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Research On Auditing Governance Of Issuing Risk Of City Investment Bonds

Posted on:2020-01-13Degree:MasterType:Thesis
Country:ChinaCandidate:F TaoFull Text:PDF
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Since the reform and opening up,with the progress of urbanization,China's public infrastructure construction has continued to expand,and the demand for urban construction funds has also increased.However due to restrictions in laws and regulations,local government financing channels are restricted.Therefore,local governments have created urban investment companies to issue urban investment bonds to raise funds for urban infrastructure construction.The bond issuance of urban investment bonds has indeed solved the local government financing gap and injected vitality into the construction of economic debt issuance.However,the risk of issuing bonds has also attracted the attention of the central government.Due to the lack of special laws and regulations to guide the regulation of the city investment company,the operation and management of the city investment company is flawed,and there are some irregular behaviors in the process of issuing bonds in the city investment bond.In this case,issuing debt may create certain risks.As a monitoring tool for safeguarding national economic security and stability,auditing should strengthen the risk review of bond issuance of urban investment bonds,strengthen auditing supervision,and play the role of city investment bond debt risk prevention.Therefore,it is of practical significance to explore how to apply auditing to the risk management of urban investment and bond issuance,to construct an appropriate risk auditing model for urban investment bonds,and to effectively prevent and resolve risks.Firstly,based on the model and characteristics of urban investment bond issuance,this paper expounds the risk of the bond issuance and the causes of risk formation from the aspects of the company's operational risk and bond credit risk,and applies the national governance theory for risk governance analysis.Then,using evolutionary game theory to construct the evolutionary game model of urban investment bond issuance risk auditing governance,analyze the evolutionary stability of auditor and city investment company strategy.Based on the calculation experiment idea,taking the city investment company W as an example,substituting virtual data into the virtual machine to simulate the strategy choices of both sides of the game,studying the probability of different strategies between the auditor and the city investment company,and the impact of the degree of perfection of the audit governance mechanism on the evolution of the strategy of both parties.The research results show that the auditor implements audit management on the risk of bond issuance of urban investment bonds,and constantly improves the audit governance mechanism,the city investment company tends to regulate the issue of debt issuance,can effectively prevent the risk of debt issuance,so as to effectively prevent the risk of debt issuance.Verification of the risk management model of urban investment bond issuance has certain application value.Then Nanjing Binjiang Investment Development Co., taken as an example to show how the risk auditing governance model of urban investment bond is applied to the risk supervision and governance of urban investment bonds,giving practical meaning to the application of theoretical models.Finally,according to the analysis of the risk audit management of urban investment bonds issued in the previous article,from the aspects of constructing the urban investment bond issue auditing model,improving the auditing mechanism of urban investment bond issuance and debt,and improving the effect of urban investment bond issue auditing,this paper puts forward the policy recommendations for auditing supervision to effectively prevent the risk of bond issuance.
Keywords/Search Tags:City Investment Bonds, Audit governance, Risk Oriented, Evolutionary Game, Computational Experiments
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