TM城投债信用风险分析

发布时间：2018-01-12 23:19

本文关键词：TM城投债信用风险分析　出处：《华中科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：分税制改革后,地方政府采取了多种方式进行投融资,最主要的方式是通过搭建地方政府投融资平台,其中城投公司是最重要的地方政府投融资平台,地方政府城投公司平台在城市化建设以及应对各种金融危机中发挥了极其重要的作用。其中发行债券由于其易操作性成为融资的一个主要融资方式。城投债的特点是高利率和高信用,因此20年来一直广受市场投资者的青睐,但是由于国际经济形势的变化,从2011年开始,城投债价格变得极其不稳定,频频出现暴跌,在各级市场上引起了恐慌,投资者开始关注城投债的信用风险。TM城投是我国地级市城投公司的代表,本文首先论述了我国城投债的现状,再以TM城投债为例,对TM城投债所面临的风险尤其是信用风险进行分析,指出TM城投面临的信用风险主要来自于地方政府,自身风险,以及政策风险,阐述了TM城投对于所面临的信用风险实施的偿债计划和保证措施,并针对三项风险来源提出了化解以TM城投为代表的我国城投债的信用风险的措施,希望给目前城投债市场上的参与者带来关于信用风险的更深入的认识,同时也给TM城投提出了警示,各级政府在发行城投债时,应合理规划所筹集的资金,合理投建项目,保证资金使用所能达到的经济与社会效益,积极监督筹集资金的流向以预防信用风险的发生。
[Abstract]:After the tax distribution reform, local governments have adopted a variety of ways to invest and finance, the most important way is to build local government investment and financing platform, among which CityInvestment Corporation is the most important local government investment and financing platform. The local government city investment company platform has played an extremely important role in the construction of urbanization and the response to various financial crises. The issuance of bonds has become one of the main financing methods because of its ease of operation. The point is high interest rates and high credit. So it has been widely favored by market investors for 20 years, but due to the changes in the international economic situation, since 2011, the price of city bond has become extremely unstable, frequently appear plummeting. At all levels of the market caused panic, investors began to pay attention to the credit risk of city debt. TM City Investment is the representative of our prefecture-level city investment company. This paper first discusses the current situation of our country's city debt. Taking TM City debt as an example, this paper analyzes the risk faced by TM City Investment debt, especially the credit risk, and points out that the credit risk faced by TM City Investment mainly comes from the local government, its own risk, and the policy risk. This paper expounds the debt repayment plan and guarantee measures for the credit risk faced by TM City Investment, and puts forward some measures to resolve the credit risk of our country's city investment debt, which is represented by TM City Investment, in view of the three risk sources. The author hopes to bring a deeper understanding of credit risk to the participants in the city bond market at present, and at the same time, it also gives a warning to TM City Investment, all levels of government should reasonably plan the funds raised when issuing the city debt. Invest in the project reasonably, guarantee the economic and social benefits that can be achieved by using the funds, and actively supervise the flow of the raised funds to prevent the occurrence of credit risk.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F283

【相似文献】