【作者】 胡清芬；

【导师】 朱芳；

【作者基本信息】 暨南大学 ， 金融学， 2008， 硕士

【摘要】 市政债券作为一种为城市基础设施建设提供资金的融资工具,在发达国家得到广泛发展的同时,也越来越多地受到发展中国家的重视。本文在对市政债券相关理论及研究成果评述的基础上,结合目前实际国情,分析了我国发行市政债券的可行性,对我国至今尚未推出市政债券的原因进行了探究。文章以我国市政债券发行的风险为着眼点,着重研究了在当前国情下,我国允许地方政府发行市政债券可能带来的隐患,并运用改进的KMV模型及信号传递模型对市政债券发行的信用风险、道德风险进行了分析论述。最后针对风险问题研究,结合我国实际情况,借鉴国外发达国家市政债券风险控制、发行监管的成功经验,提出了推动我国地方市政债券发行的对策建议。更多还原

【Abstract】 The municipal bond is a financing tool which can be used to provide fund for the city infrastructural facilities. The developed countries obtain widespread development of the municipal bond, and more and more developing countries have realized its value.This paper is based on the remark about the correlated theories and researches of the municipal bond .With Chinese present actual national condition, the feasibility of the municipal bond issuance in China is analyzed, and the reasons why our central government does not promote the municipal bond to carry on in our country yet are narrated. This paper focuses on the municipal bond issuance risks in China, and we take pains to study the hidden dangers which the municipal bond possibly brings if our country allows the Local authority to issue local municipal bond, under the current national condition. Then, the improved KMV model and signaling game model are utilized to investigate the credit risk and moral hazard risk. Finally, in view of the municipal bond issuance risks analyses, with Chinese actual situation and the successful experiences of the municipal bond supervision in the developed countries, this paper puts forward the countermeasure proposals which will drive our local municipal bond to appear.更多还原