我国城投债发行信用利差的影响因素分析

发布时间：2018-01-02 22:02

本文关键词：我国城投债发行信用利差的影响因素分析　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：近几年我国债券市场迎来了一段黄金发展的时期。2008年我国企业债发行’总数为85只,发行总额1846.80亿元。而在刚刚过去的2012年,更是创下了发行870只和12029.49亿元的历史高点。债市规模呈几何级数增长,固定收益市场一片火热。其中城投债的发展最让人关注,它成为今时今日债券品种里的一大分支,是中国固定收益市场中十分重要的角色。但在城投债的火热发行中也夹杂着市场对于该类债券风险的忧虑。2012年三季度城投债的暴跌,一度让市场参与者闻“城投”而色变。究其原因,就在于地方政府债务的高企,令市场对其信用风险的担忧进一步放大,城投债发行的信用利差扩大,不仅提高了发债主体的融资成本,也令投资者望而却步。在这样的背景下,本文针对城投债信用利差的影响因素进行研究,以便为发行人和投资人提供更好的视角去认识城投债信用利差的变化。文本首先回顾了城投债发展的历史,之后介绍我国城投债的一些特征。接下来从宏观经济、微观区域和债券自身三个方面分析其对城投债信用利差变化的影响,并选取相关的数据进行实证检验。最后针对实证结果提出一些建议。
[Abstract]:In recent years , China ' s bond market has usher in a period of gold development . In 2008 , China ' s corporate debt issuance ' totaled 85 , with a total issuance of 1846.80 billion yuan . In the past 2012 , it has set up a historic high point for the issuance of 870 and 1202.49 billion yuan . The development of bond market is the biggest concern , and it becomes a branch of today ' s bond variety . It is a very important role in China ' s fixed income market . But in the hot issue of the city ' s debt , there is also the market ' s concern about the risk of such bonds . In the third quarter of 2012 , the collapse of the bond market caused the market participants to smell the " city investment " . The reason is that the local government ' s debt is high and the market ' s concern about its credit risk is further amplified , and the credit spread of the city ' s debt issuance has expanded , not only to raise the financing cost of the debt - issuing subject , but also to discourage investors . Against this background , this paper studies the influencing factors of the credit spread of the city investment , so as to provide the issuer and investors with a better view to understand the change of the credit spread of the city investment . The paper firstly reviews the history of the development of the capital investment in the city , then introduces some characteristics of the capital investment in our country . Then , it analyzes its influence on the change of the credit spreads in the city from the three aspects of macro - economy , micro - region and bond itself , and selects the relevant data to carry out an empirical test . Finally , some suggestions are put forward for the empirical results .

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

【参考文献】