城投公司结构性风险评价与分担研究

发布时间：2018-07-04 09:32

本文选题：城投公司 + 结构性风险　；参考：《天津大学》2014年硕士论文

【摘要】：随着我国城市基础设施建设的规模逐渐加大,速度不断加快,城市基础设施建设投资公司项目类型多元化与融资方式多元化匹配造成的结构性风险已经成为影响其健康发展的主要问题。本文针对城投公司已出现的问题进行了以下研究:(1)对国内外基础设施投融资理论以及风险管理理论进行了系统性分析。首先分析城市投资公司基本模式,及我国城投公司的发展历程。之后分析了城投公司的资产特性,最后引出投融资风险。(2)在分析了城投公司结构性风险的形成原因及影响机制的基础上,针对城投公司债务的信用转移问题,运用Credit Metrics模型对城投公司结构性风险进行量化分析。结果表明,城投公司存在结构性风险,且存在巨大隐患。一旦资金链出现问题,城投公司的债务将出现违约情况。(3)运用模糊线性规划模型对城投公司结构性风险进行分担研究。结果表明,模型的最优解可以把结构性风险降到市场风险水平,同时使收益达到城投公司正常运营的要求。
[Abstract]:As the scale of urban infrastructure construction in China has gradually increased, the speed has been accelerating. The structural risk caused by the diversification of project types and financing modes of urban infrastructure investment companies has become a major problem affecting their healthy development. In this paper, the problems of CICC have been studied as follows: (1) the theory of infrastructure investment and financing and the theory of risk management have been systematically analyzed at home and abroad. Firstly, it analyzes the basic mode of city investment company and the development course of city investment company in our country. Then it analyzes the asset characteristics of CICC, and finally leads to the risk of investment and financing. (2) on the basis of analyzing the formation reason and influence mechanism of the structural risk of CICC, the credit transfer problem of CICC debt is discussed. Using Credit Metrics model to analyze the structural risk of CICC. The results show that there are structural risks, and there are huge hidden dangers. Once there is a problem in the capital chain, the debt of CICC will be defaulted. (3) A fuzzy linear programming model is used to share the structural risk of CICC. The results show that the optimal solution of the model can reduce the structural risk to the level of market risk, and at the same time make the income meet the requirements of the normal operation of CityIC.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39

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