我國(guó)城市基礎(chǔ)設(shè)施債券融資的研究
發(fā)布時(shí)間：2018-07-14 10:11
【摘要】：隨著我國(guó)城鎮(zhèn)化水平不斷提高，城市基礎(chǔ)設(shè)施建設(shè)的質(zhì)量和數(shù)量均有待提高。根據(jù)公共品分類理論，大部分的城市基礎(chǔ)設(shè)施及公用事業(yè)具有地方公共品屬性，資金需求龐大，收益回收期限長(zhǎng)，施工差異顯著，正外部性較強(qiáng)。在國(guó)外，市政債券歷史悠久，運(yùn)作成熟，是城市基礎(chǔ)設(shè)施融資的一項(xiàng)有效工具，不僅在使用期間有效分?jǐn)偭藗鶆?wù)，，解決代際不公平，而且這種市場(chǎng)化手段的運(yùn)用對(duì)地方政府資本性支出具有較強(qiáng)約束性。 本文第一章在闡述本文的選題背景及研究意義、國(guó)內(nèi)外研究現(xiàn)狀以及研究思路與方法后，于第二章重點(diǎn)介紹了市政債券相關(guān)理論。根據(jù)基礎(chǔ)設(shè)施項(xiàng)目區(qū)分理論，城市基礎(chǔ)設(shè)施分為經(jīng)營(yíng)類設(shè)施和非經(jīng)營(yíng)類設(shè)施，根據(jù)公共品分類理論，城市基礎(chǔ)設(shè)施建設(shè)具有三大特性，即自然壟斷性、地方性公共品和正外部性。作為西方發(fā)達(dá)國(guó)家為城市基礎(chǔ)設(shè)施建設(shè)融資的有效手段，市政債券發(fā)揮著重要作用，其一般可以分為一般責(zé)任債券和收益?zhèn)�，其具有安全性高、流�?dòng)性強(qiáng)、期限靈活、信用級(jí)別高、融資成本低等特點(diǎn)。利用市政債券為城市基礎(chǔ)設(shè)施建設(shè)融資，不僅有其比較優(yōu)勢(shì)，更有利于各級(jí)政府。 本文第三章重點(diǎn)分析了我國(guó)城市基礎(chǔ)設(shè)施建設(shè)債券融資的發(fā)展現(xiàn)狀。在預(yù)算法禁止地方政府發(fā)行債券的前提下，為了解決城市基礎(chǔ)設(shè)施建設(shè)巨大資金需求，我國(guó)形成了以國(guó)債轉(zhuǎn)貸、中央代發(fā)地方債和城投債等為主要形式的城市基礎(chǔ)設(shè)施債券融資模式，為地方基礎(chǔ)設(shè)施建設(shè)籌集資金，一定程度上解決了地方政府財(cái)權(quán)與事權(quán)不相匹配情況下的資本性支出需求。但是由于國(guó)債轉(zhuǎn)貸、中央代發(fā)地方債模式存在著強(qiáng)烈的中央行政色彩。舉債主體、使用主體和償債主體的不一致，且不計(jì)入地方赤字，導(dǎo)致了中央財(cái)政兜底預(yù)期顯著，不利于對(duì)地方政府預(yù)算進(jìn)行硬約束。城投債依托企業(yè)債平臺(tái)，在經(jīng)歷多年的加速發(fā)展后，在2012年出現(xiàn)了爆發(fā)式增長(zhǎng)，企業(yè)債出現(xiàn)“城投化”現(xiàn)象。本文通過(guò)對(duì)江西省18例城投債的結(jié)構(gòu)分析和截止2012年12月31日共834只城投債的系統(tǒng)分析，總結(jié)了城投債存在的問(wèn)題。 針對(duì)城鎮(zhèn)化過(guò)程中建設(shè)資金需求巨大，資金來(lái)源有限、結(jié)構(gòu)單一，國(guó)內(nèi)債券市場(chǎng)發(fā)展迅速，投資者投資渠道有限，存在流動(dòng)性剩余的情況，本文第四章提出應(yīng)盡快發(fā)行適合中國(guó)國(guó)情的市政債券為城市基礎(chǔ)設(shè)施建設(shè)融資，并有效防范財(cái)政風(fēng)險(xiǎn)、市場(chǎng)風(fēng)險(xiǎn)、公共風(fēng)險(xiǎn)，進(jìn)一步推動(dòng)債券市場(chǎng)的發(fā)展。由于我國(guó)是集權(quán)性的分稅制國(guó)家，現(xiàn)行財(cái)稅制度下地方政府財(cái)權(quán)與事權(quán)不相匹配，財(cái)政汲取能力有限，類似中央的派出機(jī)構(gòu)，本文在從信息不對(duì)稱的角度分析現(xiàn)階段我國(guó)發(fā)行市政債券將可能面臨的委托代理、道德風(fēng)險(xiǎn)和逆向選擇等問(wèn)題后得出結(jié)論，認(rèn)為在現(xiàn)階段，我國(guó)應(yīng)適時(shí)發(fā)行有限信用一般責(zé)任債券，進(jìn)一步規(guī)范城投債。以企業(yè)信用為主，政府信用為輔的市場(chǎng)化融資是中國(guó)式市政債券的發(fā)展方向。 最后，由于國(guó)家間財(cái)稅體制、歷史傳統(tǒng)、地方政府財(cái)政汲取能力和資本市場(chǎng)發(fā)育程度等的不同，其實(shí)踐也存在較大差異。本文在介紹美國(guó)、日本、法國(guó)、英國(guó)和德國(guó)等發(fā)達(dá)國(guó)家市政債券市場(chǎng)時(shí)，探究了市政債券發(fā)行的法律法規(guī)、發(fā)行要素、擔(dān)保機(jī)制、風(fēng)險(xiǎn)防范體系等方面安排，重點(diǎn)介紹了澳大利亞地方政府“國(guó)庫(kù)公司”的做法，通過(guò)對(duì)比這些國(guó)家市政債券制度方面的安排，總結(jié)共同特點(diǎn)，為中國(guó)式市政債券的發(fā)展提供借鑒經(jīng)驗(yàn)。本文利用SPSS，以2006年1月至2012年12月31日發(fā)行的未到期城投公司企業(yè)債數(shù)據(jù)流為基礎(chǔ)，對(duì)發(fā)行定價(jià)的一級(jí)影響要素進(jìn)行實(shí)證分析，發(fā)現(xiàn)債券期限、信用等級(jí)、有無(wú)擔(dān)保、到期剩余時(shí)間、無(wú)風(fēng)險(xiǎn)利率的斜率、GDP增長(zhǎng)率、地方財(cái)政收支缺口、Aminvest流動(dòng)性等指標(biāo)對(duì)信用利差影響顯著，并嘗試對(duì)中國(guó)式市政債券進(jìn)行初步設(shè)計(jì)，明確發(fā)行規(guī)則，提出合理的發(fā)行期限和發(fā)債規(guī)模，并設(shè)計(jì)了信用評(píng)級(jí)參考框架和相關(guān)擔(dān)保機(jī)制。
[Abstract]:With the increasing level of urbanization in China, the quality and quantity of urban infrastructure construction need to be improved. According to the theory of public goods classification, most urban infrastructure and public utilities have the property of local public goods, the demand of capital is huge, the recovery period of income is long, the difference of application is remarkable, and the externality is stronger. It has a long history and mature operation. It is an effective tool for the financing of urban infrastructure. It not only effectively shares the debt during the use, but also solves the intergenerational inequity, and the use of this marketing means has a strong constraint on the capital expenditure of the local government.
The first chapter of this paper describes the background and significance of the topic, the current research status at home and abroad, and the research ideas and methods. In the second chapter, the relevant theories of municipal bonds are introduced. According to the theory of infrastructure project differentiation, urban infrastructure is divided into business facilities and non operating facilities, according to the theory of public goods classification, city The construction of infrastructure has three characteristics, namely, natural monopoly, local public goods and positive externality. As an effective means of financing for urban infrastructure construction in western developed countries, municipal bonds play an important role, which can be divided into general liability bonds and income bonds, which have high security, strong liquidity and flexible term. It is characterized by high credit level and low financing cost. The use of municipal bonds to finance urban infrastructure construction not only has its comparative advantages, but also helps governments at all levels.
The third chapter of this article focuses on the analysis of the development status of the bond financing of urban infrastructure construction in China. In order to solve the huge demand for capital construction of urban infrastructure, the main forms of urban infrastructure are the transfer of treasury bonds, the central generation of local debt and the city investment debt, on the premise of the budget law prohibiting the issuing of bonds by local governments. In order to raise funds for local infrastructure construction, a debt financing model, to a certain extent, has solved the capital expenditure demand under the situation that the local government's financial power and power are not matched. However, there is a strong central administrative color for the central generation of local debt model due to the transfer of treasury bonds. Due to the local deficit, the central fiscal pocket is expected to be obvious and is not conducive to the hard constraint on the local government budget. Relying on the enterprise debt platform, the city investment debt, after many years of accelerated development, appeared in 2012, and the enterprise debt appeared "city investment". This article through the structure of 18 cases of city investment in Jiangxi Province A systematic analysis of 834 City debt investments was conducted on the 31 day ended December 2012.
In the course of urbanization, the demand of capital is huge, the source of capital is limited, the structure is single, the domestic bond market is developing rapidly, the investment channel of the investor is limited and there is a liquidity surplus. The fourth chapter of this paper proposes that the municipal bond which is suitable for the national conditions of China should be issued as a financing for the urban infrastructure construction as soon as possible, and to prevent the financial wind effectively. Risk, market risk, public risk, and further promote the development of the bond market. Because China is a centralized tax sharing country, the current financial and tax system is not matched with the power of local government, the financial ability is limited, similar to the agency of the central government. This paper analyzes the issue of municipal bonds issued at the present stage from the angle of asymmetric information. At the present stage, our country should issue the limited credit general liability bond and further standardize the city investment debt. The market financing, based on the enterprise credit and the government credit, is the development direction of the Chinese municipal bond.
Finally, because of the difference between the fiscal and tax system, the historical tradition, the ability of the local government finance and the development of the capital market, there are great differences in practice. In this paper, the laws and regulations, the elements of issuance and the guarantee are explored in the municipal bond markets of the developed countries such as the United States, Japan, France, Britain and Germany. Mechanism, risk prevention system and other aspects, emphasis is put on the practice of the national treasury company of the local government of Australia. By comparing the arrangements of the municipal bond system in these countries, the common characteristics are summarized, and the experience for the development of the Chinese municipal bond is provided. This paper uses SPSS, which is issued from January 2006 to December 31, 2012. On the basis of the enterprise debt data flow of the undue city investment company, this paper makes an empirical analysis on the first level factors of the issue pricing, and finds that the bond maturity, credit rating, the surplus time, the slope of the risk-free interest rate, the GDP growth rate, the local fiscal revenue and expenditure gap, the Aminvest liquidity and other indicators have a significant impact on the credit spreads, and try to do the same The preliminary design of Chinese municipal bond is carried out, the rules are clear, the time limit for issuing and the scale of debt issuance are put forward, and the reference frame of credit rating and the related guarantee mechanism are designed.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.24;F812.5
本文編號(hào)：2121319
[Abstract]:With the increasing level of urbanization in China, the quality and quantity of urban infrastructure construction need to be improved. According to the theory of public goods classification, most urban infrastructure and public utilities have the property of local public goods, the demand of capital is huge, the recovery period of income is long, the difference of application is remarkable, and the externality is stronger. It has a long history and mature operation. It is an effective tool for the financing of urban infrastructure. It not only effectively shares the debt during the use, but also solves the intergenerational inequity, and the use of this marketing means has a strong constraint on the capital expenditure of the local government.
The first chapter of this paper describes the background and significance of the topic, the current research status at home and abroad, and the research ideas and methods. In the second chapter, the relevant theories of municipal bonds are introduced. According to the theory of infrastructure project differentiation, urban infrastructure is divided into business facilities and non operating facilities, according to the theory of public goods classification, city The construction of infrastructure has three characteristics, namely, natural monopoly, local public goods and positive externality. As an effective means of financing for urban infrastructure construction in western developed countries, municipal bonds play an important role, which can be divided into general liability bonds and income bonds, which have high security, strong liquidity and flexible term. It is characterized by high credit level and low financing cost. The use of municipal bonds to finance urban infrastructure construction not only has its comparative advantages, but also helps governments at all levels.
The third chapter of this article focuses on the analysis of the development status of the bond financing of urban infrastructure construction in China. In order to solve the huge demand for capital construction of urban infrastructure, the main forms of urban infrastructure are the transfer of treasury bonds, the central generation of local debt and the city investment debt, on the premise of the budget law prohibiting the issuing of bonds by local governments. In order to raise funds for local infrastructure construction, a debt financing model, to a certain extent, has solved the capital expenditure demand under the situation that the local government's financial power and power are not matched. However, there is a strong central administrative color for the central generation of local debt model due to the transfer of treasury bonds. Due to the local deficit, the central fiscal pocket is expected to be obvious and is not conducive to the hard constraint on the local government budget. Relying on the enterprise debt platform, the city investment debt, after many years of accelerated development, appeared in 2012, and the enterprise debt appeared "city investment". This article through the structure of 18 cases of city investment in Jiangxi Province A systematic analysis of 834 City debt investments was conducted on the 31 day ended December 2012.
In the course of urbanization, the demand of capital is huge, the source of capital is limited, the structure is single, the domestic bond market is developing rapidly, the investment channel of the investor is limited and there is a liquidity surplus. The fourth chapter of this paper proposes that the municipal bond which is suitable for the national conditions of China should be issued as a financing for the urban infrastructure construction as soon as possible, and to prevent the financial wind effectively. Risk, market risk, public risk, and further promote the development of the bond market. Because China is a centralized tax sharing country, the current financial and tax system is not matched with the power of local government, the financial ability is limited, similar to the agency of the central government. This paper analyzes the issue of municipal bonds issued at the present stage from the angle of asymmetric information. At the present stage, our country should issue the limited credit general liability bond and further standardize the city investment debt. The market financing, based on the enterprise credit and the government credit, is the development direction of the Chinese municipal bond.
Finally, because of the difference between the fiscal and tax system, the historical tradition, the ability of the local government finance and the development of the capital market, there are great differences in practice. In this paper, the laws and regulations, the elements of issuance and the guarantee are explored in the municipal bond markets of the developed countries such as the United States, Japan, France, Britain and Germany. Mechanism, risk prevention system and other aspects, emphasis is put on the practice of the national treasury company of the local government of Australia. By comparing the arrangements of the municipal bond system in these countries, the common characteristics are summarized, and the experience for the development of the Chinese municipal bond is provided. This paper uses SPSS, which is issued from January 2006 to December 31, 2012. On the basis of the enterprise debt data flow of the undue city investment company, this paper makes an empirical analysis on the first level factors of the issue pricing, and finds that the bond maturity, credit rating, the surplus time, the slope of the risk-free interest rate, the GDP growth rate, the local fiscal revenue and expenditure gap, the Aminvest liquidity and other indicators have a significant impact on the credit spreads, and try to do the same The preliminary design of Chinese municipal bond is carried out, the rules are clear, the time limit for issuing and the scale of debt issuance are put forward, and the reference frame of credit rating and the related guarantee mechanism are designed.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.24;F812.5
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