A Case Study On The City Construction Investment Bond Issued By Henan QF Investment Group

Since the implem entation of the new tax system reform in China and the promulgation of the new "budget law",local government affairs and financial rights have gradually separated,and the local gove rnment planning infrastructure projects lack supporting financing sources.Against this background,local governm ents in various provinces and cities have set up investment and financing platform companies instead of local governm ents to carry out project financing functions.After 2008,China has increased investment in the cons truction of local infr astructure.However,due to the public welfare characteristics of infrastructure projects and the f inancial funds that local governm ents can use for in frastructure construction,the financial funds can not m eet the demand,which leads to a lar ge funding gap in the project construction.The national development and Reform Commission(NDRC)allows the investment and financing platform company of the local government to issue the fund for the construction of the debt collec tion project referring to the approval requirements of the corporate bonds,which is called "city investm ent debt".The issuance of urban debt financing has gradually become the main source of capital for project construction of provincial and municipal platform companies,and the scale of the city bond market has been expanding.Th e emergence of various problems,such as the illegal use of bonds to raise funds,led to a rise in the risk of the bond;the lack of feasibility study of the pr oject led to the difficulty of the project landing;the local government provided implicit guarantee,leading to the local government to become a real debtor.This paper takes Henan QF investment group as the res earch object for the first time to issue the urban debt financing pr ocess,and will conduct in-d epth research from the following five parts.The firs t part mainly introduces the background and significance of this study,and introduces the research fram ework and research methods.In the second part,the background of this case is introduced in detail,including the macro and micro environment of the issuance of city investm ent debt,the historical evolution and developm ent status of the issuer itse lf.The third par t describes the issue of the issue of this case,f irst introduces the situ ation of the investment projects of this period,including the content of the project construction,the project financing scheme,and so on.Seco ndly,it introduces the content of the debt process and the design of the financing scheme,and finally introduces the results of the issue of this period.The fourth part is the case analysis.First,it analyzes the feasibility of the issu ing city investm ent debt financ ing,mainly from the point of view of the project itself and the issuer;secondly,the financial analysis of the issuer,including the profitability,the solvency and the operating efficiency,and so on.After that,the collection and investment projects are calcu lated and analyzed,and th e project is expected to be expected to be expected.Finally,it analyzes the risks and Countermeasures in the pro cess of issuing bonds.The fi fth part points out the problems in the process of issuing bonds in this case,puts forw ard the measures to solve the problems and draws inspiration from the cases.This article hopes that through the analysis of this case,we can enlighten the issuer and provide experience in the proce ss of debt financing in the future.At the same time,it can provide som e guidance fo r other p latform companies in similar background,and have som e aspects in the de termination of the project,the scale of the fund raising and the measures of paying the debt.The enlightenment promotes the improvement of platform company financing system.