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

作　　者：黄本鑫 黄剑云 任云霄 HUANG Ben-xin;HUANG Jian-yun;REN Yun-xiao(Dongxing Securities Co.,Ltd.)

机构地区：[1]东兴证券股份有限公司,北京100033

出　　处：《当代金融研究》2023年第12期38-49,共12页Journal of Contemporary Financial Research

基　　金：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)。

摘　　要：城投债作为我国信用债市场的重要品种,一方面为城市基础设施建设与运营提供了资金保障,推动了城镇化进程;另一方面其规模迅速膨胀也积累了地方政府债务风险和金融风险。在地方政府财政压力高企的背景下,其隐性担保能力的下降改变了投资机构对城投债的风险偏好。本文基于城投债现状、地方债务风险形成机理以及信用风险管理的难点,构建了以打分卡及信用利差为基础的内部评级体系。同时,对新时期城投债的主要特征进行总结,并提出相关政策建议:制定科学合理的城投债发行计划和规模,防控债务过度累积和短期债务占比过高;根据城投公司的财务状况、偿债能力等因素设定债务风险预警指标体系。As the main variety of China's credit bond market,urban investment bonds have provided important financial guarantee for urban infrastructure construction 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 investment institutions for urban investment bonds.Based on the current situation of municipal investment bonds,the mechanism of local debt risk formation and the difficulties of credit risk management,this paper constructs an internal rating system based on scorecard and credit spread,and summarizes the main features of municipal investment bonds in the new period,and puts forward relevant policy recommendations:formulate a scientific and reasonable urban investment bond issuance plan and scale,prevent excessive debt accumulation and short-term debt ratio accounted for too high;according to the financial situation and solvency of urban investment 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 

分 类 号：F832.5[经济管理—金融学]