焦作市建设投资（控股）有限公司发行公司债券项目研究

发布时间：2018-05-21 04:07

本文选题：城投债项目 + 债券发行　；参考：《郑州大学》2012年硕士论文

【摘要】：随着我国社会主义市场经济的深入发展,城投债的发行在国家经济建设中越来越发挥着重要的作用。城投债作为地方投融资平台,通过发行企业债券筹集资金,一方面按照募集资金投向,有效推动了我国地方基础设施建设,改善了城市生产、生活条件,促进了地方经济迅速发展；另一方面按照规范、公开、透明的要求,改善了公司治理结构,为提高企业直接融资比重、降低融资风险、促进债券市场发展,做出了积极贡献。但是城投债发行也存在一些不可忽视的问题：一是金融风险。地方政府在获得大量贷款的同时,负债问题也开始加速显性化。二是超前负债的危机。城投债的偿还期都会出现跨越两届地方政府,导致超前融资与负债,不仅严重影响到地区可持续发展的大计,也给银行如期收回政府借贷留较大的风险。三是城投债滥用于政绩工程。当前,由于缺乏科学决策程序,个别官员仅凭个人意志拍板,脱离实际,不顾财力民力,重复建设、盲目投资,浪费社会资源。本文运用相关理论和方法,对焦作市建设投资(控股)有限公司发行公司债券项目进行具体的研究分析。本文对城投债进行阐述,对国外市政债券现状、中国城投债的背景、发行现状进行分析；对焦作市建设投资(控股)有限公司发行公司债券项目进行具体描述,包括本债券发行项目的环境、焦作西部工业集聚区路网建设及整体开发项目描述、本次债券发行意义；本文研究的重点是对本次项目的分析,即本项目的主要问题与对策,其中债券发行项目的选择从地方财政、行业、公司经营与政府支持三方面进行分析；发行人的偿债能力从财务指标与非财务指标进行分析；债券发行的风险控制从与债券发行、发行人、投资项目相关的风险与对策、应收账款质押担保、担保人担保等方面进行分析。通过以上分析,从中探索具有一般推广意义的城投债发行管理模式、风险规避方法,使城投债的发行更好服务于地方经济建设。
[Abstract]:With the in - depth development of our socialist market economy , the issue of city investment debt plays an important role in the national economic construction . As a local investment and financing platform , the city investment debt is raised by issuing corporate bonds . On the one hand , according to the raised capital , the local infrastructure construction in our country is effectively promoted , the urban production and living conditions are improved , and the local economy develops rapidly ;
On the other hand , according to the requirements of specification , openness and transparency , the corporate governance structure is improved , so as to improve the proportion of direct financing of enterprises , reduce the financing risk and promote the development of the bond market .

Based on the theories and methods , this paper makes a concrete research and analysis on the issue of corporate bonds issued by J . C . Investment ( Holdings ) Co . , Ltd . In this paper , the paper expounds the present situation of foreign municipal bonds , the background and the status of the issuance of bonds in China .
Specific descriptions of the Company ' s bond projects issued by the Construction Investment ( Holdings ) Co . , Ltd . including the environment of the issuance project of the Bonds , the construction of road network in the West Industrial Cluster and the description of the overall development project , the significance of the issuance of this bond ;
This paper focuses on the analysis of the project , namely the main problems and countermeasures of the project , in which the choice of the bond issue project is analyzed from the local finance , the industry , the operation of the company and the government support ;
The solvency of the issuer is analyzed from the financial indicators and the non - financial indicators ;
The risk control of bond issuance is analyzed from the aspects of bond issuance , issuer , investment project , risk and countermeasure , pledge guarantee of accounts receivable , guarantee of guarantor , etc . Through the above analysis , the paper explores the issue management mode and risk avoidance method of city investment debt with general promotion significance , which makes the issuance of city investment debt better serve the local economic construction .
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F299.2

【共引文献】