Case Study On Risk Prevention Of Parking Lot Construction Project Income Bond Of G Company In Qing Dao

The municipal infrastructure construction by issuing urban investment bonds through local financing platform is the product of China's peculiar fiscal and taxation system and economic development model.It plays an important role in promoting urbanization process,coping with financial crisis and promoting local economic development.However,with the promulgation of the new Budget Law and the Opinions on Strengthening Local Government Debt Management in 2014,the difficulty of local governments using urban investment debt for financing will be greatly increased.In order to resolve the implicit debt of local governments and ensure the support of infrastructure construction,project income bond emerged as the times require.Project income bond,which is guaranteed by project credit and pays bond principal and interest through future operation income of the project,belongs to enterprise bond and does not need local government to guarantee,so it will not increase the invisible debt of local government.In this paper,literature research,comparative analysis,case studies,sensitivity analysis and other research methods are used to identify the various risks in the actual application of project income bond,and then put forward corresponding recommendations.Firstly,through the analysis of relevant literature at home and abroad,this paper understands this bond's research status at home and abroad.Secondly,in the theoretical basis part,it defines the project income bond's concept and issuing elements,introduces the sensitivity analysis method,and through the statistical description of the project income bond issued in China,analyzes the bond's issuing status,and finally compares the project income bond with city investment bond,enterprise bond and bank project loan.In the case analysis part,this paper takes the project income bond of the parking lot construction issued by G Company in Qingdao as an example,on the basis of describing the issuer,construction project,bond elements and transaction structure to predict the net present value of cash for project operation,analyzes the repayment pressure of the project income bond through sensitivity analysis and the financial situation of the difference payer,identifies the risk in the case bond,and summarize the corresponding preventive measures.Finally,the paper puts forward some suggestions on risk prevention of project income bond in China.