城投债发行利差影响因素研究

发布时间：2018-03-07 03:24

本文选题：城投债　切入点：发行利差　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：城投债是由地方城投企业发行,筹集资金用于地方基础设施建设的债券。1994年分税制改革后,地方政府出现收支不平衡,导致财政缺口不断扩大。2008年以后,中央政府推行扩张性政策来维持经济增长。该扩张政策的实施更是加剧了地方政府财政失衡。我国《预算法》规定,地方政府不得自行发行债券。在大量资金缺口的压力下,地方政府通过设立城投公司,发行城投债券,达到规避限制,筹集资金的目的。1992年第一支城投债上海浦东建设债券成功发行,城投债在我国债券市场诞生。城投债出现之初并没有受到大量地方政府的关注。其主要原因是,在这段时间内,地方政府的财政压力并不大。城投债随后经历了两次大发展。第一次的时间段是2009年至2011年,城投债进入快速发展阶段。第二次则是从2012年开始,城投债进入爆发式增长阶段。目前,我国的城投债的发行也是主要集中在这两个时间段。城投债在快速发展的同时,其信用风险开始凸显。其主要原因是,一方面城投企业主营业务盈利微薄、财务制度不健全、企业负债过重,导致城投企业自身偿债能力薄弱;另一方面中央政府加强对地方政府债务管理,禁止地方政府为企业债务提供担保,导致城投债不再有政府的隐性担保。城投债发行利差是城投债发行票面利率与同期限的国债利率之间的差值。该利差不仅用于衡量信用风险,还代表企业未来的偿债压力。因此对城投债发行利差影响因素进行研究,不仅有利于投资者对城投债进行正确的价值评估,而且有助于城投企业控制城投债的融资成本。本文首先对国内外的相关文献进行了综述,该综述主要分为三部分,分别是对企业债的信用利差影响因素的研究、对市政债信用利差影响因素研究、对城投债发行利差影响因素研究。随后对我国的城投债进行了概述,重点对我国城投债的发展现状和特点进行了分析。结合前两部分叙述,我们对城投债发行利差影响因素进行了理论上的分析,并且在该分析的基础上分别从企业债角度和市政债角度进行实证分析,得出结论。我们通过实证发现城投债发行利差受宏观因素、债券因素、隐性担保影响显著,而企业因素对城投债发行利差影响不显著。
[Abstract]:City investment debt is a bond issued by local investment enterprises to raise funds for the construction of local infrastructure. After the tax sharing reform in 1994, the local government had an imbalance in revenue and expenditure, resulting in a growing fiscal gap. After 2008, The central government has implemented expansionary policies to maintain economic growth. The implementation of this expansion policy has exacerbated the fiscal imbalance of local governments. According to the Budget Law of China, local governments are not allowed to issue bonds on their own. Under the pressure of a large capital gap, By setting up a city investment company and issuing city investment bonds, local governments have achieved the purpose of circumventing restrictions and raising funds. In 1992, the first city investment bond, Shanghai Pudong construction bond, was successfully issued. City investment bonds were born in the bond market of our country. At the beginning of their emergence, city investment bonds did not receive much attention from local governments. The main reason for this was that during this period of time, The financial pressure on the local governments was not great. The city investment debt went through two major developments. The first time period was from 2009 to 2011, and the city investment debt entered the stage of rapid development. The second time was from 2012. City investment debt has entered a stage of explosive growth. At present, the issuance of city investment debt in our country is also mainly concentrated in these two periods. With the rapid development of city investment debt, its credit risk is beginning to highlight. The main reason is that, On the one hand, the main business of the CityInvestment enterprises has a meagre profit, the financial system is not perfect, and the enterprises are over-indebted, which results in the weak ability of the City-based enterprises to repay their debts. Prohibiting local governments from providing guarantees for corporate debt, As a result, there is no longer an implicit government guarantee for city bonds. The spread is the difference between the coupon rate on a city bond issue and the interest rate on a bond of the same maturity. The spread is used not only to measure credit risk, It also represents the future debt service pressure of the enterprise. Therefore, the study of the factors affecting the spread of interest rate in the issuance of city investment bonds is not only helpful for investors to correctly evaluate the value of the city investment bonds, At first, this paper summarizes the related literature at home and abroad, which is mainly divided into three parts, which are the research on the factors influencing the credit spreads of corporate bonds. This paper studies the influencing factors of the credit spreads of municipal bonds and the factors affecting the issue of urban investment bonds. Then, it summarizes the city investment bonds in China, and analyzes the present situation and characteristics of the city investment bonds in China. We have carried on the theoretical analysis to the city investment bond issue interest rate difference influence factor, and has carried on the demonstration analysis separately from the enterprise debt angle and the municipal debt angle on the basis of this analysis, We find that the difference of city investment bond issuance interest rate is influenced by macro factors, bond factors and implicit guarantee factors, while corporate factors have no significant impact on city investment bond issuance spreads.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.5

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