| Since the promulgation of Several Opinions,great progress has been made in the economic development of the Southern Jiangxi Soviet Area.City Investment Company is the main body of investment and financing and municipal infrastructure construction in Ganzhou City.Ganzhou City Investment Platform has five,the main rating AA + and AA,they all have strong financing capacity,so this paper chooses the county government financing platform with weak financing capacity to study.There are 26 investment platforms in county-level cities and county-level bond-issuing cities in Jiangxi Province.AA and AA-are the main platforms.Among them,Jiujiang and Shangrao municipalities each have six county-level bond-issuing cities,with the largest number of county-level platforms.Ganzhou has only two county-level bond-issuing cities.Therefore,this paper chooses to study the problem of investment and debt financing of county government financing platform city with weak financing ability.Local government debt problem is the "Grey Rhinoceros" that needs our attention.As one of the recessive debts of local government,the government financing platform has attracted more and more attention.Many problems of county government financing platform often occur in poor and backward areas.Therefore,the study of county government financing platform in Southern Jiangxi Soviet Area is typical.This paper chooses the typical case of Jiangxi Southern Soviet Area Bond to boost the real economic development "18 Yudu Bond".The issuance of this bond was officially launched on December 6,2016 after Guangzhou Securities Co.,Ltd.won the tender.After coordinated dispatch by the government of Yudu County Committee,the city investment and Underwriters were revitalized to work together to overcome the difficulties.It took one year to obtain the approval and approval of the bond.Under the background of "deleveraging" by the central government and the trend of rising bond market issuance rate,the opportunity of revitalizing city investment was seized and successfully issued on May 3,2018.This successful issuance is the first debt financing instrument approved and issued by Yudu County,and it is a breakthrough in the application of debt financing tools for revitalizing city investment.Under the general trend of the gradual standardization of government debt,the successful registration not only expands new channels of direct financing for the construction funds of Duxian County,provides realistic capital guarantee for the acceleration of the implementation of the "Six Key Stations" in Yudu County,but also clears the barriers for the issuers' financing products to enter the bond market,and effectively improves the issuers' credit image in the capital market.County enterprises have entered the bond financing market to open up a new situation.By using comparative analysis method,this paper compares the development level of Jiangxi's economy and urban investment debt with that of Jiangxi Province and the whole country,and summarizes the problems that bonds can help the economic development of Jiangxi's Soviet Area.Then it introduces the basic situation of the revitalization of urban investment,the project of raising investment and the environment of paying debts.On this basis,case analysis is used to analyze the issuance,advantages and effects,risk measures and compliance of the bond,so that readers can understand more clearly and comprehensively how the county government financing platform in Southern Jiangxi Soviet Area uses bond instruments to finance.The study finds that there are many experiences to be drawn from in this case.The key factor is the credit rating.At the same time,the debt issuance plan also has personnel,risk control,compliance and other issues.This paper puts forward some suggestions on the reform of state-owned enterprises,the resolving of government debt,business restructuring,asset restructuring,and the construction of team. |
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