A Research on the Municipal Bond Issuance Risks in China
|Keywords||Municipal bonds Issue Risk|
Municipal bonds as a way for urban infrastructure financing instrument for funding , extensive development in developed countries , but also more and more attention by developing countries . In this paper, the theory of municipal bonds and commentary on the basis of research results , combined with the current actual situation , analyze the feasibility of municipal bonds , has not yet been introduced to China because municipal bonds has been explored . Articles of municipal bonds issued by the risk as the focus , focusing on the situation in the current , China to allow local governments issue municipal bonds may bring risks, and the use of improved signaling KMV model and model credit risk of municipal bond issuance moral hazard were analyzed and discussed . Finally risks research, combined with China's actual situation , learn from foreign countries risk control municipal bonds , issue the successful experience of supervision put forward to promote our local municipal bonds countermeasures.