Dissertation > Excellent graduate degree dissertation topics show

A Research on the Credit Risk Control of Sub-National Goverment Bond

Author: WuZhongJun
Tutor: XuBin
School: Zhejiang Technology and Business University
Course: Administration
Keywords: Sub-national government bonds Credit risk Control ZhejiangProvince
CLC:
Type: Master's thesis
Year: 2013
Downloads: 1
Quote: 0
Read: Download Dissertation

Abstract


In March2011, China’s national economy and social development during the Twelfth Five-Year Plan clearly put forward that, deep the reform of the financial system, establish and improve the sub-national government debt management system, explore the establishment of issuing local government bond system. In October17,2011, the Ministry of Finance announced the2011sub-national governments to issue bonds pilot approach, and approved by the State Council, Shanghai City, Zhejiang Province, Shenzhen City, Guangdong Province, this four areas become bonds pilot and issue sub-national government bonds. In2013, approved by the State Council, expand the scope of the pilot to issue its own bonds, Jiangsu Province and Shandong province have become new issues.Taking this as the background, in China further the implementation of sub-national government bonds, and develop the sub-national government bond market, control of sub-national government bonds credit risk will be the primary task. At the present the gap of sub-national government financial revenue and expenditure has gradually become larger. Some governments have accumulated considerable debt pressure. If we do not dominant in the hidden debtor remove the circumstances, issue a large scale sub-national government bonds may make the scale of government debt out of control. so that it will bring credit risk to the government finance. Therefore, we should use the credit risk model to measure the sub-national government bond credit risk.Then, it is necessary to establish the system that can effective control the sub-national government bond credit risk.In this paper, based on the western public debt theory, public product theory, fiscal decentralization theory, taking the sub-national government bonds as the research object, we can conduct the research to the sub-national government bond credit risk control. By discussing the historical background and current situation of China’s sub-national government bonds from the United States, Japan, it explores the government issuing bonds experience. At the same time, this paper uses the sub-national government of Zhejiang province bonds as an example to empirical analysis, constructed on the basis of analyzing KMV model, and calculate the safe scale of sub-national government bonds to estimate the expected default probability. At the same time, this paper tests and analysis the reality of sub-national government bonds issuing to ensure that the bonds on credit risk control security line. The main conclusions includes the Zhejiang province sub-national government bonds issued in the control range. Assume that the local government of disposable income obeys the lognormal distribution, the probability of default is very small. Secondly, the sub-national government bond credit risk is need of attention. The credit risk and the sub-national government bonds issuing scale are closely related. With the expansion of the scale of government debt, the probability of default bonds will also increasing.Based on the research, this paper finally puts forward the suggestions in order to control the credit risk., including making bond rating to guard against credit risk; the norms of information disclosure,and perfect the supervision mechanism; establishing of a fund and improving government credit; taking into account the financial relationship, definite responsibility of power.

Related Dissertations

  1. K Company’s Improving Planning and Forecasting for the Reasonable Allocation of Inventory,F224
  2. Design and Application of Scope Anti-Shake System,TH743
  3. Design and Fault Diagnosis of the Coarse Pointing Control System in Satellite Laser Communication,V443.1
  4. Satellite Attitude Control Methods Using Only Magnetorquers,V448.222
  5. Robust Adaptive Control Algorithms Research for the System of Spacecraft Attitude Dynamics,V448.22
  6. Research on the Attitude Controller Design and Control Strategy of High Altitude Platform,V249.1
  7. Parametric Approach of Active Control Technology for Tailless Flying-Wing Aircraft,V249.1
  8. Study on the Control System for Automatic Aiming of HWIL Pitching Mechanism,TJ303
  9. Study of Automobile Ignition Coil Testing System Based on Standard LAH032.905,U472.9
  10. Research of Image Guided Technology for Cable Tunnel Patrol Vehicle,U469.6
  11. The Inductive Load Based Vehicle Body Network Control System,U463.6
  12. Single Neuron PID Control for Electro-Hydraulic Servo Unit of Ship Rudder,U666.152
  13. Multi-Objective Regulation and Protection Control for Ship Steam Power Equipment,U664.11
  14. Simulation Analysis on Temperature Stress of RCC Arch Dam and Its Construction Joints Design Research,TV642.2
  15. The Research of a Novel High Efficiency PFC Circuit Based on One Cycle Control,TM46
  16. Design of Long-Distance and Multi-Axis Driving Control System of Step Motor,TM383.6
  17. Simulation Research on Compound-Structure Permanent-Magnet Synchronous Machine System Used in Hybrid Electric Vehicles,TM341
  18. Several Key Issues on Closed-Loop Control for Precision Laser Tracking Device,TN249
  19. Study on Channel Allocation of Multi-Channel MAC Protocol in Ad-Hoc Network,TN929.5
  20. Research on the Topologies of Polarity-Variable Micro Oxidation Pulse Power,TN86
  21. Power Aware Routing Protocal Based on OLSR in Ad Hoc Network,TN929.5

CLC: >
© 2012 www.DissertationTopic.Net  Mobile