河南省建立以政府债券为主体的地方政府举债融资机制研究

Abstract:The publishing of Pilot Approaches of Local Bonds Issuing，a huge concern of the market，has marked the increasingly perfect marketization mechanism of China debt issuing. Pilot issuing of local debts takes the form of “Self-initiating，Self-repaying”，which is a vital measure of establishing national standardized debt financing of local government in the future. It not only reduces the debt financing cost of local government，but also extends debt maturities and tackles the problem of mismatching debt maturities. However，under the condition of China financial system being less developed，it is possible that the inherent risk of government debts will further convert to and expand the risk of treasury，finance and market. Hence，it is of great significance to conduct forewarning assessment of debt risk. On basis of analyzing risks of local government debts and their causes，this paper builds risk forewarning and assessment indicator system of local government debts，which also utilizes the methods of factor analysis，cluster analysis，discriminant analysis and so on to warn early and evaluate the local government debt risks of Henan and other provinces.

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