods of case analysis, data statistics and summary, through the legal person nature of the main body of F county investment company. The scope of the main business, the situation of assets and liabilities, the analysis of the principal body's ability to repay debt, the calculation of the proceeds of raising funds for the project, the return of the construction project and the guarantee of the third party's credit increase, and the discussion of the enterprise bond issuance, The relationship between the City Investment Corporation and the local government. Comparing the difference between the city investment debt and the local government debt in the aspects of the main body of issue, the investment of raising funds, the guarantee of debt service, etc., the paper analyzes that the essence of the enterprise debt of the investment company in F county is the financing behavior of the infrastructure construction of the local government. Further analysis in F county corporate bonds, whether the local government to bear the city debt repayment responsibility. After the new Budget Law gives provincial governments the right to issue local government bonds, the credit risk and legal risk existing in the issuance of corporate bonds by CityIC are analyzed.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.21

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