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论文编号：	5772
作者编号：	2120112524
上传时间：	2013/12/4 14:59:55
中文题目：	地方政府融资平台的债券设计研究——以某商业银行投行部为例
英文题目：	Design of Issuing Bond for Local Government Financing Platform-Take Investment Department of a Commercial Bank for Example
指导老师：	齐岳
中文关键字：	地方政府融资平台;债券;融资;商业银行
英文关键字：	Local government financing platform;Bond;Financing;Commercial bank
中文摘要：	地方政府融资平台是指地方政府出资设立并承担连带还款责任的机关、事业、企业三类法人。地方政府融资平台的经营范围涵盖广泛，主要包括地铁、机场、轻轨、公共汽车等城市交通设施建设，桥梁、市内道路、高架路、人行天桥等路网建设，城市供电、供水、供气、污水处理、电信、园林绿化、环境卫生等公用事业建设等领域。 　　在现行体制下，地方政府融资平台承载着地方发展建设的重任，其作用包括但不限于促进经济增长、推动城镇化进程、协调政府职能和推动金融市场改革，是地方发展重要的助推剂。然而，伴随着近年来中国经济的强劲增长，地方政府融资平台的体量不断增加，相应的风险日益显现，主要体现为较高的负债率和较弱的偿债能力，这不仅提高了银行的信贷风险和财政的隐性偿付风险，而且加剧了宏观经济的波动。 　　同时，由于地方政府融资平台承担基础设施建设过程中的资金缺口往往较大，单纯依靠银行信贷、信托资金及股权方式进行融资，难度较高。如何弥补这一资金缺口，为地方政府融资平台实现安全有效实现融资，成为当下社会的热点话题之一。 本文在回顾投融资及经济发展经典理论的基础上，介绍了地方政府融资平台的发展历史、现状、对经济发展的作用及监管政策，以作者的实际工作经验为基础，以某商业银行投行部为某地方代表性大型平台企业进行债券设计作为切入点，对平台企业的生产经营状况、融资环境进行了分析，结合平台企业的自身特点，提出以债券融资作为首选方式，解决平台企业的融资需求。为了保障债券持有人利益，提高债券市场认可度，有效降低债券成本，提出在融资方案中加入偿债规划，为其他平台企业的融资提供了一定借鉴。
英文摘要：	Local government financing platform refers to three kinds of enterprises, including government agencies, institutions and corporations, which are funded and assumed joint responsibility for repayment by local government. Local government financing platform covers a wide range of operations, including subways, airports, light rail, buses, and other urban transport facilities; bridges, local roads, elevated roads, pedestrian bridges and other road network construction; urban power supply, water supply, gas supply, sewage processing, telecommunications, landscaping, sanitation and other public utilities construction. Nowadays, local government financing platform carries the task of local infrastructure construction, its role includes increasing economic growth, promoting the process of urbanization, coordinating government functions and promoting financial market reforms. Therefore, it plays the role of important local development booster. However, with China's strong economic growth in recent years, local government financing platform is getting bigger and bigger, and its corresponding risk is increasingly apparent, mainly reflecting higher debt ratio and weaker solvency, which not only improves the bank's credit risk and hidden financial solvency risk, but also exacerbates macroeconomic fluctuations. As the funding gap in its process of committing infrastructure construction tends to be large, it’s difficult for the local government financing platform to get money simply relying on bank credit, trust funds and equity financing. How to fill this funding gap and achieve safe and effective funds for the local government financing platform has become a hot topic of contemporary society. Based on the review of classical financing, investment and economic development theory, this thesis introduces the history, current status, role in economic development and regulatory policies of local government financing platform. Also, with the author's practical experience, this thesis uses an example, during which a commercial bank’s investment department managed to design the structure of bond for a representative large local government financing platform, to express its views. By analyzing the environment of its operations and financing, and the characteristics of government financing platform, the thesis recommends bond financing as a preferred way for the government financing platform to solve its financing needs. In order to protect the interests of the bondholders , improve the bond market acceptance, and reduce the cost of bond effectively, this article manages to propose a bond repayment scheme, which may provide some reference for other financing platforms.
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