当代金融研究2023，Vol.6Issue(12)：38-49,12.DOI:10.20092/j.cnki.ddjryj.2023.12.004
城投债信用风险管理实践与策略研究
Research on Credit Risk Management Practices and Strategies of Municipal Investment Bonds
摘要
Abstract
As the main variety of China's credit bond market,urban investment bonds have provided important financial guarantee for urban infrastructure con-struction and operation,and promoted the urbanization process;on the other hand,their rapidly expanding scale has also accumulated local government debt risks and financial risks.Against the background of high local government financial pressure,the decline of implicit guarantee capacity has changed the risk preference of invest-ment institutions for urban investment bonds.Based on the current situation of mu-nicipal investment bonds,the mechanism of local debt risk formation and the diffi-culties of credit risk management,this paper constructs an internal rating system based on scorecard and credit spread,and summarizes the main features of munici-pal investment bonds in the new period,and puts forward relevant policy recom-mendations:formulate a scientific and reasonable urban investment bond issuance plan and scale,prevent excessive debt accumulation and short-term debt ratio ac-counted for too high;according to the financial situation and solvency of urban in-vestment enterprises,set up the debt risk early warning index system.关键词
城投债/地方政府债务/内部评级体系/信用风险管理Key words
Municipal Bonds/Local Government Debt/Internal Rating System/Credit Risk Management分类
管理科学引用本文复制引用
黄本鑫,黄剑云,任云霄..城投债信用风险管理实践与策略研究[J].当代金融研究,2023,6(12):38-49,12.基金项目
中国社会科学院国情调研重大项目"地方政府平台公司城投债违约调研:趋势、风险与应对"(GQZD2022016). （GQZD2022016）
