运用市政债券融资规避我国地方融资平台风险研究

发布时间：2018-01-15 03:08

本文关键词：运用市政债券融资规避我国地方融资平台风险研究　出处：《南开大学》2013年博士论文　论文类型：学位论文

【摘要】：根据人民银行2011年9月披露的数据,我国3800多家地方融资平台管理总资产8万亿元,地方政府负债则接近5.2万亿元。地方政府融资平台既是我国经济建设不可或缺的力量,但也因其超高负债率、违规担保承诺、项目资本金不足、项目偿债能力低下等问题而蕴含着极大的金融风险。当然,如果骤然停止对地方政府的贷款,也必将导致大量的烂尾工程出现,甚至会提前引爆地方政府的债务风险。因此,如何寻找科学、合理的融资工具,积极拓宽地方政府的融资渠道,缓解地方政府对土地财政的依赖,即以多元化的融资结构去化解地方政府财政风险,已经成为地方政府、实务界和理论界共同关注的焦点。本文立足于中国特定的国情,采取比较分析与系统分析相结合,定量分析与定性分析相结合的研究方法,试图构建一个具有说服力的理论框架,分析政府融资平台中的风险管理问题,评估政府债券融资的科学性与合理性,进而提出实现地方政府融资平台的良性和可持续发展的政策建议,为政府有关部门提供有价值的信息。本论文在结构安排上可以划分为七章,除第一章导论部分外,其余各章主要内容概述如下：第二章为文献综述部分。按照时间顺序对国内外相关研究文献进行综述与评析。以传统的公共债务之一般理论研究为起点,分析、归纳了西方经济学家提出的重要的理论观点。基于此,重点研究了发达国家政府制定的某些“游戏规则”和相关政策。对国内学者最近几年在地方政府债务及其融资平台方面的研究活动所取得的各项成果,同样予以了高度重视。第三章为国际经验研究与借鉴部分。研究、分析了某些典型国家(如美国、日本、韩国)的市政融资活动之成功与不足,总结适合我国国情的值得借鉴的经验。通过比较研究,对我国市政债券融资现状、存在问题,以及发展前景进行了广泛分析。第四章为市政债券发行与偿债机制研究部分。首先,基于相关理论,建立了一个用于证券设计的理论分析框架；然后,分别从“信息不对称”和“信息对称”两种角度,探讨了地方政府融资工具的最优选择问题；接下来,根据我国实际情况,对我国地方政府债券的发行模式、发行主体、发行种类、发行方式等问题进行了必要的探讨；最后,按照收益风险原则,设计了地方政府偿债保障机制。第五章为市政债券定价研究部分。首先,对影响债券定价的宏观经济、行业特点、财务风险这三大因素分别进行了较为深入的分析。其次,基于市政债券的期限结构理论,构建了适合的市政债券之定价模型。最后,运用江苏省的数据进行了模拟研究,测算了对于该省而言的合理的债券定价和发债规模。第六章为市政债券信用风险分析与市场监管研究部分。在对债券估价研究之后,基于KMV模型建立了市政债券信用风险分析体系,并且继续运用江苏省的数据进行实证分析。为了建立一个适合我国国情的,高效的市政债券信用评级体系,不仅注意吸收了美国政府管理部门、社会中介部门等对市政债券评级工作的成功经验,而且认真分析了涉及我国市政债券市场监管体系的各种重大问题。第七章为对策建议部分。除了再次强调化解地方政府融资平台风险是一项系统工程外,还从地方融资平台的市场化机制出发,就市政债券的发行、定价管理,信用风险管理,市场监管体系建设等几个主要方面,提出了切实可行的政策、措施建议。
[Abstract]:According to the people's Bank of China in September 2011 the disclosure of the data, more than 3800 local financing platform to manage the total assets of 8 trillion yuan, the local government debt is close to 5 trillion and 200 billion yuan. The local government financing platform is indispensable to the economic construction of our country's power, but also because of its high debt ratio, illegal guarantees, inadequate capital projects, project debt problems low capacity and contains tremendous financial risk. Of course, if a sudden stop of local government loans will lead to a large number of unfinished works, even detonated the debt risk of local government. Therefore, how to find a scientific and reasonable financing tools, and actively expand the financing channels of local government, local government relief financial dependence on land, the diversified financing structure to resolve the financial risks of local government, the local government has become a common concern, practice and theory circles Focus.
This paper is based on the Chinese specific national conditions, take the comparative analysis combined with system analysis, research methods of quantitative analysis and qualitative analysis, tries to construct a theoretical framework of persuasion, to analyze the problems of risk management of government financing platform, evaluation of science and rationality of government debt financing, and then put forward the implementation of local the government financing platform for healthy and sustainable development policy recommendations, provide valuable information for the relevant government departments.
This dissertation can be divided into seven chapters, except the first chapter, the main contents of each chapter are summarized as follows: the second chapter is literature review. According to the time sequence of summary and analysis of the relevant research literature at home and abroad. With the traditional theory of the public debt as a starting point, analysis, summed up the important theories of western economists put forward. Based on this, focus on some of the "rules of the game" developed country government and relevant policies. The achievements of domestic scholars in recent years, local government debt financing platform and the research activities achieved, also given the high attention.
The third chapter is the international experience and reference research. Research, analysis of some typical countries (such as the United States, Japan, South Korea) successful municipal financing activities and disadvantages, summarized suitable for the situation of our country experiences. Through the comparative study, the problems of municipal bond financing in China, as well as the status quo, development prospects extensive analysis.
The fourth chapter is the part of the municipal bond issuance and repayment mechanism. Firstly, based on related theory, a theoretical framework for security design is established; then, from the "information asymmetry" and "information symmetry" two angles, discusses the optimal local government financing tools selection problem; next, according to the actual situation of me in China, on China's local government bonds issuing mode, the main issue, issue type, issue mode is investigated; finally, according to the principle of income risk, design of local government debt guarantee mechanism.
The fifth chapter is the part of the municipal bond pricing. Firstly, the impact of macroeconomic, bond pricing characteristics of the industry, the financial risk of the three factors are analyzed systematically. Secondly, based on the theory of the term structure of municipal bonds, constructs a pricing model suitable for the municipal bonds. Finally, using the data of Jiangsu province are a simulation study to measure for the province the reasonable pricing of the bond and bond scale.
The sixth chapter is the part of the municipal bond credit risk analysis and market supervision research. After the research of bond valuation, was established based on KMV model of municipal bond credit risk analysis system, and continue to use the data of Jiangsu province for empirical analysis. In order to establish a suitable condition of our country, municipal bond credit rating system is not only efficient. Pay attention to absorb the U.S. government management department, the successful experience of social intermediary Department of municipal bond rating, and a careful analysis of the various major issues concerning China's municipal bond market supervision system.
The seventh chapter is the suggestion part. But again lgfp risk is a system engineering, from the market mechanism of local financing platform of municipal bond issuance, pricing management, credit risk management, market supervision system construction of the major aspects, and puts forward feasible policy measures. Advice.

【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F812.5;F832.4

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