山东省地方政府债券的发行和定价问题分析-analysis on the issue and pricing of local government bonds in shandong province.docxVIP

摘要地方政府债券在我国正式发行已五年有余，它的发行既解决了地方政府财政 吃紧的问题，也使地方政府的筹资方式更加灵活。但是在实际运行中，地方政府债券的相关法律法规不够完善、监管效率较低、 期限结构失调、发行利率偏低以及发行利率不符合市场化要求等问题，已日渐成 为制约我国地方政府债券市场发展的瓶颈。本文通过研究地方政府债券的国内外研究现状、相关定义及理论依据，分析 了地方政府债券的特点和影响因素，并着重分析山东省地方政府债券发行中存在 的地方性法律缺失、监管低效、期限比例不当等问题，分析山东省的地方政府债 券定价中存在的未考虑风险因素、未体现流动溢价、未摆脱行政干预等问题，归 纳出发行和定价中的影响要素。研究发现，山东省地方政府债券工作一直在全国统一的框架下稳步推进，但 是，要切实用好地方政府债券这把筹资的利剑，山东省要在以下几个方面进行改 善：建立和完善适合山东省具体情况的地方性规章制度；确定适当的发行期限、 增加长期债券的比重，形成以中长期为主的发行期限结构；在定价上，应将利率 市场化，完善对风险的评估和控制，形成与市场相适应的定价机制等。 关键词：地方政府债券债券发行债券定价AbstractFive years ago China first allowed local governments to issue bonds, which relieved financial stress and boosted financing sources at the local level.However, an incomplete legal system with low efficiency in regulation, complicated by unbalanced term structure, and low or inappropriate interest rates, has become the bottleneck for the local bond market.This paper reviews the existing literatures on government bond from home and abroad, and explores relevant definitions and theoretical basis so as to analyze features and influencing factors of local government debt. The focus is on the gaps in local law, inefficiencies in supervision and unbalanced term ratios, with the purpose to explore such problems as ignored risks, absence of liquidity premium and administrative intervention, and to pinpoint the factors that influence issuing and pricing of such bonds.Previous studies found that Shandong Province has seen constant improvements in its bond-related work under a unified national framework. The followings are needed for better financing using government bonds in Shandong Province: improvements in the local legal system; appropriate offering periods, greater share for long-term bonds; liberalized interest rates, better risk assessment and control, and a pricing mechanism based on market.Key words:Local Government BondBond IssuanceBond Pricing目录第 1 章绪论 ....................................................................................................................... 1