| City investment bond market is the bond credit risk prevention and control problem "heavy disaster area",due to the lack of basic legal system support,administrative regulations,self-discipline rules redundant and low effectiveness,bond credit risk prevention and control legal system there are backward,complex problems,the whole market credit risk prevention and control from the overall development trend of capital market credit risk prevention and control.Moreover,the government and related enterprises indirectly control the exposure of the credit risk of urban investment bonds,which masks from the side the problems in the design and implementation of the system of issue conditions,information disclosure,intermediary business norms,and supervision of the use of funds in the collection account.These problems reduce the effect of the credit risk prevention and control system of urban investment bonds,hinder the improvement and development of the system,and are not conducive to the prevention and control of credit risk of urban investment bonds and the stability of the city investment bond market.Yunnan Road Investment,Guizhou Sandu City Investment,Six Division of the Corps and several other cities to invest in debt to achieve china’s urban investment debt default from scratch adjustment,which reflects the city investment debt credit risk prevention and control administrative control color thick,the system there are loopholes,There is still a long way to go to realize the market-oriented constraints of credit risk prevention and control.On the basis of analyzing the anti-defense measures of credit risk of investment bonds in our country,this paper analyzes the problems in the legal and agreed risk prevention and control measures of credit risk according to the experience of foreign municipal bonds,and makes some thoughts on how to perfect the legal system of credit risk prevention and control of urban investment bonds in our country.This article is divided into four parts:The first part is an overview of the credit risk prevention and control of urban investment bonds,in order to more targeted highlight and solve the legal problems of credit risk prevention and control of the city investment bond market,this paper focuses on the narrow sense of the city investment companies and city investment bonds.By analyzing the performance and typical events of credit risk of urban investment bonds,the necessity of credit risk prevention and control is discussed.The second part is the experience and reference for the credit risk prevention and control of foreign cities,and analyzes the key mechanism of credit risk prevention and control measures of municipal bonds in the United States and Britain from the aspects of credit rating,information disclosure,bond insurance and debt service reserve,and provides reference for the improvement of the related measures of credit risk prevention and control in China.The third part is the current situation of credit risk prevention and control of China’s urban investment bonds and the existence of legal problems,through the analysis of China’s current laws,regulations,regulations and other legal documents on the legal measures of the city investment debt credit risk prevention and control measures and the parties agreed to prevention and control measures,combined with the city investment bond issuance and the survival period of management of the practical operation to explore and analyze the shortcomings.The fourth part is mainly to improve China’s urban investment debt credit risk prevention and control of legal recommendations,mainly divided into flexible design of targeted prevention and control measures,according to the characteristics of urban investment companies to design information disclosure content,strengthen the intermediary business standard supervision,strengthen the agreed prevention and control measures guidance and implementation.Clarify the role and obligations of the municipal investment bond market supervision department,issuer,underwriting institution and third-party intermediary institution,and urge them to maintain and promote the continuous development of credit risk prevention and control in the city investment bond market with their own actions. |
