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论文编号：	13871
作者编号：	2320200709
上传时间：	2023/6/3 9:43:51
中文题目：	A市Z医疗卫生专项债券风险管理研究
英文题目：	Research on Risk Management of Z Revenue Bond For Medical and Health in A City
指导老师：	陆宇建
中文关键字：	专项债券;风险管理;地方政府
英文关键字：	Revenue bond; Risk management; The local government
中文摘要：	发行地方政府专项债券，是积极的财政政策，是支持基础设施建设、促进经济社会发展、稳定经济增长的重要工具。我国自2015年全面开放各省、直辖市、自治区的地方政府专项债券自发自还以来，地方政府专项债券的规模迅速增加、种类不断丰富，已然成为目前地方政府最重要的融资方式之一。 本文以全面风险管理框架为基础，选取了A市Z医疗卫生专项债券为分析对象，结合专项债券的项目申报、债券发行、项目建设和运营、债券资金偿还等基本环节，重点研究了该债券在风险识别、风险评价、风险应对等风险管理过程中存在的问题，发现Z医疗卫生专项债券在风险识别方面高估了项目的预期收益，过于依赖项目的实施方案而忽略了项目建设风险管理，对债券资金闲置风险的风险识别不全面；在风险评价方面对Z医疗卫生专项债券的信用评级针对性不强，缺少针对Z医疗卫生项目的风险评估指标，未对影响项目融资平衡的因素进行敏感性测试；在风险应对方面，债券发行环节缺少风险转移手段，使用环节资金使用效益不高，运营环节净收益难提高等问题，并分析了产生问题的原因。 对于发现的问题，提出了对Z医疗卫生专项债券进行风险管理的优化措施：一是充分进行风险识别，加强对Z医疗卫生项目收益测算的审核，进行尽职调查提早识别项目建设和运营过程中的风险因素等；二是科学进行风险评价，优化专项债券的评级模型，对Z医疗卫生项目收益影响因素进行敏感性测试，并设计针对Z医疗卫生项目的风险评价指标；三是优化风险应对措施，发行再融资专项债券缓解Z医疗卫生专项债券偿还的燃眉之急，完善债券资金评价制度，建立偿债备付金制度强化偿债能力保障等。通过风险管理的优化，预期Z医疗卫生专项债券在风险应对方面得到较好的效果。
英文摘要：	Issuing special bonds for local governments is a proactive fiscal policy and an important tool to support infrastructure construction, promote economic and social development, and stabilize economic growth. Since China fully opened up the special bonds of local governments in provinces, municipalities and autonomous regions in 2015, the scale of special bonds of local governments has increased rapidly and the types have become increasingly rich, which has become one of the most important financing methods of local governments. Based on the comprehensive risk management framework, this dissertation takes Z revenue bond for medical and health of A city as the analysis object，combined with the basic links of the special bonds such as project application, bond issuance, project construction and operation, bond fund repayment, and focused on the problems existing in the risk management process of the bond such as risk identification, risk evaluation, risk response, etc. It is found that the Z revenue bond for medical and health overestimates the expected return of the project in terms of risk identification, relies too much on the project implementation plan and ignores the project construction risk management, and the risk identification of the unused risk of bond funds is not comprehensive. In terms of risk assessment, the credit rating of Z medical and health special bonds is not targeted, lack of risk assessment indicators for Z medical and health projects, and sensitivity test of factors affecting project financing balance is not carried out. In terms of risk response, problems such as lack of risk transfer means in bond issuance, low efficiency in using funds, and difficulty in improving net income in operation are analyzed. For the problems found, the optimization measures for the risk management of Z revenue bond for medical and health are put forward: first, accurate risk identification, strengthening the audit of the income calculation of Z medical and health projects, due diligence and early identification of risk factors in the project construction and operation; Second, scientific risk evaluation, optimization of the special bond rating model, sensitivity test of Z medical and health project income factors, and design risk evaluation indicators for a single project of Z medical and health project; The third is to optimize the risk response measures, issue refinancing special bonds to relieve the urgent need of Z medical and health special bonds repayment, improve the bond fund evaluation system, establish debt repayment provision system to strengthen the guarantee of solvency, etc. Through the optimization of risk management, Z revenue bond for medical and health is expected to get better results in risk response.
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