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论文编号：	15415
作者编号：	2320213884
上传时间：	2025/6/10 21:14:27
中文题目：	A区地方政府专项债券风险管理研究—以生物医药产业园债券为例
英文题目：	Research on the risk management of local government special bonds in District A— Take the bonds of the Biomedical Industrial Park as an example
指导老师：	王志红
中文关键字：	专项债券；风险识别；风险评估；风险应对
英文关键字：	special bonds; risk identification; risk assessment; risk response
中文摘要：	近年来，我国经济社会发展进入转型期，土地财政难以为继，地方政府财政收支矛盾加大，中央要求积极的财政政策要适度加力、提质增效，特别是要发行使用好超长期特别国债和地方政府专项债，更好发挥政府投资带动作用。专项债券作为当前重要的财政金融创新之一，由于其资金用途和偿还资金来源等特点，纳入政府性基金预算管理，不列入赤字，具有较高的灵活性，成为地方政府重大项目融资的重要渠道，逐步发挥出稳增长、惠民生的积极作用。但从实际情况看，地方政府专项债券普遍存在“重发行、轻管理，重使用、轻绩效”的问题，随着专项债券规模的迅速增长，在债券发行、使用、管理、偿还过程中的风险逐步暴露出来，如何做好专项债券风险管理成为当前亟需解决的问题。 本文以A区生物医药产业园专项债券为例，对债券发行、使用、管理、偿还过程进行风险管理分析。在前期准备阶段，总结了有关债务风险的国内外现有研究成果，梳理了内部控制理论、风险管理理论、生命周期理论等相关理论，对A区生物医药产业园专项债券使用现状进行了调研，总体掌握了该专项债券资金使用情况和风险管理现状，通过对生物医药产业园项目专项债券的风险识别、风险评估、风险应对措施分析，总结出专项债券风险管理中存在的信用评级对象错位、资金使用管理难度大、信息披露不完整、项目收益归集管理薄弱等问题。在对策建议部分，在学习借鉴国内外政府专项债券风险管理的先进经验做法前提下，针对A区生物医药产业园项目实际情况，在债券发行、使用、管理、偿还四个方面提出完善信用评级制度、加强资金专户管理、规范信息披露机制、加强项目收益归集管理等措施，对专项债券的使用管理方式进行规范，避免专项债券引发地方政府债务风险。
英文摘要：	In recent years, China's economic and social development has entered a transition period. The land finance approach is no longer sustainable, and the fiscal revenue and expenditure imbalance of local governments has intensified. The central government has demanded that the proactive fiscal policy should be moderately strengthened, improved in quality and efficiency. Specifically, it is essential to issue and utilize ultra-long-term special treasury bonds and local government special bonds effectively to better exert the stimulating role of government investment. Special bonds, as one of the crucial fiscal and financial innovations currently, are managed under the government's fund budget due to their specific fund usage and repayment sources and are not included in the deficit. They possess relatively high flexibility and have emerged as an important financing channel for major projects of local governments, gradually exerting positive effects in stabilizing growth and benefiting people's livelihood. Nevertheless, in actual practice, during the management of special bonds, a prevalent issue exists, namely, "emphasizing issuance over management and usage over performance". With the rapid expansion of the scale of special bonds, risks in the processes of issuance, utilization, management, and repayment have gradually surfaced. How to manage the risks of special bonds has become an urgent problem that needs to be resolved promptly. This paper takes the special bond of the Biomedical Industrial Park in Area A as an example to conduct a risk management analysis of the bond issuance, usage, management and repayment process. In the preparatory stage, it summarizes the existing research results on debt risks at home and abroad, sorts out relevant theories such as internal control theory, risk management theory, and life cycle theory, and conducts a comprehensive investigation on the current usage status of the special bond of the Biomedical Industrial Park in Area A. It has a general understanding of the usage of the special bond funds and the current status of risk management. Through the analysis of risk identification, risk assessment, and risk response measures of the special bond for the Biomedical Industrial Park project, it concludes that there are problems such as misalignment of credit rating objects, difficulty in managing the use of funds, incomplete information disclosure, and weak management of project revenue collection in the risk management of special bonds. In the section of countermeasures and suggestions, based on learning and drawing on the advanced experience and practices of risk management of government special bonds at home and abroad, and in light of the actual situation of the Biomedical Industrial Park project in Area A, it proposes measures such as improving the credit rating system, strengthening the management of special accounts for funds, standardizing the information disclosure mechanism, and strengthening the management of project revenue collection in the four aspects of bond issuance, usage, management and repayment, to standardize the usage and management methods of special bonds and avoid the risk of local government debt caused by special bonds.
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