我国地方政府债券市场化运行模式研究

发布时间：2018-01-18 10:38

本文关键词：我国地方政府债券市场化运行模式研究　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：市场化发行地方政府债券在国外发达国家已有成熟体制,随着我国市场化进程的不断推进和资本市场的进一步完善,我国债券市场得到迅速发展,其中发行地方政府债券的部分经济条件也日益具备。近年来中央代理发行地方政府债券和四省市试点运行地方政府债券的行为强烈的体现出地方政府债券在我国运行的必要性。然而,鉴于当前复杂多变的经济形势,在2012年6月的十一届全国人大常委会恢复了以往禁止地方政府自行发债的规定,未能给与地方政府独立自主的债务融资资格。这说明我国发行地方政府债券的条件尚未完全具备致使目前只是在可行性上遇到障碍,并不表示发行地方政府债券不适合我国的经济发展。针对此种情况,文章以分析地方政府债券的发行条件为切入点,在深入剖析地方政府债券现状及所存问题基础上,有针对的提出利于其发行的市场化模式,同时结合国外成熟的地方政府债券市场化运行经验,探索出我国自有特色的市场化发行地方政府债券的相关路径和选择。内容主要分为五个部分,第一部分首先明确了研究目的和写作意义,并有重点的和分类别的介绍了地方政府债券的发展历程及国内外对此相关主题的已有研究成果。同时,也指出了本文写作中所采用的研究方法以及创新点。第二部分则是介绍了市场化运行地方政府债券的相关金融效应,以金融的角度来阐释发行地方政府债券的重大意义和必要性。第三部分是文章的重点章节,首先对地方政府债券发行的现有问题进行剖析,进而有针对的提出我国市场化发行地方政府债券应具备的条件,包括如何制定地方政府债券的相关基本因素以及所遇风险种类,其中重中之重的是基于信用风险度量模型基础上的债券安全发行规模的确定。第四部分则是学习美日等发达资本国家成功市场化运行地方政府债券的经验和教训,有比较的吸取其长处,得出利于我国运行地方政府债券的启示。第五部分主要是在上述章节的基础上提出我国实施地方政府债券市场化运行模式的路径选择。
[Abstract]:Market-oriented issuance of local government bonds in developed countries has a mature system, with the continuous advancement of the marketization process and the further improvement of the capital market, our bond market has been rapidly developed. In recent years, the behavior of central agency issuing local government bonds and four provinces and cities running local government bonds on a pilot basis strongly reflects the local government bonds in our country. The need to run. In view of the current complex and changeable economic situation, in June 2012, the standing Committee of the 11th National people's Congress (NPC) resumed the previous prohibition of local governments from issuing bonds on their own. Failed to give the local government independent debt financing qualifications. This shows that the conditions for issuing local government bonds in China have not been fully available, resulting in the current only in the feasibility of encountered obstacles. It does not mean that issuing local government bonds is not suitable for the economic development of our country. In view of this situation, the article analyzes the conditions of issuing local government bonds as the starting point. On the basis of deeply analyzing the present situation and existing problems of local government bonds, this paper puts forward a market-oriented model to facilitate the issuance of local government bonds. At the same time, it combines the mature foreign local government bonds marketization operation experience. To explore our own characteristics of market-oriented issuance of local government bonds related to the path and choice. The content is divided into five parts. The first part defines the purpose of the research and the significance of writing. It also introduces the development of local government bonds and the existing research results on this subject at home and abroad. At the same time, it also points out the research methods and innovation points used in this paper. The second part introduces the financial effects of market-oriented operation of local government bonds and explains the significance and necessity of issuing local government bonds from the perspective of finance. The third part is the key chapter of the article, first of all to analyze the existing problems of the issuance of local government bonds, and then put forward the market-oriented issuance of local government bonds in China should have the conditions. It includes how to formulate the basic factors of local government bonds and the types of risks encountered, among which the most important is the determination of the security issuance scale based on the credit risk measurement model. The 4th part is to learn from the experience and lessons of successful marketization of local government bonds in developed capital countries such as the United States and Japan. On the basis of the above chapters, the 5th part puts forward the path choice of implementing market-oriented operation mode of local government bonds in our country.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F812.5;F832.51

【参考文献】