廉租房市政债券融资模式研究

发布时间：2018-01-07 08:12

本文关键词：廉租房市政债券融资模式研究　出处：《西安建筑科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，房价一直居高不下，政府通过加快建设廉租房这一举措来解决民生问题中的低收入者的住房问题，受到“热捧”，尤其是2009年住建部《2009-2011年廉租住房保障规划》出台后，各地纷纷出台廉租房建设规划方案。学术界的讨论也愈加热烈，针对廉租房建设融资探讨也屡见不鲜。但具体探讨廉租住房建设融资模式的动态研究还是比较欠缺的。廉租房在保障低收入者住房环节中起到不可磨灭的作用，但其建设面临巨大的资金缺口，现有的融资方式无法满足廉租房建设的资金需求。本文提出了通过市政债券融资模式，可在很大程度上解决廉租房建设融资难的问题。本文结合廉租房的运行现状，首先在借鉴国外发达国家或地区融资模式先进经验的基础之上，介绍我国廉租房融资面临的困境，提出了通过市政债债券融资模式来解决廉租房建设所面临的资金难题。结合我国现状，分析了廉租房建设引入市政债券的可行性和紧迫性。其次，基于以上理论基础和现实依据，，提出了廉租房市政债融资运行模式的整体框架，并对市政债券的发行、审批、承销、上市、监管等方面进行具体的研究，找出各个环节需要注意的事项。对市政债利差影响因素进行分析，并通过构建模型来检验市政债利差影响因素，同时分析了市政债的评级思路和增信方式。结合陕西省的财政收支情况，通过信用风险测度模型KMV测算陕西省合理发债规模及违约率。论文最后，分析了市政债信用风险来源、控制及防范措施。并对廉租房市政债券融资模式提出了建议。论文通过对市政债发行的各个环节进行了分析，在市政债的定价方面，通过构建计量模型，得出了市政债利差影响因素；在市政债的评级方面，提出可在中国推行市政债券保险制度的构想。本文在解决廉租房融资难问题方面有着一定理论参考价值和实践指导意义。
[Abstract]:In recent years , housing prices have remained high , and the government has adopted the initiative of speeding up the construction of low - rent housing to solve the housing problems of low - income people in the livelihood issues . In particular , the discussion on the financing mode of low - rent housing has become more and more intense . However , the discussion on the financing mode of low - rent housing construction has been increasingly heated . However , the construction of the low - rent housing is not enough to meet the fund demand of low - rent housing construction . In this paper , the problem of financing the low - rent housing construction is solved to a large extent through the municipal bond financing mode . Based on the advanced experience of foreign developed countries or regional financing models , this paper analyzes the difficulties faced by the low - rent housing finance in China and puts forward the overall framework of the construction of the low - rent housing through the financing model of municipal bonds . Through the analysis of various links of municipal debt issuance , the paper obtains the influence factors of municipal bonds through constructing the measurement model in terms of the pricing of municipal debt . In terms of the rating of municipal debt , the paper puts forward the idea of implementing the municipal bond insurance system in China . This paper has some theoretical reference value and practical significance in solving the problem of financing difficulty of low - rent housing .

【学位授予单位】：西安建筑科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832.4

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