基于KMV模型的市政债券融资风险问题研究

城市基础设施是城市发展水平和文明程度的重要支撑,是城市经济和社会协调发展的物质条件,也是一个地区乃至一个国家经济和社会协调发展的基础。市政债券在国外特别是发达国家已经被广泛地运用于城市基础设施建设。对湖北省的市政债券的信用风险问题进行实证分析得出:应从市级债券的风险控制入手,严格控制其发行规模,从而将风险控制在可接受的范围内。运用KMV模型的实证债券信用风险测度模型。

A Preliminary Study on Problems of Risk in Municipal Bonds Financing Based on KMV Model

Urban infrastructure construction is essential support to the development of cities and culture.It performs as substance basis for the co-development of the society and economy.Meanwhile,it is also the basis for the economic and social development of one area or even one country.Municipal bonds have been widely applied to infrastructure construction in developed countries.Empirical analysis of the municipal bond credit risk in Hubei Province shows risk control from municipal bonds to start the strict control of its issue size,risk control within the acceptable range.The use of the KMV model and the empirical bond credit risk estimation models.