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论文编号：	11614
作者编号：	2120172933
上传时间：	2020/6/9 14:30:37
中文题目：	D城投公司债务风险管理研究
英文题目：	Research on Debt Risk Management for D Local Government Financial Vehicle
指导老师：	姚颐
中文关键字：	城投公司；地方政府；债务风险；风险管理
英文关键字：	Local Government Financial Vehicle; Local Government; Debt Risk; Risk Management
中文摘要：	城投公司诞生于地方政府的融资需求，1994年分税制改革后，地方政府财权与事权不匹配，而新预算法不允许地方政府列赤字，地方政府为应对GDP考核和绕开预算法，纷纷成立城市国有投资控股公司（以下简称“城投公司”），一方面为地方政府筹措经济建设所需资金，另一方面为地方经济建设如城市基础设施进行投资。自90年代初第一家城投公司在上海成立至今，城投公司为推动我国地方经济发展和城市化进程做出了巨大贡献。但城投公司同时也逐步累积了巨大的债务规模，引发了全市场对其债务风险的担忧。为了防范城投公司债务风险引发的全国金融系统风险，国家出台了一系列政策加强对城投公司的债务融资和管理的监管，城投公司不再拥有政府信用加持，加之最近信用风险事件频发，资本市场上投资者对于发行债券主体的信用风险偏好将愈发趋低。经营和融资环境的变化，使得城投公司原有的债务风险管理体系已不足以应对现在及未来的债务风险。 本文采用理论与案例结合的方式进行研究，采用COSO风险管理框架，首先分析D城投公司现状，包括了现有政府隐性支持；其次通过项目性质划分从公益性与非公益性项目的角度，分析发现D城投公司面临的债务风险与现有风险管理的不足；最后提出完善其风险管理的建议，在满足现行相关管理政策和融资政策的要求的前提下，参考目前市场上成功实施的操作方案与交易结构，加强其风险管理水平以应对经营和融资环境的变化带来的挑战。
英文摘要：	The local government financial vehicle was born out of the financing needs of the local government. After the tax-sharing reform in 1994, the financial rights of local governments did not match the powers of administration. The new budget law did not allow local governments to set deficits. Urban state-owned investment holding companies (hereinafter referred to as "Urban Investment Companies"), on the one hand, raise funds for local governments for economic construction, and on the other hand, invest in local economic construction such as urban infrastructure. Since the establishment of the first UDIC in Shanghai in the early 1990s, UDIC has made tremendous contributions to the promotion of local economic development and urbanization in China. But UDIC has also gradually accumulated a huge debt scale, which has aroused the concern of the entire market about its debt risk. In order to prevent the risk of the national financial system caused by the debt risk of the urban investment company, the state has issued a series of policies to strengthen the supervision of the debt financing and management of the urban investment company. The urban investment company no longer has government credit blessings, and recent credit risk incidents have occurred frequently In the capital market, investors' preference for the credit risk of bond issuers will become increasingly lower. Changes in the operating and financing environment have made the city's original debt risk management system insufficient to cope with current and future debt risks. This article uses a combination of theory and case to conduct research, using the COSO risk management framework, first analyzes the status of D City Investment Company, including the existing government implicit support; secondly, by dividing the nature of the project from the perspective of public welfare and non-public welfare projects, The analysis found that the debt risk faced by D City Investment Company and the deficiencies of the existing risk management; finally put forward suggestions to improve its risk management, on the premise of meeting the requirements of the current relevant management policies and financing policies, refer to the current successful operations in the market Scheme and transaction structure, strengthen its risk management level to cope with the challenges brought about by changes in operating and financing environment.
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