Study On Credit Risk Of City Construction Investment Bond

Along with our country speed up the pace of urbanization,urban infrastructure construction demand growth sharply,limited by current laws and regulations in our country,local governmentsseek new financing platformactively,city construction investment companies issue the city construction investment bond to satisfy local economic construction.As the growth of city construction investment bond,its credit risk has beenattention,how to effectively avoid the credit risk is particularly important.In this paper,through theoretical analysis and empirical test to illustrate the credit risk of city construction investment bond,to further standardize city construction investment bond market,provide feasible policy suggestions to perfect the regulatory mechanism.The first chapter is the introduction part,based on the background of the tax reform and the acceleration of urbanization,combined with the present situation of Chinese bond market,effectively avoiding the city construction investment bond's credit risk and ensure its orderly sustainable development has important research significance and research value.This paper summarizes the core idea and valuable research results by reading relevant literature.This paper summarizes the research content and research method briefly and then combing the structure framework.Finally,this paper expounds the innovation points from three aspects and shows the deficiency.The second chapter is an overview of the development of Chinese city construction investment bond,firstly this paper introduces the city construction investment bond's concept,four characteristics and three macroeconomic background,2008 is a important cut-off point for analysis its development.The third chapter focuses on the city construction investment bond credit risk in our country,define the city construction investment bond credit risk from two dimensions of corporate bond and government bond,describe the current credit risk situation from types,period,credit rating,increases credit and the district distribution,finding the cause from the government,the city construction investment company and institutional factors.The fourth chapter uses economical model to analysis credit risk,briefly introduce four kinds of credit risk measure model and analysis steps of KMV model,do empirical test based on suitable KMV model by using the data of Chongqing city.The fifth chapter is on the basis of summarizing the credit risk of city construction investment bond,and provides Suggestions for strengthening the credit risk prevention and management in our country.