Issuance Of Municipal Bonds In Shenzhen City, The Pilot Model Design And System Build

In recent years, it had happened many times allowing the local government issued municipal bonds in order to solve the problem that the urbanization construction faces funding gap and the financing difficulties. It's very important to explore Chinese local government to issue municipal bonds financing system under this context.This thesis is mainly discussed the feasibility of the experiment from six aspects of Shenzhen municipal bonds issued.Chapter One, introduction. Mainly introduces the background and significance of the research topic, research status, existing problems at home and abroad and related literatures reviewed.Chapter Two, the development of municipal bonds abroad and the enlightenment. Expounded the basic municipal bond theory such as the theory of public goods level, division of government functions, government expenditure and fiscal decentralization theory. The concept, characteristics, nature, type, function and foreign municipal-bond profiles are introduced, especially compare the municipal bond system in the United States with Japan and points out their reference for Chinese municipal bond system.Chapter Three, the explore of municipal bonds in China. Focus on the review of Chinese municipal bond in recent years, propose the necessity and urgency of issuing municipal bonds from the aspects of local government funds demand, improve the tax system, financing needs, prevent and resolve financial risk. Introduce the current "quasi-municipal bonds "feature, the cause, the specific operation mode and exist problems, proposal activity and steady to issue municipal bond in some good condition areas.Chapter Four, the feasibility of issuing municipal bonds in Shenzhen. Especially expound the necessity and advantages of Shenzhen municipal bonds. Discussed the necessity of Shenzhen municipal bonds issued from six aspects of remedy the infrastructure gap,ease the pressure on funding needs, reduce financing costs and financial burden of investment, deepen and develop financial reform market, promote financial reform,optimize the local debt management, accumulated experience and steadily push forward, also emphasize the main advantages of Shenzhen municipal bonds from strong risk control, local government experience of debt management, mature financial markets and international market integration convenience and so on.Chapter Five, the mode selection of Shenzhen developed municipal bond market. According to Shenzhen municipal investment needs, existing financial resources and debt capacity, and based on the research of municipal bond market to describe the development of the basic principles, the main issue, distribution methods, issue type, function, size distribution, distribution period, the interest rate issue, underwriting approach, investors, tax treatment, credit rating, bond guarantees, secondary market liquidity, information disclosure and distribution processes.Chapter Six, risk analyse and system construction of Shenzhen developed municipal bond market. Mainly talked from the credit risk, tax risk, rate risk and financial risk that faced by the local government and center financial risk of the investers, also analyse the risk of local government Issued municipal bond. from the aspects in connection with risk of Propose many policy suggestions to promote Shenzhen pilot municipal bonds such as improved legal protection, supporting policies, establishment of sound supervision, restriction mechanism, reimbursement mechanisms, credit risk management mechanism, working capital management system, intermediaries and market restriction mechanism.