市场化发展、信用违约与市政债券风险防范:基于美国的经验

发布时间：2018-09-01 07:56

【摘要】：历经多年发展,我国地方政府债券进入了"自发自还"阶段,但存在总体规模较大、发债期限错配、市场流动性不足、辅助制度不完善等风险。通过对美国市政债券的发行状况、投资者结构、收益水平、期限结构的多角度分析,对其违约事件、违约概率、违约分布的多指标考察,对其监管体系和三位一体的风险防范机制的剖析,认为市政债券与城镇化发展相生相伴,市政债券市场需要丰富的差异化产品,需要广泛的投资者和合理的期限结构,需要优惠的税收政策支持。
[Abstract]:After years of development, local government bonds in our country have entered the stage of "spontaneous repayment", but there are some risks, such as large scale, mismatch of maturity, lack of liquidity in the market, imperfect auxiliary system and so on. Through the multi-angle analysis of the issuance status, investor structure, income level, term structure of American municipal bonds, the multi-index investigation of default event, default probability, default distribution, Through the analysis of the supervision system and the risk prevention mechanism of the trinity, it is concluded that the municipal bond market needs rich differentiated products, extensive investors and reasonable term structure, and the municipal bond market is accompanied by the development of urbanization. Preferential tax policies are needed.
【作者单位】：兰州财经大学;甘肃省金融协同创新中心;
【基金】：甘肃省软科学基金“甘肃省新兴产业发展模式和培育机制研究”(项目编号:1604ZCRA026)
【分类号】：F171.2;F817.12

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