Study On The Municipal Bond Accumulation Of Urban Infrastructure

Since entering the 21st century, China has stepped into the accelerated development period of urban modernization and rural urbanization. Against the new economic background, the demand of funds for urban infrastructure construction in China is growing fast and fast, while fund-raising becomes the prominent problem. This is important praxis problem, which is the way to colonize the bran-new financing channel and create the modern financing tools that are based on fully utilize intrinsic financial funds, and the primary financing instrument that rely on the loan from bank, which aims to upgrade the proportion of the financing straightly in the whole city capital construction financing. The purpose that talked above is providing abidance and standing funds source for the cosmically city capital establishment construction and maintenance in a phase.As an effective financing tool for infrastructure projects, municipal bonds played an important role at the beginning of industrialization and urbanization in Western countries. At present, municipal-bonds have become an important and sophisticated financial product in developed countries. But due to our legal system constraints, municipal bond is not legal in China nowadays. The conflict between giant finance gap and prohibited loan-based raise by law gives the way to another approach to raise money, Quasi-municipal Bond. However, there are a lot of deficiencies of the immature product of China's economic system reform. Thereafter, the way to legalize, standardize and systematize Quasi-municipal Bond is a significant problem worth further research in the current law and society credit system environment.Base on the theories of Urban Infrastructure and municipal bonds, we comprehensively apply statistical analysis method, empirical analysis, the method of comparative analysis and other research methods to figure out how to use the municipal bonds for Urban Infrastructure. The topic embraces five parts.The first part is "Introduction". This part describes en the-research background and significance of this topic, and then review domestic and foreign research situation, the main contents and methods of study and innovations and inadequacies. The second part explains the fundamental theories related to urban infrastructure construction and municipal bonds. What is more, the theories of public goods and item discrimination which connect them together is well developed in this chapter. Then, the research of Municipal bond accumulation of urban infrastructure can be extended easily based on a complete conception system. The third part gives a brief analysis and summary of the local Quasi-municipal Bond. Then the realization reason is discussed from the perspective of necessity and feasibility. The forth part is the frame design. An innovative suggestion of a new concept of municipal bonds suitable for China especially is raised from the success examples of America and Japan in the aspect of municipal bonds issue, operation and management. Besides, the paper also designs the frame for the infrastructure construction development and municipal bond as well as the measures of risk-free. The last part takes an example of Jiangxi Province to estimate the credit risk of municipal bond financing. Then the tube project of Nanchang is the instance of municipal bond fund-raising design.