为市政债创新开�?/title> <STYLE type=text/css> *{margin:0px} BODY { FONT-SIZE: 12px } #slidingBlock { BORDER-BOTTOM: #c2d3e5 1px solid; BORDER-LEFT: #c2d3e5 1px solid; PADDING-BOTTOM: 1px; PADDING-LEFT: 1px; WIDTH: 446px; PADDING-RIGHT: 1px; BORDER-TOP: #c2d3e5 1px solid; BORDER-RIGHT: #c2d3e5 1px solid; PADDING-TOP: 1px; over-flow: hidden; margin:0px;} #slidingBlock div { TEXT-ALIGN: center; LINE-HEIGHT: 25px; WIDTH: 94px; FLOAT: left; HEIGHT: 27px; FONT-SIZE: 12px; over-flow: hidden; } #slidingBlock div.menuNo { BACKGROUND-IMAGE: url(../../../images/Home_CN/images/slidingMenuLine.gif); BACKGROUND-REPEAT: no-repeat; BACKGROUND-POSITION: 1px 2px; COLOR: #00569f; FONT-WEIGHT: bold } #slidingBlock div.menuOn { BACKGROUND-IMAGE: url(../../../images/Home_CN/images/slidingMenu.gif); BACKGROUND-REPEAT: no-repeat; BACKGROUND-POSITION: 2px 2px; COLOR: #ffffff; FONT-WEIGHT: bold } #slidingBlock DIV.slidingList_none { DISPLAY: none } #slidingBlock DIV.slidingList { MARGIN: 0px; HEIGHT: 125px } #slidingBlock DIV.slidingList UL { PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px } #slidingBlock DIV.slidingList LI { LINE-HEIGHT: 20px; HEIGHT: 20px } #slidingBlock DIV.slidingList LI SPAN { COLOR: #ffffff; FONT-SIZE: 12px; FONT-WEIGHT: normal } </STYLE> <SCRIPT src="/images/imagesHome_CNjsjquery-1.4.2.js"></SCRIPT> <LINK rel=stylesheet type=text/css href="/images/scyjfxgkwz201312imagesHome_CNcsshome_csscss.css"> <SCRIPT language=JavaScript src="/images/imagesHome_CNjstemplate.js"></SCRIPT> <SCRIPT src="/images/imagesHome_CNjsmenu.js"></SCRIPT> <SCRIPT src="/images/imagesHome_CNjsmt_dropdown_initialize.js"></SCRIPT> <SCRIPT src="/images/imagesHome_CNjsmt_dropdownC.js"></SCRIPT> <SCRIPT type=text/javascript src="/images/imagesHome_CNjsMSClass.js"></SCRIPT> <SCRIPT language=javascript src="/images/imagesHome_CNjsfly.js"></SCRIPT> <LINK href="/images/scyjfxgkwz201312imagesHome_CNcssmt_stylecss.css" type=text/css rel=stylesheet> <META name=GENERATOR content="MSHTML 8.00.6001.18702"> <script type="text/javascript" src="/yesads.js"></script></head> <body> <TABLE border=0 cellSpacing=0 cellPadding=0 width=1001 align=center> <TBODY> <TR> <TD height=118 vAlign=top background=../../../images/Home_CN/images/top_logo.gif align=right> <TABLE border=0 cellSpacing=0 cellPadding=0> <TBODY> <TR> <TD align=right> <table><tr> <td width="60"><a href="/html/.scyjfx.gkwz201312......fzlmrczp.html" class='white'>人才招聘</a></td> <td width="60"> <a href="/html/.scyjfx.gkwz201312......fzlmGYWM201202t20120227_4278.html" target="_blank" class="white">关于我们</a></td> <td width="60"> <a href="/html/.scyjfx.gkwz201312......fzlmLXWM201202t20120227_4286.html" target="_blank" class="white">联系我们</a></td> <td width="60"><a href="/html/.scyjfx.gkwz201312......fzlmWZDH.html" class='white'>网站导航</a></td> <td width="60"><A class=white href="/html/.scyjfx.gkwz201312......english.html"><SPAN style="FONT-FAMILY: Arial; COLOR: #fdff3b; FONT-SIZE: 14px; FONT-WEIGHT: bold">English</SPAN> </A></td> <td width="10"></td> </tr> </table> </TD> </TR> </TBODY> </TABLE> </TD> </TR> <TR> <TD height=28 vAlign=center background=/html/.scyjfx.gkwz201312.......htmlimages/Home_CN/images/top_dh.gif> <TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"> <TBODY> <TR> <TD vAlign=center width=3 align=middle></TD> <TD class=nav_bg vAlign=center align=middle> <A id=menu0 class=white onmouseover="popmenu(this)" onmouseout="hhide(this)" href="../../../">�?�?/A> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312......ggtz.html" id='menu1' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>公告与通知</a> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312......zywyh.html" id='menu2' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>专业委员�?/a> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312......flfg.html" id='menu3' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>法律法规</a> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312......zlgz.html" id='menu4' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>自律规则</a> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312......dcmfx.html" id='menu5' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>DCM注册发行</a> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312......zlgl.html" id='menu6' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>自律管理</a> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312......hygl.html" id='menu7' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>会员管理与服�?/a> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312......ywpx.html" id='menu8' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>业务培训</a> </TD> <TD class=nav_bg vAlign=center align=middle> <a href="/html/.scyjfx.gkwz201312.....html" id='menu9' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>市场研究与分�?/a> </TD> <TD vAlign=center class=nav_bg align=middle> <a href="/html/.scyjfx.gkwz201312......jrscyj.html" id='menu10' class='white' onmouseover='popmenu(this)' onmouseout='hhide(this)'>金融市场研究</a> </TD> <TD vAlign=center align=middle id="hidden_YanjiuFenxi" style="display:none"> <a href="/html/.scyjfx.gkwz201312......hyzj.html" id='menu11' class='link_yellow' onmouseover='popmenu(this)' onmouseout='hhide(this)'>会员之家</a> </TD> <TD vAlign=center width=5 align=middle></TD> <TD width=182 align=middle> <form id="queryForm" name="queryForm" method="post" action="/solr/nafmii/search_list2.jsp" accept-charset="UTF-8" style="margin:0px;" target="_blank"> <table width="168" border="0" align="center" cellpadding="0" cellspacing="0"> <tr><td width="113"> <input name="actionName" type="hidden" value="submit" /> <input name="searchText" value="请输入关键词" type="text" onfocus="if(this.value=='请输入关键词')this.value=''" onblur="if(this.value=='')this.value='请输入关键词'" autocomplete="off" style="width:110px;color:#335481" /></td><td width="55" align="center"><button style="width:40px;height:20px; background:url(/html/.scyjfx.gkwz201312.......htmlimages/Home_CN/images/search.jpg);border:0px;" alt="搜索" onclick="return validateForm();" /> </td> </tr></table> </form> </TD> </TR> </TBODY> </TABLE> </TD> </TR> <TR> <TD height=5 bgcolor="#FFFFFF"></TD> </TR> </TBODY> </TABLE> <SCRIPT language=javascript> if (mtDropDown.isSupported()) { var ms = new mtDropDownSet(mtDropDown.direction.down, 0, 0, mtDropDown.reference.bottomLeft); var menu1 = ms.addMenu(document.getElementById("menu1")); var count = 11; var menuArray = new Array(); var name; for (var i = 0; i <= count; i++) { name = "menu" + i; menuArray[i] = ms.addMenu(document.getElementById(name)); } menuArray[1].addItem("- 公告", "/html/.scyjfx.gkwz201312.....html/html/.scyjfx.gkwz201312...htmlggtz/gg/"); var subMenu0 = menuArray[1].addMenu(menuArray[1].items[0]); menuArray[1].addItem("- 通知", "../../../ggtz/tz/"); var subMenu0 = menuArray[1].addMenu(menuArray[1].items[1]); menuArray[2].addItem("- 专业委员会委员名�?, "../../../zywyh/wymd/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[0]); menuArray[2].addItem("- 专业委员会工作动�?, "../../../zywyh/gzdt/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[1]); menuArray[2].addItem("- 债券市场专业委员�?, "../../../zywyh/zqsc/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[2]); menuArray[2].addItem("- 金融衍生品专业委员会", "../../../zywyh/jrysp/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[3]); menuArray[2].addItem("- 金币市场专业委员�?, "../../../zywyh/jbsc/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[4]); menuArray[2].addItem("- 信用评级专业委员�?, "../../../zywyh/xypj/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[5]); menuArray[2].addItem("- 经纪业务专业委员�?, "../../../zywyh/jjyw/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[6]); menuArray[2].addItem("- 法律专业委员�?, "../../../zywyh/flzywyh/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[7]); menuArray[2].addItem("- 会计专业委员�?, "../../../zywyh/kjzywyh/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[8]); menuArray[2].addItem("- 资产证券化暨结构化融资专业委员会", "../../../zywyh/jghwyh/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[9]); menuArray[2].addItem("- 从业人员培训专家委员�?, "../../../zywyh/crryzj/"); var subMenu0 = menuArray[2].addMenu(menuArray[2].items[10]); menuArray[3].addItem("- 相关法律", "../../../flfg/xgfl/"); var subMenu0 = menuArray[3].addMenu(menuArray[3].items[0]); menuArray[3].addItem("- 人行规章", "../../../flfg/rhgz/"); var subMenu0 = menuArray[3].addMenu(menuArray[3].items[1]); menuArray[3].addItem("- 其他规章", "../../../flfg/qtgz/"); var subMenu0 = menuArray[3].addMenu(menuArray[3].items[2]); menuArray[5].addItem("- 注册通知�?, "../../../dcmfx/tzs/"); var subMenu0 = menuArray[5].addMenu(menuArray[5].items[0]); subMenu0.addItem("- 超短期融资券（SCP�?, "../../../dcmfx/tzs/scp/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu0.addItem("- 中小企业集合票据（SMECN�?, "../../../dcmfx/tzs/smecn/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); subMenu0.addItem("- 短期融资券（CP�?, "../../../dcmfx/tzs/cp/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[2]); subMenu0.addItem("- 中期票据（MTN�?, "../../../dcmfx/tzs/mtn/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[3]); subMenu0.addItem("- 定向工具（PPN�?, "../../../dcmfx/tzs/ppn/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[4]); subMenu0.addItem("- 资产支持票据（ABN�?, "../../../dcmfx/tzs/zczcpj/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[5]); subMenu0.addItem("- 项目收益票据（PRN�?, "../../../dcmfx/tzs/PRN1/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[6]); subMenu0.addItem("- 债务融资工具（DFI�?, "../../../dcmfx/tzs/dfi/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[7]); subMenu0.addItem("- 绿色债务融资工具（GN�?, "../../../dcmfx/tzs/gn/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[8]); subMenu0.addItem("- 注册额度变更", "../../../dcmfx/tzs/zced/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[9]); menuArray[5].addItem("- 市场监测", "../../../dcmfx/scjc/"); var subMenu0 = menuArray[5].addMenu(menuArray[5].items[1]); menuArray[5].addItem("- 注册工作信息", "../../../dcmfx/zcgzxx/"); var subMenu0 = menuArray[5].addMenu(menuArray[5].items[2]); menuArray[6].addItem("- 债务融资市场自律管理", "../../../zlgl/zwrz/"); var subMenu0 = menuArray[6].addMenu(menuArray[6].items[0]); subMenu0.addItem("- 信息披露", "../../../zlgl/zwrz/xxpl/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu1.addItem("- 定向工具发行情况公告", "../../../zlgl/zwrz/xxpl/dxgjfx/"); subMenu1.addItem("- 评级报告", "../../../zlgl/zwrz/xxpl/pjbg/"); subMenu1.addItem("- 持有人会�?, "../../../zlgl/zwrz/xxpl/cyrhy/"); subMenu1.addItem("- 其他文章", "../../../zlgl/zwrz/xxpl/qtwz/"); subMenu0.addItem("- 后续管理", "../../../zlgl/zwrz/hxgl/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); subMenu0.addItem("- 自律处分", "../../../zlgl/zwrz/zlcf/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[2]); subMenu0.addItem("- 评级机构资质名单", "../../../zlgl/zwrz/pjjgzzmd/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); menuArray[6].addItem("- 市场交易自律管理", "../../../zlgl/scjy/"); var subMenu0 = menuArray[6].addMenu(menuArray[6].items[1]); subMenu0.addItem("- 协议备案名单", "../../../zlgl/scjy/xymd/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu0.addItem("- 交易商资质名�?, "../../../zlgl/scjy/jyszz/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); subMenu0.addItem("- 做市商评�?, "../../../zlgl/scjy/zsspj/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[2]); subMenu1.addItem("- 情况通报", "../../../zlgl/scjy/zsspj/qktb/"); subMenu1.addItem("- 评价情况", "../../../zlgl/scjy/zsspj/pjqk/"); subMenu1.addItem("- 价差情况", "../../../zlgl/scjy/zsspj/jcqk/"); subMenu1.addItem("- 质量情况", "../../../zlgl/scjy/zsspj/zlqk/"); subMenu1.addItem("- 合规情况", "../../../zlgl/scjy/zsspj/hgqk/"); menuArray[6].addItem("- 标准协议文本", "../../../zlgl/bzxy/"); var subMenu0 = menuArray[6].addMenu(menuArray[6].items[2]); subMenu0.addItem("- 金融衍生产品交易主协�?, "../../../zlgl/bzxy/jrys/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu0.addItem("- 贷款转让交易主协�?, "../../../zlgl/bzxy/dkzr/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); subMenu0.addItem("- 凭证特别版主协议", "../../../zlgl/bzxy/tbpz/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[2]); subMenu0.addItem("- 债券回购交易主协�?, "../../../zlgl/bzxy/zqhgjyzxy/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[3]); menuArray[6].addItem("- 信用风险缓释工具自律管理", "../../../zlgl/xyfx/"); var subMenu0 = menuArray[6].addMenu(menuArray[6].items[3]); subMenu0.addItem("- CRM信息披露", "../../../zlgl/xyfx/xxpl/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu1.addItem("- CRMA信息披露", "../../../zlgl/xyfx/xxpl/xxpl/"); subMenu1.addItem("- CRMW创设登记通知�?, "../../../zlgl/xyfx/xxpl/crmwcsdj/"); subMenu1.addItem("- CRMW信息披露", "../../../zlgl/xyfx/xxpl/crmwxxpl/"); subMenu0.addItem("- CRM新闻", "../../../zlgl/xyfx/xw/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); subMenu0.addItem("- CRM业务规则", "../../../zlgl/xyfx/ywgz/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[2]); subMenu0.addItem("- CRM机构资质", "../../../zlgl/xyfx/jgzz/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[3]); menuArray[7].addItem("- 入会申请", "../../../hygl/rhsq/"); var subMenu0 = menuArray[7].addMenu(menuArray[7].items[0]); menuArray[7].addItem("- 会员分类", "../../../hygl/hyfl/"); var subMenu0 = menuArray[7].addMenu(menuArray[7].items[1]); subMenu0.addItem("- 银行类金融机�?, "../../../hygl/hyfl/yhl/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu0.addItem("- 非银行类金融机构", "../../../hygl/hyfl/fyhl/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); subMenu0.addItem("- 信用增进机构", "../../../hygl/hyfl/xyzj/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[2]); subMenu0.addItem("- 企业", "../../../hygl/hyfl/qy/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[3]); subMenu0.addItem("- 中介机构", "../../../hygl/hyfl/zjjg/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[4]); subMenu0.addItem("- 其他", "../../../hygl/hyfl/qt/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[5]); menuArray[7].addItem("- 会员动�?, "../../../hygl/hydt/"); var subMenu0 = menuArray[7].addMenu(menuArray[7].items[2]); subMenu0.addItem("- 欢迎新会�?, "../../../hygl/hydt/hyxhy/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu0.addItem("- 会员信息变更", "../../../hygl/hydt/xxbg/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); subMenu0.addItem("- 会员资格变更", "../../../hygl/hydt/zgbg/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[2]); subMenu1.addItem("- 已退会机构名�?, "../../../hygl/hydt/zgbg/yth/"); subMenu0.addItem("- 会员成就", "../../../hygl/hydt/hycj/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[3]); subMenu0.addItem("- 会员之声", "../../../hygl/hydt/hyzs/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[4]); menuArray[7].addItem("- 会员管理", "../../../hygl/hygl/"); var subMenu0 = menuArray[7].addMenu(menuArray[7].items[3]); subMenu0.addItem("- 会员评价", "../../../hygl/hygl/hypj/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu1.addItem("- 通知与通报", "../../../hygl/hygl/hypj/tztb/"); subMenu0.addItem("- 承销业务相关会员名单", "../../../hygl/hygl/cxhy/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); menuArray[7].addItem("- 会员服务", "../../../hygl/hyfw/"); var subMenu0 = menuArray[7].addMenu(menuArray[7].items[4]); subMenu0.addItem("- 投资人服�?, "../../../hygl/hyfw/tzrfw/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[0]); subMenu0.addItem("- 发行人服�?, "../../../hygl/hyfw/fxrfw/"); var subMenu1 = subMenu0.addMenu(subMenu0.items[1]); menuArray[7].addItem("- 会员信息管理系统", "../../../hygl/glxt/"); var subMenu0 = menuArray[7].addMenu(menuArray[7].items[5]); menuArray[8].addItem("- NAFMII论坛", "../../../ywpx/lunt/"); var subMenu0 = menuArray[8].addMenu(menuArray[8].items[0]); menuArray[8].addItem("- 培训通知", "../../../ywpx/pxtz/"); var subMenu0 = menuArray[8].addMenu(menuArray[8].items[1]); menuArray[8].addItem("- 在线报名", "http://peixun.www.syfhwj.com/txnT21AAA.do"); var subMenu0 = menuArray[8].addMenu(menuArray[8].items[2]); menuArray[8].addItem("- 培训教材", "../../../ywpx/pxjc/"); var subMenu0 = menuArray[8].addMenu(menuArray[8].items[3]); menuArray[8].addItem("- 成绩查询", "../../../ywpx/cjcx/"); var subMenu0 = menuArray[8].addMenu(menuArray[8].items[4]); menuArray[8].addItem("- 交流园地", "../../../ywpx/jlyd/"); var subMenu0 = menuArray[8].addMenu(menuArray[8].items[5]); menuArray[8].addItem("- 学员风采", "../../../ywpx/xyfc/"); var subMenu0 = menuArray[8].addMenu(menuArray[8].items[6]); menuArray[9].addItem("- 定价估�?, "../../djgz_web/"); var subMenu0 = menuArray[9].addMenu(menuArray[9].items[0]); menuArray[11].addItem("- 信息与通知", "../../../hyzj/xxytz/"); var subMenu0 = menuArray[11].addMenu(menuArray[11].items[0]); menuArray[11].addItem("- 《金融市场研究》期�?, "../../../hyzj/jrscyj/"); var subMenu0 = menuArray[11].addMenu(menuArray[11].items[1]); menuArray[11].addItem("- 在线交流", "../../../hyzj/zxjl/"); var subMenu0 = menuArray[11].addMenu(menuArray[11].items[2]); mtDropDown.renderAll(); } init(); </SCRIPT> <table width="980" align="center" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="98%" height="231" align="center" valign="top"> <table width="100%" border="0" cellspacing="0" cellpadding="0" style="margin-bottom:8px; line-height:30px;"> <tr> <td align="left"><font style="font-size:12px;">您目前所在位置：</font> <a href="../../../" class='word CurrChnlCls'>首页</a>><a href="../../" class='word CurrChnlCls'>市场研究与分�?/a>><a href="../" class='word CurrChnlCls'>公开发表文章</a>><font color="#FF0000" style="font-size:12px">正文</font> </td> </tr> <tr> <td bgcolor="#335481" height="2"></td> </tr> </table> <table width="93%" height border="1" align="center" cellpadding="15" cellspacing="0" class="blue_border"> <tr> <td><table width=100%><tr><td align="left"> <div class=TRS_Editor><style type="text/css"> P.MsoNormal { TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 10.5pt } LI.MsoNormal { TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 10.5pt } DIV.MsoNormal { TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 10.5pt } P.MsoFooter { MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 9pt; tab-stops: center 207.65pt right 415.3pt } LI.MsoFooter { MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 9pt; tab-stops: center 207.65pt right 415.3pt } DIV.MsoFooter { MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 9pt; tab-stops: center 207.65pt right 415.3pt } .TRS_PreAppend .MsoChpDefault { FONT-SIZE: 10pt } .TRS_PreAppend DIV.Section1 { page: Section1 } </style> <div class="TRS_PreAppend" style="overflow-x: hidden; word-break: break-all"> <p align="center" class="MsoNormal" style="text-align: center; line-height: 150%; text-indent: 36.15pt"><b><span style="line-height: 150%; font-family: 黑体; font-size: 18pt"><font style="line-height: 200%">为市政债创新开�?/font></span></b></p> <p align="center" class="MsoNormal" style="text-align: center; line-height: 150%"><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">交易商协会市场创新部专题研究小组</font></span></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 28pt"><span lang="EN-US" style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 14pt"><font style="line-height: 200%"> </font></span></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">党的十八届三中全会通过的《中共中央关于全面深化改革若干重大问题的决定》（以下简称“《决定》”）提出，“完善城镇化健康发展体制机制”和“推进城市建设管理创新”，并明确指出应“建立透明规范的城市建设投融资机制，允许地方政府通过发债等多种方式拓宽城市建设融资渠道”。《决定》明确了中国特色新型城镇化道路的方向，并对地方财政制度进行了一系列改革安排，我国发展市政债的条件已趋于成熟�?/font></span></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30.1pt"><b><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">一、市政债有助于支持城镇化建设管理创�?/font></span></b></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">市政债是指以城市政府为主的地方政府或其授权机构为满足市政项目融资所发行的债券。作为一种规范、公开、透明的融资工具，市政债在城镇化进程中的应用一直被理论界和实务界寄予厚望�?/font></span></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">目前地方政府以土地财政为基础、以平台债和非标准债权等融资渠道筹集资金的融资模式已不可持续。提高城镇化融资的规范性和透明度，要求在地方政府融资过程中强化对地方政府融资行为的约束机制，避免地方政府过度、无序融资。市政债为社会资本参与市政项目提供了透明的渠道。与单纯的财政支出和银行贷款相比，债券市场筹措资金的灵活性和可持续性更强�?/font></span></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">与现行地方政府融资模式相比，市政债既可以为市政投资效率提供有效监督，又可以为地方债务风险提供有效预警。市政债的投资者出于自身利益的考虑，会密切关注城镇化进程中的资金使用情况。这就相当于增加了市政项目的监督者。地方政府在规划和投资时有必要广泛听取社会各方的意见和建议。这种市场化监督机制将进一步提升市政基础设施建设的质量。市政债的风险溢价集中反映市场对于地方政府债务风险的预期。在市场机制正常运行的条件下，该指标是政府债务风险有效的预警指标之一�?/font></span></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30.1pt"><b><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">二、市政债的创新性发展路�?/font></span></b></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">受制于“地方各级预算不列赤字”的原则，中国尚未推出规范的市政债。与此同时，地方平台债务等变通的市政融资模式却迅速扩张，导致了财政风险和金融风险的累积。在此背景下，《决定》对地方财政制度做出了若干重要的改革安排，为发展市政债奠定了政策基础，使市政债发展迎来了难得的历史性机遇。同时，也能更大程度发挥债券市场对城镇化的支持作用，即通过市场配置资源的手段、以市场方式引入多元投资者，从而有效提升城镇化的进程和效率�?/font></span></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><font style="line-height: 200%"><span style="line-height: 200%; font-family: 仿宋_GB2312; font-size: 15pt">首先，以遵循市场化为首要原则�?/span><span style="line-height: 200%; font-family: 仿宋_GB2312; font-size: 15pt">从当前情况看，城镇化项目在债券市场融资主要以融资平台为载体，并有少量的地方政府债。融资平台公司与地方政府有着千丝万缕的联系，其经营方式也未能实现真正公司化，发债过程中涉及到政府隐性担保，存在较强的道德风险；而地方政府债发行过程中的非市场化因素更多，财务信息披露等也更加不完善。未来，要想进一步提升债券市场对城镇化融资支持作用，以政府角度看，就必须以市场化为首要原则，提高城镇化项目融资的市场化水平�?/span><span style="line-height: 200%; font-family: 仿宋_GB2312; font-size: 15pt">从根本上讲，</span><span style="line-height: 200%; font-family: 仿宋_GB2312; font-size: 15pt">需推动《预算法》修改，给予地方政府举债权，建立“一级政府、一级财权、一级事权、一级举债权”的合理财政体制。以“市政债”为发展方向，需要政府提高运行的规范性，以适应债券市场高度市场化要求。一是要不断优化政府决策机制，保证城镇化项目建设的科学性与合理性，防止盲目投资与重复建设而影响债券偿还；二是推动政府财务信息公开，如：政府财政收支明细、资产负债情况、项目融资资金使用情况等，为地方政府债券信用评级以及风险识别提供足够信息�?/span></font></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><font style="line-height: 200%"><span style="line-height: 200%; font-family: 仿宋_GB2312; font-size: 15pt">其次，以创新为动力�?/span><span style="line-height: 200%; font-family: 仿宋_GB2312; font-size: 15pt">从近年来债券市场发展经验看，创新是其发展取得突破的重要原因。同样，城镇化建设依托债券市场融资也离不开创新这一推动力。具体来讲，可采取如下三方面的措施：一是明确市政项目主要建设者的市级政府为市政债发债主体，实现市政项目建设者和发债主体的匹配。在明确发债主体基础上，根据不同发债主体地区发展状况、人口数量和经济规模确定与之相相协调的发行规则。二是明确市政项目受益者的当地居民为市政债投资主体，实现市政项目受益者和投资者的匹配。除当地居民外，吸引当地城商行、农信社、小贷公司、私募基金、社保基金和住房公积金等投资者持有市政债。三是在经济发达地区、人口数量巨大和居民较为富裕地区率先开展区域性市政债市场试点，逐步推广至全国。在建立区域性市政债平台基础上，鼓励金融创新、引入现代金融手段，推出多种类型“市政债”、交易机制和风险缓释方式等�?/span></font></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><span lang="EN-US" style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%"> </font></span></p> <p class="MsoNormal" style="line-height: 150%; text-indent: 30pt"><span lang="EN-US" style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%"> </font></span></p> <p align="right" class="MsoNormal" style="text-align: right; line-height: 150%; text-indent: 30pt"><span style="line-height: 150%; font-family: 仿宋_GB2312; font-size: 15pt"><font style="line-height: 200%">发表于《经济日报》，<span lang="EN-US" style="line-height: 200%">2013</span>�?span lang="EN-US" style="line-height: 200%">12</span>�?span lang="EN-US" style="line-height: 200%">6</span>�?/font></span></p> </div></div> </td></tr> <tr><td height="25" valign="top" align="left"> </td></tr> <tr style="display:none;" id="pdfShow" align="center"> <td height="600"> <div id="flashObjId"></div> </td></tr> </table> </td> </tr> </table> </td> </tr> </table> <table width="1001" border="0" align="center" cellpadding="0" cellspacing="0"> <tr> <td height="5"></td> </tr> <tr> <td height="3" bgcolor="#203E98"></td> </tr> <tr> <td height="35" align="center" valign="bottom"><a href="/html/.scyjfx.gkwz201312......fzlmrczp.html" target="_blank" class=gray>人才招聘</a> <SPAN class=font_wh>　|　</SPAN> <a href="/html/.scyjfx.gkwz201312......fzlmGYWM201202t20120227_4278.html" arget="_blank" class="gray">关于我们</a> <SPAN class=font_wh>　|　</SPAN> <a href="/html/.scyjfx.gkwz201312......fzlmLXWM201202t20120227_4286.html" arget="_blank" class="gray">联系我们</a> <SPAN class=font_wh>　|　</SPAN> <a href="/html/.scyjfx.gkwz201312......fzlmWZDH.html" target="_blank" class=gray>网站导航</a> <SPAN class=font_wh>　|　</SPAN> <a href="/html/.scyjfx.gkwz201312......fzlmyhbz201202t20120227_4289.html" arget="_blank" class="gray">用户帮助</a> </td> </tr> <tr> <td height="20" align="center"><span style="font-size:12px">京ICP�?8009794�?/span></td> </tr> <tr> <td height="20" align="center"><span style="font-size:12px">中国银行间市场交易商协会所有未经允许请勿转�?2007 </span></td> </tr> </table> <div style="display:none"> </div> <div style="display:none"> <noscript><p><img src="https://neilshang.cn/piwik/piwik.php?idsite=1&rec=1" style="border:0" alt /></p></noscript> </div> <script type="text/javascript" src="/tongji.js"></script></body> </html>