| City investment bonds are issued by local financing platforms.The funds raised are used to build local public infrastructure and are provided by local governments with implicit guarantees.In 2009,the central government issued relevant policies to encourage local governments to establish financing platforms to raise fund.The scale and number of urban investment bonds have grown rapidly.In recent years,urban investment bonds have begun to maturity.The risk cannot be ignored when the local governments have a lot of debt.In recent years,credit risk events have occurred one after another in the bond market.The market is generally concerned about the source of non-standard financing funds of urban investment enterprises and the potential impact on the solvency of urban investment bonds.Therefore,it is very important to study the risk of local city investment bonds.This paper adopts the method of case study and analysis,and selects the 18 A city investment bond issued by A City Investment Company in Southwest China as a case study.First of all,the basic situation of Company A and the city investment debts issued by it have been sorted out and introduced.Secondly,combined with the actual situation of the case and with reference to the research results of others,the risk of 18 A city investment debt is comprehensively analyzed from the macro level,local government level,city investment company level and city investment bond level.The risk factor list and the three-level risk evaluation system are constructed.The analytic hierarchy process and the fuzzy comprehensive evaluation method are used to analyze the risk of 18 A city investment bonds from a qualitative and quantitative perspective,and find that its risk is at a low level,overall controllable.The most important risk factors and risks affecting the bond are also obtained.Finally,based on this case study,this paper puts forward some countermeasures against the risk prevention and control of 18 A city investment bonds based on A company’s own risk prevention and control measures and shortcomings.It puts forward some specific measures to prevent the risk of city investment bonds based on the risk of city investment company level and the risk of city investment bonds.These suggestions have certain practical significance for promoting the healthy and orderly development of local city investment bonds in China. |
