| Once the city investment company was born,it assumed the function of local government financing.As a local government financing platform,it has the nature of government implicit debt guarantee.The existence of implicit debt guarantees by local governments will prompt capital to favor city investment company excessively,resulting in excessive financing of city investment company.After the "4 trillion" stimulus plan in 2008 and the loose monetary policy in 2015,the debt of city investment company has expanded rapidly,bringing debt risks to local governments.To this end,my country has continuously introduced policies to strictly guard against local debt risks.However,as of the end of 2021,the urbanization rate of my country’s permanent population is 64.72%,which is in the middle stage of rapid development of urbanization.Compared with developed countries such as the United Kingdom,Japan,and the United States,there is still a lot of room for my country’s urbanization process.In addition,my country’s urbanization development is faced with problems such as unbalanced development between the east and the west.Therefore,my country still needs to speed up infrastructure construction,and local governments still need to maintain the refinancing function of platform companies.Under the inherent contradiction of strictly preventing local debt risks and accelerating the process of urbanization,how to break the implicit debt guarantee of local governments and promote the market-oriented transformation of urban investment companies has great practical significance and research value.Project income bonds are regarded as a good substitute for urban investment bonds,which rely on project income to repay bond principal and interest,and local economic and financial analysis may only have an indirect impact on urban investment projects.Based on the case of H Urban Investment Corporation issuing special corporate bonds for project income and constructing tourism development projects,this thesis simultaneously analyzes its infrastructure construction financing projects and business transformation,in order to explore the possible ways for Urban Investment Corporation to break away from local government credit and market-oriented transformation.sustainable development path.First,this thesis subdivides and summarizes project income bonds.First explain the theoretical basis,and then introduce the concepts,elements and market conditions of project income special corporate bonds,local government project income special bonds,project income corporate bonds and project income bills,compare and analyze their similarities and differences,and find that project income special corporate bonds have It has the advantages of lower entry threshold,more abundant issuers,and more flexible use of raised funds.Secondly,this thesis introduces the case of H City Investment Company issuing special corporate bonds for project income.Including the equity structure and main business of H City Investment Company;the basic elements and transaction structure of the special corporate bonds for the proceeds of this project;the fundamentals of the fundraising project.Thirdly,this thesis analyzes the case of H City Investment Company’s special company for issuing project income.Through the analysis of the internal and external motivations of H City Investment and financing projects,it is found that the special corporate bonds for project income can effectively solve the project funding problem and alleviate the pressure of H City Investment’s debt repayment;Through multi-dimensional analysis,it is found that the company’s sustainable development capability has been significantly improved after H city investment company self-built development project and market-oriented operation;through the risk analysis of the special corporate bond for the income of this project,it is found that the project risk is the primary risk of this bond.Finally,the following conclusions are drawn: 1.It is more convenient for project income special corporate bonds to be separated from local government credit.2.Self-built development projects and market-oriented operations are conducive to the sustainable development of urban investment companies.3.For infrastructure projects whose income can cover the principal and interest of the bond,special corporate bonds for project income have high applicability.4.The risk of special corporate bonds for project income comes from project-related risks,issuer-related risks and bond-related risks in turn. |
