Case Study On The Risk Control Of Urban Investment Companies Issuing Bonds Under The New Bond Regulations

The reform of the investment and financing system of local enterprises has produced the urban investment platform model,and its functional changes are closely related to the investment and financing reform system.On April 22,2021,the Shanghai Stock Exchange and the Shenzhen Stock Exchange respectively issued the "Guidelines for the Application of the Rules for the Review of the Issuance and Listing of Corporate Bonds of the Shanghai Stock Exchange No.3-Key Matters of Review of Review" and the "Guidelines for the Review of Corporate Bond Issuance and Listing of the Shenzhen Stock Exchange No.1-Key Concerns of Corporate Bond Review",clarifying the key issues that should be paid attention to in the issuance of corporate bonds,it symbolizes the beginning of the reform of the investment and financing system of local enterprises.Promoting the rapid development of local government financing platforms plays an important role in ensuring enterprise growth,expanding domestic demand of enterprises,adjusting corporate structure,promoting people’s livelihood development,and rapidly changing the downward trend of the economy.It is imperative to study and manage the debt risks of local government financing platforms,so as to achieve the purpose of preventing fiscal and financial risks and maintaining sustained economic development and social stability.In recent years,the government’s penalties for violations by urban investment companies have become more stringent,and the traditional business model is no longer applicable,and it is necessary to accelerate the optimization of financial management.To resolve historical debt situations with the Government,through coordination in terms of asset rights,business management and personnel management;For tangible or intangible assets that are easily realized,make full use of and revitalize the assets owned,and transform and upgrade into local state-owned capital investment and operation entities through improving the reciprocity of rights and responsibilities,coordinating operations,and effectively balancing the corporate governance structure and supervision mechanism of the company,which is an important measure for market-oriented transformation.Through the case analysis of the bond financing related data of N City Investment Company,this paper has a clearer and more accurate understanding of the debt scale,structure and risk status of the current local government financing platform.Guided by the analysis of results,it warns the debt risk of local government financing platforms and analyzes the causes of them in multiple dimensions.Bond issuance risk research has a certain reference value for local government investment and financing platforms from the perspective of debt risk measurement and control,combined with the situation of N urban investment companies,the government has achieved effective policies in risk governance measures,and the debt risk problems of local government investment and financing platforms have been effectively prevented and solved,first of all,the rationality of the conditions for the issuance of such corporate bonds has been analyzed,and then the risk prevention measures have been discussed,the problems existing in them have been analyzed,and relevant enlightenments have been drawn.For example,how can the company reduce financing costs and control its own operational risks in the context of new corporate bonds,etc.,and also put forward specific solutions.