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论文编号：	12030
作者编号：	2320180590
上传时间：	2020/12/10 15:44:08
中文题目：	A地方政府专项债券风险管理研究
英文题目：	Research on risk management of A local government special bond
指导老师：	陆宇建
中文关键字：	专项债券;风险管理;资金平衡
英文关键字：	Special Bond; Risk Management; Capital balance
中文摘要：	2015年，新《预算法》允许地方政府举借债务可以通过发行地方政府债券进行，后续国家通过一系列文件规定对专项债券的相关政策进行细化，目前专项债券的相关政策已日趋完善，并且成为一种有效支持地方政府经济发展的融资手段。今年以来，面对复杂严峻的国际形势，加上年初的疫情冲击，中央继续采取积极的财政政策，在大规模减税降费的基础上，加快推动地方政府专项债券发行使用，结合疫情防控需要和投资领域需求进行方向调整，加强资金和项目对接，补短板、惠民生，带动扩大有效投资，为重大投资项目开工建设提供了有力资金支持。 近年来，专项债券的发行规模不断扩大，存量债券余额和偿还压力也在随之不断增加，地方政府的市场意识、偿债责任都需随之强化，如何平衡好债券发行者和广大投资者之间的利益，是值得研究的问题。为更稳妥地处理稳增长与防风险的关系，用足用好专项债券额度，专项债券的发行、使用、偿还等环节面临的风险应予以提前防范。本文对2020年T市就A项目申请专项债券的过程中风险管理的现状及存在的问题进行深入分析并提出应对建议，提出在加强专项债资金监管的同时，应提前细化项目资金平衡，审核标准应综合考虑公益性项目的性质，细化财务测算的同时，将综合考虑项目收入实现的可行性，将专项债项目管理从跟进项目资金及时、准确的拨付，提前到项目申请环节的政策引导，并借鉴美国市政债券风险防范的经验，提出具体的对策建议。 本文认为，在目前地方政府专项债券风险管理模式下，还需从完善专项债券管理体制、加大识别市场风险力度、科学评估信用风险、构建多元化风险应对策略的角度进一步提升风险管理水平，发挥债券资金的最大效用。
英文摘要：	In 2015, The new "budget law" allows local governments to borrow debt by issuing local government bonds. Subsequent countries have refined the relevant policies of special bonds through a series of documents. At present, the relevant policies of special bonds have been gradually improved and become an effective financing means to support the economic development of local governments. Since this year, in the face of the complex and severe international situation and the impact of the epidemic at the beginning of the year, the central government has continued to adopt a positive fiscal policy. On the basis of large-scale tax reduction and fee reduction, the central government has accelerated the issuance and use of special bonds of local governments, adjusted the direction in combination with the needs of epidemic prevention and control and the needs of investment fields, strengthened the docking of funds and projects, made up the weak points, benefited the people's livelihood, and promoted the expansion of local government bonds Effective investment has provided strong financial support for the commencement of major investment projects. In recent years, with the continuous expansion of the issuing scale of special bonds, the balance of special bonds of local governments is also increasing. The market awareness and debt paying responsibility of local governments need to be strengthened. As the issuers, the interests protection of provincial governments and investors needs to be further balanced. In order to handle the relationship between stable growth and risk prevention, we should make full use of special bonds. analyzes the current situation and existing problems of risk management in the process of applying for special bonds for A project in T City in 2020, and puts forward corresponding suggestions. It is proposed that while strengthening the supervision of special bond funds, the project fund balance should be refined in advance. The audit standard should comprehensively consider the nature of public interest projects, refine financial calculation, and comprehensively consider the realization of project income The feasibility of the project management from follow-up project funds timely and accurate allocation, advance to the project application link of policy guidance, and learn from the United States municipal bond risk prevention experience, put forward specific countermeasures and suggestions. This dissertation holds that under the current risk management mode of local government special bonds, it is necessary to further improve the level of risk management from the perspective of improving the management system of special bonds, increasing the efforts to identify market risks, scientifically evaluating credit risks, and building diversified risk coping strategies, so as to give full play to the maximum effectiveness of bond funds.
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