基于地方信息披露视角的城投债务观察

Observation of Urban Investment Construction Corporate Debt——From the Perspective of Municipal Information Disclosure

本文立足于城投债务问题研究,在数据经济快速发展的背景下,从地方信息披露角度,对城投区域信用风险识别及债务化解问题展开分析。研究表明,信用资质不同的区域在地方信息披露方面,特别是经济指标披露率和区域金融资源披露率上存在差距。具体而言,信用资质较优区域的信息披露情况好于信用资质较差区域,也好于非标违约/披露违约区域,区域风险值与信息披露程度呈负向相关关系。据此,本文提出以下政策建议:一是对于债券审核方面,建议设置经济指标及披露情况审核模块,具体指标偏向产业结构及产业集群、研发、教育、人口等。二是金融机构应当在城投债务风险化解上积极作为,主动沟通信用资质较差的地方政府机构,促进地方政府加强信息披露、强化与金融机构信息沟通,以改善当地融资难的局面。金融机构的风险监测工作,在考察企业个体行为的基础上,要分析城投所在区域的经济社会发展。三是城投债务风险化解需要“因地制宜”,针对不同信用资质区域,采用城投转型、整合、同业置换、地方债置换等多种手段,实现“组合拳”形式化债。

Based on the background of urban investment construction corporate debt studying and the rapid development of data economy,this article analyzes the identification of credit risks and debt resolution in different regions from the perspective of local municipal information disclosure.Research has shown that regions with different credit qualifications have differences in local information disclosure,especially in terms of economic indicator disclosure rate and regional financial resource disclosure rate.Specifically,the information disclosure situation in areas with better credit qualifications is better than that in areas with poorer credit qualifications,and also better than nonstandard default/disclosure default areas.The regional risk value is negatively correlated with the degree of information disclosure.Based on this,this article proposes the following policy recommendations:firstly,for bond examination,it is recommended to establish an economic indicators and disclosure review module,with specific indicators biased towards industrial structure and clusters,R&D,education,population,etc.Secondly,financial institutions should actively take action in urban construction corporate debt solving,actively communicate with local governments with poor credit qualifications,promote local governments to strengthen information disclosure,strengthen information communication with financial institutions,and improve the situation of local financing.The risk monitoring work of financial institutions should analyze the economic and social development of the region rather than just examining the individual behavior of enterprises.The third is that urban investment construction corporate debt need to be solved by“tailored to local conditions”,i.e.for regions with different credit qualifications,various methods such as corporate transformation,integration and municipal bond exchange should be adopted to solve the debt issues.