地方政府专项债券作资本金偿债风险分析及对策建议

Repayment Risk Analysis and Countermeasures of Local Government Special Bonds used for Capital

自2019年6月《关于做好地方政府专项债券发行及项目配套融资工作的通知》提出允许将专项债作为符合条件的重大项目资本金以来,专项债券可作资本金的行业范围和规模比例均有提升。然而,由于专项债券作为项目资本金的偿债顺序仅高于普通股,位于债务属性专项债和银行贷款的本息偿付之后,偿债风险相对较高。本文通过理论分析专项债券作资本金的偿债风险点,梳理剖析2020年地方政府专项债券作资本金的典型项目案例,指出需警惕项目预期收益高估、运营成本低估、收支流动性错配等风险,并提出对策建议。

Since the"Notice on Doing a Good Job in Local Government Special Bond Issuance and Project Supporting Financing Work"in June 2019,it was proposed to allow special bonds to be used as eligible major project capital.The industry scope and scale of special bonds that can be used as capital have increased.However,the repayment order of special bonds as project capital is only higher than that of ordinary stocks,after the principal and interest of debt-attributed special bonds and bank loans are paid,the debt repayment risk is relatively high.This paper points out the risk points of debt repayment of special bonds as capital,and analyzes typical project cases of local government special bonds as capital in 2020.The research believes that it is necessary to be alert to risks such as overestimation of project expected returns,underestimation of operating costs,and mismatches in revenue and expenditure liquidity,and put forward countermeasures and suggestions.