项目收益类债券产品研究——基于PRB/PRN的案例

Research on Project Revenue Products——Based on the Case of PRB/PRN

随着地方政府债务持续膨胀,其债务治理需要新的途径,其中项目收益类债券产品(PRB/PRN)作为地方政府债务融资新模式的代表,受到了政府及社会各界的广泛关注。本文从PRB/PRN的定义与特点出发,通过"14穗热电债"、"14郑州地坤PRN"两个案例分析,指出项目收益类债券产品发行中存在的问题,最后对PRB/PRN的业务发展前景进行展望。

With a sharp increase of local government debt, the debt management requires new approaches. As the representative of new model of local government financing, project revenue products(PRB/PRN)have drawn wide attention by the government and the community. This thesis begins with the definition and specification of PRB/PRN. Through two case studies, the thesis points out the problems of issuing project revenue products, and finally, the development of PRB/PRN is prospected.