我国现阶段地方政府债券信用评级问题研究

发布时间：2018-04-26 20:24

本文选题：地方政府债券 + 信用评级　；参考：《辽宁大学》2017年硕士论文

【摘要】：改革开放以来,随着国家经济的发展需要,尤其是2008年国际金融危机的爆发,地方政府为了保证地区经济增长刺激经济发展,在当时未被允许发行政府债券的情况下举借了大规模地方债务,随着债务的逐渐膨胀,国家认识到了这种隐性债务的危险性,为了加强对地方政府债务的管理,国家审计署曾对全国地方政府性债务情况进行了全面审计。2014年,国家选取了包括北京、上海、深圳、江苏等10个省市作为地方政府债券发行试点,为了加强对地方政府债券的管理,防范债务违约风险,地方政府债券的信用评级工作也由此展开,并且在2015年新《预算法》首次允许地方政府发行地方政府债券的规定实施之后,地方政府债券信用评级受到越来越多的关注,地方债信用评级的重要性逐渐被广泛认知。论文从当前实际出发,旨在对中国地方政府债券信用评级的相关问题进行研究,通过对风险理论、信息不对称理论和声誉理论的阐释,为下文的研究奠定理论基础;通过对基本现状、问题和原因的分析,介绍了地方政府债券信用评级由禁止到探索再到全面开放的三个阶段,也揭示了当前地方政府债券信用评级工作还存在着诸如评级结果区分度低、准确性无法验证等现实问题。通过定性与定量相结合的方法,对10个省市的地方政府债券信用评级进行实证分析,并运用统计学方法,对10省市地方政府债券进行信用评级打分排序,并从三个方面提出了完善地方政府债券信用评级的启示。同时,针对此前分析得出的当前地方债评级存在的问题以及实证获得的启示,论文最后从三个方面对完善地方政府债券信用评级提出政策建议,旨在缓解当前地方政府债券信用评级问题,并在一定程度上促进地方政府债券信用评级工作的良性发展。
[Abstract]:Since the reform and opening up, with the national economic development needs, especially the outbreak of the international financial crisis in 2008, local governments to ensure regional economic growth to stimulate economic development, When they were not allowed to issue government bonds at that time, they borrowed a large amount of local debt. As the debt gradually swelled, the country realized the danger of this implicit debt, and in order to strengthen the management of local government debt, The State Audit Office has conducted a comprehensive audit of local government debt nationwide. In 2014, the country selected 10 provinces and cities, including Beijing, Shanghai, Shenzhen, and Jiangsu, as pilot projects for the issuance of local government bonds. In order to strengthen the management of local government bonds and guard against the risk of debt default, the credit rating work of local government bonds has also started. After the new Budget Law in 2015 allowed local governments to issue local government bonds for the first time, more and more attention has been paid to the credit rating of local government bonds, and the importance of local government credit ratings has gradually been widely recognized. From the current reality, this paper aims to study the credit rating of local government bonds in China. Through the interpretation of risk theory, information asymmetry theory and reputation theory, the paper lays a theoretical foundation for the following research; Through the analysis of the basic situation, problems and reasons, this paper introduces the three stages of the credit rating of local government bonds, from prohibition to exploration to full opening up. It also reveals that the current work of credit rating of local government bonds still has some practical problems, such as low classification of rating results, and the accuracy can not be verified. Through the combination of qualitative and quantitative methods, this paper makes an empirical analysis on the credit rating of local government bonds in 10 provinces and cities, and uses the statistical method to rank the credit ratings of local government bonds in 10 provinces and cities. And from three aspects to improve the credit rating of local government bonds enlightenment. At the same time, in view of the problems existing in the current local bond rating and the enlightenment obtained from the empirical analysis, the paper finally puts forward policy recommendations to improve the credit rating of local government bonds from three aspects. The purpose of this paper is to alleviate the problem of local government bond credit rating and to promote the benign development of local government bond credit rating to a certain extent.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.5

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