非含权固定利率城投债发行定价研究

发布时间：2018-01-16 03:19

本文关键词：非含权固定利率城投债发行定价研究　出处：《科学决策》2017年05期 　论文类型：期刊论文

【摘要】：基于2008-2016年中国城投债分布规律的统计研究,定量分析地方国有企业非含权固定利率城投债发行利率受其发行方式、有无担保、城投债级别、行业等因素影响。研究结果表明:(1)2014-2016年城投债平均发行利率呈下降趋势;(2)就公募发行而言,2014-2016年全行业地级市城投债发行利率平均高于省级38个基点,地级市高于县级市16个基点,县级市债券平均高于省级21个基点,具有地级市最高、县级市次之,省级最低特点;(3)就私募发行而言,2015-2016年地级市发行利率平均高于省级32个基点,县级市平均高于省级37个基点,县级市与地级市没有明显的统计规律,省级最低;(4)公募发行利率低于私募。近三年省级公募发行利率平均低于私募118个基点、地级公募平均低105个基点、县级市公募平均低119个基点。定量化研究成果对债券估值实务具有一定的借鉴意义。
[Abstract]:Based on the statistical study of the distribution law of investment bonds in Chinatown from 2008 to 2016, quantitative analysis is made on the non-right fixed interest rate of local state-owned enterprises and its issuing method, with or without guarantee, and with or without guarantee, with or without guarantee, and with the city bond grade. The research results show that the average interest rate of bond issuance in 2014-2016 shows a downward trend; (2) in terms of public offering, the average interest rate of city bond issuance of prefecture-level cities in 2014-2016 is higher than 38 basis points of provincial level, and that of prefecture-level cities is 16 basis points higher than that of county-level cities. The average bond of county level city is 21 basis points higher than that of provincial level, which is the highest in prefectural city, the second in county level city, and the lowest in provincial level. In terms of private placement, the average interest rate of prefecture-level cities in 2015-2016 is 32 basis points higher than that of provincial level, and that of county-level cities is higher than that of provincial levels of 37 basis points on average. The county level city and the prefectural level city have no obvious statistical law, the provincial level is the lowest; The interest rate of public offering is lower than that of private placement in recent three years, the average interest rate of provincial public offering is lower than that of private equity by 118 basis points on average, and that of prefectural public offering is 105 basis points lower on average. The average public offering in county-level cities is 119 basis points lower. The quantitative research results can be used for reference in bond valuation practice.
【作者单位】：中国地质大学(北京)人文经管学院;中国人民大学后勤集团;中央国债登记结算有限公司中债估值中心;
【分类号】：F832.51
【正文快照】： 徐春骐杨建国赵凌1引言1994年分税制度改革以来,地方政府开始设立融资平台筹集建设资金。由于运作不够规范、地方政府违规或变相提供担保,一些融资平台融资规模过快增长,偿债风险日益加大。针对这些问题,国务院下发国发[2010]19号文件,加强对地方政府融资平台公司的管理。地方

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