不同信用增级方式对我国城投债信用评级的影响研究

发布时间：2018-10-25 10:21

【摘要】：作为地方政府基础设施建设融资的一个重要途径,城投债近年来得到了迅速的发展,也随之也积累了较大的信用风险。越来越多的信用增级方式被用来提升城投债的信用评级,进而降低融资成本。本文重点对不同信用增级方式对于我国城投债信用评级的影响进行了实证研究,并提出了完善我国债券信用增级体系的建议。本文的实证结果表明,首先,我国目前最主要的三种债券增信方式,即抵押担保、质押担保和第三方担保,以及三种增信方式两两组合的采用确实能显著地提升城投债的信用评级。其次,针对第三方担保企业类型的深入研究表明,国有银行和一般国有企业的担保效果较好,地方融资平台担保的效果相对较差。除此之外,其他因素对于城投债的信用评级也有显著影响。比如,债券的基本特征,包括债券期限、发行总额、基本利差、债券主承销商和信用评级机构的选择;债券发行人的特征,包括发行人总资产规模和总资产周转率;债券发行人所在区域的特征,包括当地的人均GDP、财政收入以及人口自然增长率。对于完善我国的信用增级体系,本文认为应该加强信用增级方式的创新和担保主体的培育,同时丰富和完善相关的法律法规体系。
[Abstract]:As an important way to finance the infrastructure construction of local government, the city investment debt has been developed rapidly in recent years, and has also accumulated the bigger credit risk. More and more credit upgrades are being used to raise the credit rating of city debt, thereby reducing financing costs. This paper focuses on the impact of different credit enhancement methods on the credit rating of China's City Investment debt, and puts forward some suggestions to improve the credit rating system of our country's bond. The empirical results of this paper show that, first of all, there are three main forms of bond credit enhancement in China, that is, mortgage guarantee, pledge guarantee and third party guarantee. And the adoption of two-and-two combinations of three credit enhancement modes can significantly enhance the credit rating of CityInvestments. Secondly, the in-depth research on the types of third-party guarantee enterprises shows that the guarantee effect of state-owned banks and general state-owned enterprises is better, and the effect of local financing platform guarantee is relatively poor. In addition, other factors also have a significant impact on the credit rating of City Investment. For example, the basic characteristics of the bond, including the maturity of the bond, the total amount of the issue, the basic spread, the selection of the principal underwriter and the credit rating agency, the characteristics of the bond issuer, including the size of the issuer's total assets and the turnover of the total assets; The characteristics of the region where the bond issuers are located include local per capita GDP, revenue and natural population growth. In order to perfect the credit enhancement system of our country, this paper holds that we should strengthen the innovation of the credit upgrading mode and the cultivation of the guarantee subject, and enrich and perfect the relevant laws and regulations system at the same time.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51

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