我国城市基础设施债券融资的研究

发布时间：2018-07-14 10:11

【摘要】：随着我国城镇化水平不断提高，城市基础设施建设的质量和数量均有待提高。根据公共品分类理论，大部分的城市基础设施及公用事业具有地方公共品属性，资金需求庞大，收益回收期限长，施工差异显著，正外部性较强。在国外，市政债券历史悠久，运作成熟，是城市基础设施融资的一项有效工具，不仅在使用期间有效分摊了债务，，解决代际不公平，而且这种市场化手段的运用对地方政府资本性支出具有较强约束性。本文第一章在阐述本文的选题背景及研究意义、国内外研究现状以及研究思路与方法后，于第二章重点介绍了市政债券相关理论。根据基础设施项目区分理论，城市基础设施分为经营类设施和非经营类设施，根据公共品分类理论，城市基础设施建设具有三大特性，即自然垄断性、地方性公共品和正外部性。作为西方发达国家为城市基础设施建设融资的有效手段，市政债券发挥着重要作用，其一般可以分为一般责任债券和收益债券，其具有安全性高、流动性强、期限灵活、信用级别高、融资成本低等特点。利用市政债券为城市基础设施建设融资，不仅有其比较优势，更有利于各级政府。本文第三章重点分析了我国城市基础设施建设债券融资的发展现状。在预算法禁止地方政府发行债券的前提下，为了解决城市基础设施建设巨大资金需求，我国形成了以国债转贷、中央代发地方债和城投债等为主要形式的城市基础设施债券融资模式，为地方基础设施建设筹集资金，一定程度上解决了地方政府财权与事权不相匹配情况下的资本性支出需求。但是由于国债转贷、中央代发地方债模式存在着强烈的中央行政色彩。举债主体、使用主体和偿债主体的不一致，且不计入地方赤字，导致了中央财政兜底预期显着，不利于对地方政府预算进行硬约束。城投债依托企业债平台，在经历多年的加速发展后，在2012年出现了爆发式增长，企业债出现“城投化”现象。本文通过对江西省18例城投债的结构分析和截止2012年12月31日共834只城投债的系统分析，总结了城投债存在的问题。针对城镇化过程中建设资金需求巨大，资金来源有限、结构单一，国内债券市场发展迅速，投资者投资渠道有限，存在流动性剩余的情况，本文第四章提出应尽快发行适合中国国情的市政债券为城市基础设施建设融资，并有效防范财政风险、市场风险、公共风险，进一步推动债券市场的发展。由于我国是集权性的分税制国家，现行财税制度下地方政府财权与事权不相匹配，财政汲取能力有限，类似中央的派出机构，本文在从信息不对称的角度分析现阶段我国发行市政债券将可能面临的委托代理、道德风险和逆向选择等问题后得出结论，认为在现阶段，我国应适时发行有限信用一般责任债券，进一步规范城投债。以企业信用为主，政府信用为辅的市场化融资是中国式市政债券的发展方向。最后，由于国家间财税体制、历史传统、地方政府财政汲取能力和资本市场发育程度等的不同，其实践也存在较大差异。本文在介绍美国、日本、法国、英国和德国等发达国家市政债券市场时，探究了市政债券发行的法律法规、发行要素、担保机制、风险防范体系等方面安排，重点介绍了澳大利亚地方政府“国库公司”的做法，通过对比这些国家市政债券制度方面的安排，总结共同特点，为中国式市政债券的发展提供借鉴经验。本文利用SPSS，以2006年1月至2012年12月31日发行的未到期城投公司企业债数据流为基础，对发行定价的一级影响要素进行实证分析，发现债券期限、信用等级、有无担保、到期剩余时间、无风险利率的斜率、GDP增长率、地方财政收支缺口、Aminvest流动性等指标对信用利差影响显著，并尝试对中国式市政债券进行初步设计，明确发行规则，提出合理的发行期限和发债规模，并设计了信用评级参考框架和相关担保机制。
[Abstract]:With the increasing level of urbanization in China, the quality and quantity of urban infrastructure construction need to be improved. According to the theory of public goods classification, most urban infrastructure and public utilities have the property of local public goods, the demand of capital is huge, the recovery period of income is long, the difference of application is remarkable, and the externality is stronger. It has a long history and mature operation. It is an effective tool for the financing of urban infrastructure. It not only effectively shares the debt during the use, but also solves the intergenerational inequity, and the use of this marketing means has a strong constraint on the capital expenditure of the local government.
The first chapter of this paper describes the background and significance of the topic, the current research status at home and abroad, and the research ideas and methods. In the second chapter, the relevant theories of municipal bonds are introduced. According to the theory of infrastructure project differentiation, urban infrastructure is divided into business facilities and non operating facilities, according to the theory of public goods classification, city The construction of infrastructure has three characteristics, namely, natural monopoly, local public goods and positive externality. As an effective means of financing for urban infrastructure construction in western developed countries, municipal bonds play an important role, which can be divided into general liability bonds and income bonds, which have high security, strong liquidity and flexible term. It is characterized by high credit level and low financing cost. The use of municipal bonds to finance urban infrastructure construction not only has its comparative advantages, but also helps governments at all levels.
The third chapter of this article focuses on the analysis of the development status of the bond financing of urban infrastructure construction in China. In order to solve the huge demand for capital construction of urban infrastructure, the main forms of urban infrastructure are the transfer of treasury bonds, the central generation of local debt and the city investment debt, on the premise of the budget law prohibiting the issuing of bonds by local governments. In order to raise funds for local infrastructure construction, a debt financing model, to a certain extent, has solved the capital expenditure demand under the situation that the local government's financial power and power are not matched. However, there is a strong central administrative color for the central generation of local debt model due to the transfer of treasury bonds. Due to the local deficit, the central fiscal pocket is expected to be obvious and is not conducive to the hard constraint on the local government budget. Relying on the enterprise debt platform, the city investment debt, after many years of accelerated development, appeared in 2012, and the enterprise debt appeared "city investment". This article through the structure of 18 cases of city investment in Jiangxi Province A systematic analysis of 834 City debt investments was conducted on the 31 day ended December 2012.
In the course of urbanization, the demand of capital is huge, the source of capital is limited, the structure is single, the domestic bond market is developing rapidly, the investment channel of the investor is limited and there is a liquidity surplus. The fourth chapter of this paper proposes that the municipal bond which is suitable for the national conditions of China should be issued as a financing for the urban infrastructure construction as soon as possible, and to prevent the financial wind effectively. Risk, market risk, public risk, and further promote the development of the bond market. Because China is a centralized tax sharing country, the current financial and tax system is not matched with the power of local government, the financial ability is limited, similar to the agency of the central government. This paper analyzes the issue of municipal bonds issued at the present stage from the angle of asymmetric information. At the present stage, our country should issue the limited credit general liability bond and further standardize the city investment debt. The market financing, based on the enterprise credit and the government credit, is the development direction of the Chinese municipal bond.
Finally, because of the difference between the fiscal and tax system, the historical tradition, the ability of the local government finance and the development of the capital market, there are great differences in practice. In this paper, the laws and regulations, the elements of issuance and the guarantee are explored in the municipal bond markets of the developed countries such as the United States, Japan, France, Britain and Germany. Mechanism, risk prevention system and other aspects, emphasis is put on the practice of the national treasury company of the local government of Australia. By comparing the arrangements of the municipal bond system in these countries, the common characteristics are summarized, and the experience for the development of the Chinese municipal bond is provided. This paper uses SPSS, which is issued from January 2006 to December 31, 2012. On the basis of the enterprise debt data flow of the undue city investment company, this paper makes an empirical analysis on the first level factors of the issue pricing, and finds that the bond maturity, credit rating, the surplus time, the slope of the risk-free interest rate, the GDP growth rate, the local fiscal revenue and expenditure gap, the Aminvest liquidity and other indicators have a significant impact on the credit spreads, and try to do the same The preliminary design of Chinese municipal bond is carried out, the rules are clear, the time limit for issuing and the scale of debt issuance are put forward, and the reference frame of credit rating and the related guarantee mechanism are designed.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.24;F812.5

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