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论文编号：	12444
作者编号：	2320180597
上传时间：	2021/6/11 15:29:27
中文题目：	新基建背景下天津市运河改造项目的融资设计研究--基于地方政府专项债视角
英文题目：	Research on the Financing Design of Tianjin Canal Reconstruction Project under the Background of New Infrastructure--Based on the Perspective of Local Government Special Debt
指导老师：	齐岳 教授
中文关键字：	新基建;地方政府专项债;偿债保障;融资设计
英文关键字：	new infrastructure; local government special debt; debt repayment guarantee ; financing design
中文摘要：	为对抗整体经济下行，增强市场经济活力，增加国家的竞争力，我国发布了新基建的建设理念。早些年间，我国地方政府专项债出台，地方政府专项债的创设目的是规范地方政府融资问题。新基建项目种类繁多，每一种领域的建设期与回报率各不相同。不同新基建领域的融资方式各有不同。但是有一类新基建公益性属性较强，建设周期长，回报率尚可的项目。在地方政府无法增加新负债融资的情况下，与之相对应的合适融资方式就是地方政府专项债。 本文以天津市运河改造项目为例，针对天津市运河改造项目发行地方政府专项债的融资设计进行研究。分析了募集资金的主要用途，并对偿债来源开始进行梳理，总共有运河营运、产业园区运营及相关产业收益，特色小镇的承包收入等，经测算对于长期来说是有稳定现金流产生的，是可以有一定的盈利能力的。在证明募集资金用途合理，偿债来源有保障之后设计了本期地方政府的发行要素，选择了合适的首发金额及发行期限，针对利率波动的风险设计了浮动利率的计息方式挂钩“LPR”。针对地方政府专项债具有“自偿性”的特点，投资人对本期还款能力的不确定性，增加了内外部的增信措施。内部增信包含项目资产抵押担保、加速清偿条款。外部增信措施中包含了债券保险制度、外部的流动性支持等。同时针对本次项目未来收益存在一定的不确定性，设计了国外市政债券较为普遍的提前赎回条款，保证在有超预期盈利资金时可以将闲置资金提前偿还本金减轻后续还款压力。虽然条款设计及还款来源分析均已做了充分的研究与论证。但是在债券发行及存续期依旧存在着一些无法避免的风险。在第五章中，对此类风险产生的情况及相应对策进行了梳理，并在第二节内容中提出了对地方政府专项债未来制度建设方面的几个思路。包含双评级制度、债券保险制度、设立偿债备偿机制以及更加完善的信息披露制度。 本论文通过天津市运河改造项目的融资方式为例，提出利用现有地方政府专项债来解决融资问题。针专项债融资会出现的各类问题，利用债券条款设计，增强专项债的偿债保障及投资人范围，为新基建项目中具有自偿性的融资提供了一种解决方案，具有一定的现实意义。
英文摘要：	In order to counter the overall economic downturn, enhance the vitality of the market economy, and increase the country’s competitiveness, my country has released the concept of new infrastructure construction. In the early years, my country's local government special bonds were issued, and the purpose of the creation of local government special bonds was to regulate the financing of local governments. There are many types of new infrastructure projects, and the construction period and rate of return in each field are different. Different new infrastructure fields have different financing methods. However, there is a category of new infrastructure projects with strong public welfare attributes, long construction period, and acceptable rate of return. In the case that local governments cannot increase new debt financing, the corresponding appropriate financing method is local government special debt. This paper takes the Tianjin Canal Reconstruction Project as an example to study the financing design of the Tianjin Canal Reconstruction Project to issue local government special bonds. Analyzed the main purpose of the raised funds, and began to sort out the sources of debt repayment. There are a total of canal operations, industrial park operations and related industry income, and the contracting income of characteristic towns. It is estimated that there will be stable cash flow generation in the long term. Yes, it is possible to have a certain profitability. After proving that the use of the raised funds is reasonable and the source of debt repayment is guaranteed, the local government’s issuance elements have been designed for this period , the appropriate initial issuance amount and issuance period have been selected, and the floating interest calculation method linked to the " LPR " has been designed for the risk of interest rate fluctuations. . In view of the “self-repaying” characteristics of local government special bonds , investors’ uncertainty about their ability to repay this period has increased internal and external credit enhancement measures. Internal credit enhancement includes project asset mortgage guarantees and accelerated repayment clauses. External credit enhancement measures include bond insurance system and external liquidity support. At the same time, in view of the uncertainty of the future income of this project, a more common early redemption clause for foreign municipal bonds was designed to ensure that idle funds can be repaid in advance to reduce the pressure of subsequent repayment when there is more than expected profit funds. Although the clause design and repayment source analysis have been fully researched and demonstrated . However, there are still some unavoidable risks in bond issuance and duration. In the fifth chapter, the situation of such risks and the corresponding countermeasures are sorted out , and in the second section , several ideas for the future system construction of local government special bonds are put forward . Including a dual rating system, a bond insurance system, the establishment of a debt repayment and compensation mechanism, and a more complete information disclosure system. This paper takes the financing method of the Tianjin Canal Reconstruction Project as an example, and proposes to use the existing local government special debt to solve the financing problem. Aiming at various problems that may arise in special debt financing, using bond clause design to enhance the debt repayment protection of special debt and the scope of investors, providing a solution for self-repaying financing in new infrastructure projects , which has certain reality significance.
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