地方政府债券招标发行引入保证金制度的研究

发布时间：2018-06-13 10:38

本文选题：地方政府债券 + 招标发行　；参考：《中国财政科学研究院》2017年硕士论文

【摘要】：自2014年8月31日通过的《预算法》修正案允许地方政府通过举债方式进行融资以来,地方政府债券已成为地方政府融资最重要的渠道之一。截至2016年10月底,地方政府债券的发行规模和存续量双双超过10万亿元,成为仅次于国债的第二大债券品种。目前,招标发行是地方政府债券发行的主要方式,其中缴款环节需要中标的投资人依靠自身信用对地方政府缴款以获得相应的债券确权。在这一环节,投资人的信用对于债券发行的成功至关重要,一旦部分投资人出现违约不予缴款的情况,对整个地方政府债券的确权和配售都会产生很大的风险。在我国信用建设体系尚不完善,违约道德风险客观存在的环境下,现行的招标发行制度亟待完善,以降低地方政府发行人面临的风险敞口。否则,地方政府债券面临的发行风险将导致地方政府债务置换进程受到影响,并可能进一步加大我国地方政府债务的风险。本文针对这一潜在风险,提出将保证金制度引入地方政府债券招标发行环节的设想,以期通过完善制度降低潜在风险。围绕着这一设想,本文进行了有关理论的梳理以及国外的经验制度总结,从必要性、可行性以及潜在风险等方面进行论证,认为地方政府债券招标引入保证金制度是一种防范潜在违约风险的有效制度。虽然这一制度可能抬升地方政府融资成本,但可以通过完善制度加以对冲,并实现地方政府债券发行人和潜在投资人利益博弈的二次平衡。保证金制度在地方政府债券招标发行中的前瞻性应用,可以为未来数年的大规模地方政府债券发行规避一个潜在的风险点。此外,通过分别从股票发行认购保证金、拍卖保证金和期货交易保证金制度中提炼可以借鉴的制度经验,并设计完善的能够应用在地方政府债券招标发行环节中的保证金制度,是本文的一大亮点。本文分为八章。首先从地方政府债券招标发行制度存在信用缴款违约的研究背景出发,提出了引入保证金制度的方案设想;在梳理基本概念和有关理论、文献的基础上,介绍了国外针对这一风险的制度安排,并根据我国国情分析了国外制度安排在我国无法应用的原因;随后,本文论证了保证金制度的必要性和可行性;最后,本文根据有关理论和市场实践,设计了现阶段适应我国国情的地方政府债券招标发行引入保证金制度的方案和实施步骤。待条件成熟后,可最终使保证金制度退出。本文所设计的方案未有相似参照情形,还有待市场检验,可能存在相应不足之处,下一步将加深理论与市场运行实践的结合,提高设计方案的可行性。
[Abstract]:Local government bonds have become one of the most important sources of financing for local governments since the Budget Law amendment passed on August 31, 2014, which allowed local governments to borrow money. By the end of October 2016, local government bonds had both issued more than 10 trillion yuan, making them the second largest bond category after government bonds. At present, tender issuance is the main way of issuing local government bonds, in which the payment link requires the winning investors to rely on their own credit to pay to the local government to obtain the corresponding bond confirmation right. At this stage, the credit of investors is crucial to the success of bond issuance. Once some investors fail to pay for default, there will be great risks to the whole local government bonds. Under the circumstances of imperfection of credit construction system and objective existence of moral hazard of breach of contract, the current system of tender and issuance needs to be improved urgently in order to reduce the exposure of local government issuers. Otherwise, the risk of issuing local government bonds will affect the process of local government debt replacement, and may further increase the risk of local government debt in China. In view of this potential risk, this paper puts forward the idea of introducing the margin system into the tender and issuing links of local government bonds in order to reduce the potential risk by perfecting the system. Around this assumption, this article has carried on the related theory combing as well as the foreign experience system summary, from the necessity, the feasibility and the potential risk and so on aspect carries on the demonstration, It is considered that the introduction of margin system in local government bond bidding is an effective system to guard against the potential default risk. Although this system may raise the local government financing cost, it can be hedged by perfecting the system, and realize the second balance between the local government bond issuer and the potential investor in the game of interests of the local government bond issuer and the potential investor. The prospective application of margin system in local government bond tender issuance can avoid a potential risk point for large-scale local government bond issuance in the next few years. In addition, by refining the system experience from the stock issue subscription margin, auction margin and futures trading margin system, and designing a perfect margin system that can be applied in the local government bond tender and issuance, It is one of the highlights of this paper. This paper is divided into eight chapters. First of all, from the background of the research on the existence of credit payment default in the local government bond tender and issuance system, this paper puts forward the scheme of introducing the margin system, on the basis of combing the basic concepts and related theories, and the literature. This paper introduces the institutional arrangements of foreign countries in view of this risk, and analyzes the reasons why foreign institutional arrangements cannot be applied in our country according to the national conditions of our country. Then, this paper demonstrates the necessity and feasibility of the margin system; finally, it analyzes the reasons why the foreign institutional arrangements cannot be applied in China. According to the relevant theory and market practice, this paper designs the scheme and implementation steps of introducing the margin system into the local government bond tender issuance, which adapts to the situation of our country at the present stage. After the conditions are ripe, the margin system can eventually withdraw. The scheme designed in this paper has no similar reference situation and needs to be tested by the market. There may be some shortcomings. The next step is to deepen the combination of theory and market operation practice and improve the feasibility of the design scheme.
【学位授予单位】：中国财政科学研究院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.5

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