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论文编号：	13321
作者编号：	2120202909
上传时间：	2022/6/11 14:18:24
中文题目：	县城新型城镇化建设专项企业债券条款设计和风险控制研究—以D公司专项企业债券为例
英文题目：	The Research on Terms Design’s and Risks Control of County New Urbanization Special Bond——Based on D Company’s Special Enterprise Bond
指导老师：	齐岳教授
中文关键字：	专项企业债；城投公司；债券期限；选择权；风险控制
英文关键字：	New Urbanization; Special Enterprise Bonds; City Investment Company; Bond Duration; Options; Risks Control
中文摘要：	改革开放以来，我国在过去四十年中经历了快速的城镇化进程。随着我国经济发展水平的不断提升，我国城镇化进程逐渐转向为以城乡统筹、城乡一体、产业互动、节约集约、生态集约、和谐发展为主要特征的新型城镇化阶段。在城镇化进程中，城投公司作为各地政府投融资平台在推进新型城镇化的进程中承担起部分政府职能，进行债务融资以支持各地区城镇化建设。本文基于新型城镇化这一时代背景，选取D公司为研究对象，运用优序融资理论、公共产品生产理论和项目区分理论探讨低财政收入县城的城投公司进行产业园建设如何募集资金。县城新型城镇化建设专项企业债券在政策、成本、资金项目周期匹配和效率方面均能够匹配产业园区建设，发行县城新型城镇化建设专项企业债券是最适合D公司产业园建设的融资方式。在专项企业债券的发行过程中存在诸多困难，D公司面临着市场信用债券违约导致资金方对低评级城投公司企业债券认可度不高；县城财政收入较低导致公司信用评级等级不高，债券发行面临困难；公司无充足的不动产抵押物给债券増信提供反担保，债券増信面临困难；专项企业债券期限与银行风险管理不匹配，难以找到期限匹配的资金；债券期限较长，导致买卖双方均面临利率风险。D公司对资产进行梳理，盘活划拨属性的不动产为债券抵押进行増信；运用债券久期等理论对县城新型城镇化建设专项企业债券的条款进行了重点研究并合理设计以满足市场资金偏好，保证了专项企业债券的顺利发行。对县城新型城镇化建设专项企业债券发行后的风险以及对策进行分析，提出了启示和融资策略。本论文的重点是对专项企业债券的条款设计方面研究基础发行额和弹性配售额的比例设置、通过还本付息条款来合理化债券久期、通过票面利率调整权和回售权条款降低利率风险，从而顺利发行县城新型城镇化建设专项企业债券。文章还提出发行成功后如何管控好相关风险，并对该债券的市场发展趋势进行分析，从而参考如何加快推进我国新型城镇化发展进程。
英文摘要：	Since the Opening and Reforming, China has experienced rapid urbanization. The traditional definition of “urbanization” is referring to people concentrating and merging into urban areas. With the gradual development of China’s economy, urbanization has moved into the “new urbanization” stage that has the characteristics of urban-rural areas integration, industrial interaction, conservation intensive, ecological intensive, and harmonious development. During the process of urbanization, City Investment Companies (CIC) as local government investment and financing platforms, assume part of government functions in the process of promoting new urbanization and mainly carry out debt financing to support urbanization in various regions. Based on the background of the era of new urbanization, this paper selects D company as the research object, using the theory of priority financing, public goods production, and project differentiation to discuss how to raise funds for the construction of industrial parks by CICs in counties with low fiscal revenues. The counties’ special enterprise bonds for new urbanization construction can match the construction of industrial parks in terms of policy, cost, capital project cycle matching and efficiency. Issuing the counties’ new urbanization special enterprise bond is the most suitable financing method for the construction of the industrial park of Company D. There are many difficulties in the issuance process of the special enterprise bond. Company D is facing the default of market credit bonds, which leads to low recognition of the low-rated enterprise bonds of CICs by funding parties; the low fiscal revenue of the county leads to a low credit rating of the company which bring difficulties in bond issuance; the company does not have sufficient real estate collateral to provide counter-guarantee for the bond credit enhancement, which causes further negative impacts in the bond rating; the maturity of special enterprise bonds mismatch the bank's risk management, and it is difficult to find funds with the matching maturity; the bonds have a relative long maturities, exposing both buyers and sellers to the interest rate risk. The company sorts out the assets, revitalizes the real estate of the allocated property for bonds collateral to enhance credit; it applies the theory like bond duration to focus on the terms setting of the counties’ new urbanization special enterprise bonds and designs it reasonably to meet the market capital preference, ensuring the successful issuance of the special enterprise bonds. Finally, this paper analyzes the risks and countermeasures after the issuance of the counties’ new urbanization special enterprise bonds and proposes enlightenment and financing strategies. The main point of this paper is to study the proportion of basic issuance and flexible allotment in terms of the design of special enterprise bonds. The counties’ new urbanization special enterprise bonds can be successfully issued by rationalizing bond duration through debt service provisions as well as reducing interest rate risk through coupon rate adjustment and back sell provisions. The paper further proposes how to manage and control related risks after the successful issuance and analyzes the market development trend of this kind of bond, so as to refer to how to accelerate the development of new urbanization in China.
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