| With social and economic development,local governments,in order to improve urban infrastructure and promote better local economic development,have set up local government financing platforms with limited funding and finance through the special form of municipal debt.At present,city debt has become the main financing tool for local governments to solve the financing gap.Its good development not only relates to local economic development,but also plays an active role in the healthy operation of our macroeconomy.However,with the increasing of the issue scale of the city debt,the qualification of the subject of the debt,the transparency of information disclosure,credit evaluation and higher phenomenon,and lack of effective monitoring mechanism,resulting in the city debt default.This has increased the credit risk of the city's debt,causing the market to worry about the city's debt.At the same time,the State Council's Opinions on Strengthening Local Government Debt Management,issued in 2014,require local government debt to be screened,and governments outside this scope will not be liable for repayment,and provide that financing platform companies should not add government debt.The role of "implicit guarantee" on credit risk is losing.Therefore,in a timely way to understand the factors affecting the credit risk of municipal bonds,study the "implicit guarantee" situation of the government to the municipal bonds under the new situation,can promote the healthy development of the municipal bond market,micro objective,can provide some reference for investors to rationally view the risk of municipal bonds,avoid the event of credit default,and reduce investment losses.From the perspective of credit spread,this paper will explore the factors that affect the credit risk of urban debt in China by combining theoretical research and empirical analysis,and try to provide the basis for controlling the credit risk of urban debt and grasping the future development direction of urban debt. |
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