| 中国城投债发行规模实证研究 |
| |
| 引用本文： | 吴先红,冯科,张凉.中国城投债发行规模实证研究[J].首都经济贸易大学学报,2015,17(1):24-32. |
| |
| 作者姓名： | 吴先红 冯科 张凉 |
| |
| 作者单位： | 1. 北京大学经济学院,北京,100871
2. 北京大学软件与微电子学院,北京,102600 |
| |
| 摘 要： | 在总结国外地方政府债券发展现状的基础上,探讨影响城投债发行规模的相关因素,并对地方政府城投债发行偏离度进行实证分析。基于改进后的KMV模型,对2013年城投债发行合理规模进行测算,和实际发行规模对比,结果显示目前中国部分省市城投债出现过度发行现象,地方政府需提早进行准备,警惕今后可能出现的债务偿还风险。
|
| 关 键 词： | 地方政府债券 城投债 发行规模 |
| 收稿时间： | 2014/10/24 0:00:00 |
The Empirical Study of Issuance Scale of Quasi-municipal Bonds in China |
| |
| WU Xianhong,FENG Ke,ZHANG Liang.The Empirical Study of Issuance Scale of Quasi-municipal Bonds in China[J].Journal of Capital University of Economics and Business,2015,17(1):24-32. |
| |
| Authors: | WU Xianhong FENG Ke ZHANG Liang |
| |
| Institution: | WU Xianhong;FENG Ke;ZHANG Liang;School of Economics,Peking University;School of Software and Microelectronics,Peking University; |
| |
| Abstract: | This paper summarized the development of foreign municipal bonds and explored the factors affecting the issue scale of Quasi-municipal Bond. Then the paper analyzed the deviation of Quasi-municipal Bonds and calculated the reasonable scale of issuance in 2013 based on the improved KMV model. And compared with the actual issue scale in that year. The result shows that some provinces have the phenomenon of over-scale issuance. Local governments need to prepare for the repayment and wary of the default risk that may happen in the future |
| |
| Keywords: | local government bond quasi-municipal bond issuance scale |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
| 点击此处可从《首都经济贸易大学学报》浏览原始摘要信息 |
| 点击此处可从《首都经济贸易大学学报》下载免费的PDF全文 |
