The Research Of Low-cost Housing’s Municipal Bonds Financing

In recent years, The housing price has been high, Low-income housing problembecome one of the most important aspects of the policy of the government of thepeople’s livelihood, low-rent housing as the government the important measures to solvethe problem of housing, is "popular", especially in2009,“the ministry of the low-renthousing security plan “in2009-2011, many governments issued housing constructionplanning scheme. Academic discussion has become even more enthusiastic to explorefinancing for the construction of affordable housing is also not uncommon. But toexplore the specific dynamics of low-cost housing construction financing model is quitelacking. As a low-cost housing affordable housing, It plays a crucial role to solve thehousing problems of low-income groups, but the construction of low-rent housing isfacing a huge funding gap, existing financing the construction of affordable housingcannot be met funding needs. This article puts forward to raise fund through themunicipal bond financing model to resolve funding problems of the construction oflow-rent housing.In this paper, starting from the operation characteristics of low-rent housing, firstof all, the paper expounds the research status at home and abroad about the financingmodel of low-rent housing, introduce our country low-rent housing financingdifficulties faced by, put forward by municipal bonds financing channels to raise fundsto solve the housing construction problems. Combined with China’s national conditions,this paper analyzes the construction of low-rent housing into the feasibility and urgencyof the municipal bond. Secondly, based on the above theoretical basis and practical basis, put forward the overall framework of municipal bonds financing operation modeof low-rent housing, And municipal bonds issue, the examination and approval,underwriting, public and regulatory specific research, find out each link matters needingattention. Influence factors on municipal bonds spreads is analyzed, and the model isconstructed to test the municipal bond spreads influence factors, and analyzed the ideaand way of credit rating of municipal bonds. Combined with the conditions of thefinancial revenue and expenditure of Shanxi province through KMV credit risk measuremodel calculate reasonable issuance of Shanxi province and default rates. Paper finally,the paper analyzes the municipal bond credit risk sources, control and protectionmeasures. And puts forward Suggestions to municipal bond financing model of low-renthousing.Papers on municipal bonds (for low-rent housing construction) issued by each linkare analyzed, In municipal bonds pricing, by constructing econometric model, it isconcluded that the factors that affect the municipal bonds carry; In the rating ofmunicipal bonds, and put forward to promote the idea of municipal bond insurancesystem in China. In this paper to deal with the problem of financing difficulties oflow-rent housing has a certain theoretical reference value and practical guidingsignificance.