在中国城镇化进程中城投债的发行在很大程度弥补了我国基础性建设融资缺口。2008年金融危机后,我国城投债发行量大幅度增长。由于金融市场的不完善、制度的不健全以及法律的缺失等原因,我国城投债违约风险逐渐暴露出来。本文以福建省为例来研究城投债违约风险,并借鉴美国城投债管理的成熟经验,从相关制度、法律和发行主体行为等角度提出我国城投债风险防控的措施。
In the process of urbanization in China, city investment bonds have largely made up for the financing gap of infrastructure construction in China. After the financial crisis in 2008, the issuance of city investment bonds in China Grew Greatly. Due to the imperfect financial market, imperfect system and lack of laws, the default risk of city investment bonds in China is gradually exposed. This paper takes Fujian province as an example to study the risks of city investment bonds, and draws on the mature experiences of city investment bonds management in the United States to propose the risk prevention and control measures of city investment bonds in China from the perspective of relevant systems, laws and behaviors of issuing subjects.
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