The Empirical Study Of Chinese Local Government Bonds Issue Effect Factors

In order to solve in the process of urbanization, the local government faces a funding gap and financing, our country has relaxed to local government debt control, in2009by the Treasury bond issue local agent, followed by2011under the approval of the state council in2011, Shanghai, zhejiang, guangdong province and shenzhen in local government translated by pilot, this represent China in the development of the local bonds entered into a new phase.In this context, the exploration of our local bond issuance of the characteristics and the influence factors of the local bond issue is very important.This thesis mainly of five chapters, on local bonds are analyzed, and the key to local bonds the factors affecting the empirical analysis.The first chapter,introduction.This paper mainly introduces the topic selection to choose a background and significance, and introduces the present situation of the study at home and abroad. Chapter2, this paper introduces the connotation of the local bonds and theoretical basis.Is mainly to the local bonds the concept and characteristics of into the introduction.Focusing on the local bonds the theoretical basis of existence, mainly including:public goods theory and bonds theory and fiscal decentralization theory.On the local bonds with the introduction of the theory basis of connotation, the main reason is the hope of this paper is to study is full andcomplete.In the third chapter, at home and abroad and the development of bonds to place the comparative analysis.Including decentralization system the United States the development of municipal bonds, centralized system where the development of Japanese government bonds and is still in the initial stage of the development of the local bonds in China, mainly from distribution background and history, issued subject, investors, bond type, bonds scope of use of several aspects launches. The fourth chapter, local bond issue to influence factors of the empirical analysis.GDP per capita GDP, selection, general budget income, general budget expenditure, and the social fixed assets investment and town unemployment population were six variables, with Eviews6.0measuring software, respectively, to2009and2010our provinces,autonomous regions and municipalities directly under the central government local bond issuance of regression analysis of the scale.The results showed that our local bond issuance of considering the fairness and efficiency of two aspects: on the one hand, our country from the fair aspects to consider, translated to tilt the Midwest scale;On the other hand, considered the efficiency, support some financial receipts and expenditures good areas issue local bonds, to ensure that local bonds to expire debt servicing, reduce the risk of local bond market.Chapter5, policy construction.Establish and perfect the place respectively from the bonds of laws and regulations, improve its place of bonds operation mechanism and strengthen local bond three put forward the construction.All in all, this paper tries to analyzes from several aspects in the past three years, our country the place issued bonds, and the characteristic of through the measurement software, the influence factors of translated scale analysis, so as to have a clear understanding of the bond issue local characteristics in China, and puts forward policy Suggestions, hoping to our local debt market good orderly development.