| A Study on Risk Evaluation for the Bond Issuance Project of Qingdao JiaozhouUrban Construction Investment Company Spend tomorrow’s money,do today’s business.It is once the wisestidea of financial management.It is also under the guidance of the idea that national bonds based on the national prestige,credit cards based on the personal reputation and corporate bonds based on the enterprise reputation emerged.Urban construction investment bonds are of business debt upon corporate reputation from a legal perspective,but their development origin and subsequent implementation actually reflectdouble attributes of business and government,more emphasis on government administration attribute.In the background of the tax-sharing fiscal system,other relevant systems and policies,local governments have less income while bearing a larger part of expenditures and responsibilities.Urgent financing needs and contemporary policy restrictions bring about the birth of urban construction investment bonds.Local governments first adopt various ways to build their proprietary investment and financing platforms,such as urban construction investment companies,and then instruct urban construction investment companies to have urban construction investment bonds issued.The objective of urban construction investment bonds is raising the local social and economic development funds,mainly for local infrastructures which provide public services and related business projects including environmental protection science and technology.Thus local governments accomplish the targets assigned to promote local construction and meanwhile enhance their own performance,and urban construction investment bondsmake great contributions tonational economic development.However,one of the most important features of urban construction investment bonds is their dependence on the government.With more and more urban construction investment bonds issued,risks of urban construction investment bonds might gradually expose.What is worse,the outburst of the risks can lead to the bankruptcy of the urban construction investment companiesand even the government credibility.Although the state has distributed a series of policies to regulate local government debts in recent years,it takes a long time to resolve the risks of the urban construction investment bonds.Therefore researches on the risks of the urban construction investment bonds are necessary in the economic downturn environment.This paper firstdiscusses related studies on urban construction investment bonds and the history and current situation to highlight the features of urban construction investment bonds,and then analyses the risks of the bond issuance project of Qingdao Jiaozhou Urban Construction Investment Companycombining the actual situation of the case and existed academic experience and constructs a risk assessment index system of the bond issuance project of Qingdao Jiaozhou Urban Construction Investment Company.Furthermore,this paper detects the most important risk by adopting analytic hierarchy process and fuzzy comprehensive evaluation method to assess risks based on the risk assessment index system of the bond issuance project of Qingdao Jiaozhou Urban Construction Investment Company,and finally summarizes and proposes some suggestions.This paper aims to gain insight into the risks of urban construction investment bonds and make positive advice to deal with the risks by probing the risk evaluation for the bond issuance project of Qingdao JiaozhouUrban Construction Investment Company. |
