The Research About The Factors That Affect The Quasi-Municipal Bond Financing Costs Under The Background Of The Marketing Transition

Quasi-municipal Bond is an important financing tool for local government in China,and the government provides the implicit credit support for it.Along with the quick expansion of Quasi-municipal Bond,the local authority debt scale also further expand,the debt risk grows day by day.From the“43 of the text” introduced in the 2014 to the“194 of the text” and“23 of the text” introduced in the 2018,the government has launched a series of policy to draw a clear line of government and corporate debt.On these backgrounds,the traditional valuation approach of the Quasi-municipal Bond was greatly impacted,the pricing analysis framework needed to reconstruct.For Urban construction investment companies,on the one hand,as the government implicit endorsement of reduce or even eliminate,urban construction investment companies financing pressure.On the other hands,there is insufficient space for urban construction investment companies on the traditional mode of business survival.It is urgent to realize the marketing transformation.The majority of existing literatures have studied focusing the Quasi-municipal Bond under the lax supervision,there is lack of literatures on the Quasi-municipal Bond under the background of regulatory scrutiny.This paper is based on this point.This paper tries to study the factors that affect the Quasi-municipal Bond financing costs.And the set the issuing bonds interest rates reasonably.The writer expects that this study can provide some useful help for marketing transformation of urban construction investment companies.Based on the former researchers and my personal practical experiences,this paper put forward ten factors that affect the Quasi-municipal Bond financing costs.The macro factors include macroeconomic situation?the policy environment?local economic and financial strength and other macro factors.The micro factors include corporate governance?the profitability?the debt paying ability?corporate strategy?debts elements and other micro factors.Then according the AHP,this paper constructs the bond financing cost factors evaluation system.This paper select the Quasi-municipal Bond issued by G city investment company as the research object,combines the ten factors and the actual situation of G city investment company to do qualitative and quantitative analysis.It can calculate the bond financial cost in theory.Compared with the real data in the bond market results the validity of the evaluation system is proved.The evaluation system shows that the local financial strength which plays a decisive role in the pricing of the Quasi-municipal bond is no longer dominate.The profit ability,debt paying ability and city investment company itself fundamentals get the more and more attention of the market,micro factors plays an important role in the pricing of the Quasi-municipal bond.Finally,according to the factors affecting the cost of financing system building and G city investment company market-oriented transformation path,this paper put forward some suggestions.On the point view of the government,the government should find the localization accurately,straighten out political and business relationships,strengthen the supervision of the financing platform.On the point view of the intermediary institutions,it should strengthen the management of bond market participants and regulators work process.On the point view of the issuers,urban construction investment company should enhance the capacity of its own hematopoietic,update the management idea,strengthen financial management ability.On the point view of investors,investors can't hold blind faith,need to pay more attention to the urban construction investment company own fundamental elements such as profit ability,debt paying ability.In this paper,the study object is the Quasi-municipal Bond which via the public offering,and it is issued to qualified investors.This paper didn't have much insight into the other types of bonds.With the unceasing change of policy environment,the center of gravity of the factors that affect the Quasi-municipal Bond financing costs will be constantly changing.The system needs to be improved and perfected further.