The Interbank Bond Market Targeted Debt Financing Vehicle PPN Risk Assessment Analysis Of

Under the current economic policy,capital management and asset management are the main means of operation for many municipalities to manage local key development companies,but the increasing scale and negligence of the growth process will make the company itself operate with some problems,and its own development will be largely affected by the local government and economic policies.The company’s own development will be largely influenced by local government and economic policies.As one of the many financing channels,bonds are convenient and highly accepted,which makes the proportion of the bond market increase naturally,and thanks to the flourishing of bonds,the development of the company can also take advantage of the force to move forward,but the concentrated default phenomenon in the bond market in recent years has undoubtedly sounded the alarm for enterprises.In urban construction,urban investment companies can no longer rely on the government as before,and must start from their own development,and envision whether their business income and basic operation can repay the bonds issued and the funds financed on time and appropriately,then this financing status must strengthen the risk assessment and estimate the degree of risk.Based on the above background,this paper will study the degree of risk control of the bonds issued by local governments,the possibility of default,and the prevention of default in the future development process.Through literature review,this paper first summarizes and organizes the literature of domestic and foreign researchers on corporate risk assessment,bond development history and early warning mechanisms.Then,the new bond market introduced in China,the financing measures of local governments and the development of urban investment companies are studied.Finally,the risks of bond financing and daily operations are analyzed,and recommendations are made to improve financing and operational capacity.It is concluded that local municipal investment companies need to identify and evaluate their own debt servicing risks from different aspects and introduce early warning mechanisms in advance,while the ultimate ability to effectively control debt servicing risks is closely related to the company’s operational capacity.In order to improve the operational capacity of local municipal investment companies,they need to adapt to the trend of the times,strengthen the construction of their own operational capacity,optimize the construction of their own assets,expand financing channels and improve the prevention of bond default risk.This paper strengthens the research on the risk assessment of bond issuance of local municipal investment companies and provides some guidelines for the risk assessment of bond financing of local municipal investment companies,which has a positive effect on reducing bond defaults and protecting the interests of bond market investors.