中国城投债信用风险研究
发布时间：2018-07-25 17:03
【摘要】：分税制改革、城市化进程加快和宏观经济的总体增长对地方政府市政建设资金的筹措能力提出了越来越高的要求。城投债,作为新兴的地方财政融资渠道,得到地方政府的大力支持,也以较高的收益率得到市场投资者的青睐。然而,其近年来暴露的信用风险问题正逐渐引起市场的关注。本文从理论角度分析了城投债信用风险产生的核心原因是城投公司信息披露质量低下,在运用信息理论证明高质量的信息披露是资本市场健康发展的必要条件后,又从实践角度以实证方法分析并阐述了城投债发行过程中,城投公司信息披露质量缺陷的具体产生原因和实现途径,论证了在城投公司信息披露质量堪忧的现状下,城投债信用风险加剧暴露的必然性,在此基础上试图总结出如何防范城投债信用风险的途径。本文研究的主要内容如下： (1)本文从我国实际出发,具体分析中国城投债市场的信用风险来源,指出信用风险的产生往往和地方政府严重的财政问题、城投公司自身的治理结构和运营管理的失策相关联,进而从政府财政和城投公司两方面入手分析,进一步锁定了信用风险的核心来源为城投公司的信息披露质量。 (2)本文从委托代理理论、信息不对称理论、信息传递理论等三个角度阐述了内部控制信息披露的必要性,指出信息披露的实质是为了缓解资本市场存在的信息不对称问题,并详细探讨了其具体表现形式,即城投公司信息的披露质量,指出信息披露质量和信息披露内容对于城投债市场参与人所具有的重要意义。 (3)本文从城投公司的视角,通过实证分析描述城投公司信息披露质量缺陷的产生的原因和形成的途径,指出我国城投债信用风险主要来源于城投公司财务的大幅度重组,其真实盈利能力被遮掩所引发的风险。 (4)本文通过对城投公司信息披露质量缺陷进行的实证分析,进一步论证了在当前城投公司信息披露质量堪忧的现状下,城投债信用风险加剧暴露的必然性,并在理论研究和实证研究的基础上,提出防范城投债信用风险的途径。 本文运用了文献研究、制度研究、比较分析法、实证分析等方法对城投债的信用风险进行了经济学分析和研究。在现有的文献缺乏基于信息披露质量的视角研究城投债的信用风险问题的背景下,本文独特的研究视角对于稳定债券资本市场秩序有实际参考意义。 图8幅,表10个,参考文献40篇。
[Abstract]:The reform of tax-sharing, the acceleration of urbanization and the overall growth of macro-economy have put forward more and more demands on the ability of local government to raise funds for municipal construction. City bond, as a new financing channel of local finance, has been strongly supported by local government, and has been favored by market investors with higher yield. However, the credit risk exposed in recent years is gradually attracting the attention of the market. This paper analyzes the core reason of credit risk of city investment debt from the angle of theory, which is the low quality of information disclosure of city investment company. After applying information theory to prove that high quality information disclosure is a necessary condition for the healthy development of capital market, From the perspective of practice, this paper analyzes and expounds the concrete causes and ways to realize the quality defects of information disclosure in the process of issuing city investment debt, and demonstrates that the quality of information disclosure of city investment companies is worrying. On the basis of this, the author tries to summarize the ways to prevent the credit risk of city investment debt. The main contents of this paper are as follows: (1) based on the reality of our country, this paper analyzes the sources of credit risk in the investment bond market of Chinatown, and points out that the emergence of credit risk and the serious financial problems of local governments, The governance structure of CICC itself is related to the mismanagement of its operation and management, which is further analyzed from the two aspects of government finance and CTIC. Further locking the core source of credit risk is the quality of information disclosure. (2) this paper from the principal-agent theory, information asymmetry theory, This paper expounds the necessity of information disclosure in internal control from three angles such as information transfer theory, points out that the essence of information disclosure is to alleviate the problem of information asymmetry existing in capital market, and probes into its concrete manifestation in detail. That is, the quality of information disclosure of City Investment Corporation, pointing out that the quality of information disclosure and information disclosure content for the city investment market participants in the important significance. (3) this article from the perspective of the City Investment Corporation, Through the empirical analysis to describe the causes and ways of the quality defects in the information disclosure of CICC, it is pointed out that the credit risk of CICC mainly comes from the financial restructuring of CICC. The risk caused by its real profitability is concealed. (4) through the empirical analysis of the quality defects of CICC's information disclosure, this paper further demonstrates that the current situation of CICC's information disclosure quality is worrisome. On the basis of theoretical and empirical research, the paper puts forward the ways to prevent the credit risk of city investment debt. This paper uses the methods of literature research, institutional research, comparative analysis and empirical analysis to analyze and study the credit risk of city investment debt. Under the background of the lack of the existing literature based on the quality of information disclosure to study the credit risk of city investment debt, the unique perspective of this paper has practical reference significance for stabilizing the order of bond capital market. There are 8 figures, 10 tables and 40 references.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51
本文编号：2144468
[Abstract]:The reform of tax-sharing, the acceleration of urbanization and the overall growth of macro-economy have put forward more and more demands on the ability of local government to raise funds for municipal construction. City bond, as a new financing channel of local finance, has been strongly supported by local government, and has been favored by market investors with higher yield. However, the credit risk exposed in recent years is gradually attracting the attention of the market. This paper analyzes the core reason of credit risk of city investment debt from the angle of theory, which is the low quality of information disclosure of city investment company. After applying information theory to prove that high quality information disclosure is a necessary condition for the healthy development of capital market, From the perspective of practice, this paper analyzes and expounds the concrete causes and ways to realize the quality defects of information disclosure in the process of issuing city investment debt, and demonstrates that the quality of information disclosure of city investment companies is worrying. On the basis of this, the author tries to summarize the ways to prevent the credit risk of city investment debt. The main contents of this paper are as follows: (1) based on the reality of our country, this paper analyzes the sources of credit risk in the investment bond market of Chinatown, and points out that the emergence of credit risk and the serious financial problems of local governments, The governance structure of CICC itself is related to the mismanagement of its operation and management, which is further analyzed from the two aspects of government finance and CTIC. Further locking the core source of credit risk is the quality of information disclosure. (2) this paper from the principal-agent theory, information asymmetry theory, This paper expounds the necessity of information disclosure in internal control from three angles such as information transfer theory, points out that the essence of information disclosure is to alleviate the problem of information asymmetry existing in capital market, and probes into its concrete manifestation in detail. That is, the quality of information disclosure of City Investment Corporation, pointing out that the quality of information disclosure and information disclosure content for the city investment market participants in the important significance. (3) this article from the perspective of the City Investment Corporation, Through the empirical analysis to describe the causes and ways of the quality defects in the information disclosure of CICC, it is pointed out that the credit risk of CICC mainly comes from the financial restructuring of CICC. The risk caused by its real profitability is concealed. (4) through the empirical analysis of the quality defects of CICC's information disclosure, this paper further demonstrates that the current situation of CICC's information disclosure quality is worrisome. On the basis of theoretical and empirical research, the paper puts forward the ways to prevent the credit risk of city investment debt. This paper uses the methods of literature research, institutional research, comparative analysis and empirical analysis to analyze and study the credit risk of city investment debt. Under the background of the lack of the existing literature based on the quality of information disclosure to study the credit risk of city investment debt, the unique perspective of this paper has practical reference significance for stabilizing the order of bond capital market. There are 8 figures, 10 tables and 40 references.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51
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