摘要
在过去的二十多年中,我国地方政府的债务融资在实现基础设施跨越式建设以及改善民生等方面,发挥了积极作用,然而其负面影响也不容忽视。虽然我国地方政府债务全面违约的风险很小,但是比债务违约更可怕的是,地方债务融资模式打乱了传统的财政管理模式,使地方政府成为没有约束的"利维坦",形成了新的风险。这些风险包括:政府介入微观企业经营,排挤了中国私人部门的投资和融资,造成我国市场经济机制的倒退;地方政府的债务融资成本接近于零,是对私人部门的存款收益的一种隐性掠夺;地方政府债务资金在投资中存在盲目决策、工程腐败和资金浪费隐患;地方政府债务的存在,还造成地方政府无法建立现代化的财政体制,破坏了财政预算的统一性。要消除地方政府债务的这些风险,我国政府需要建立经营性收入与财政收入相分离的机制,把债务的收支放到预算内安排,并经过立法机构的审批,同时要建立金融市场的硬约束,并解除利率管制。
Over the past two decades,debt financing methods have helped China's local governments build badly needed infrastructure,thereby achieving great development,improving people's lives.However,the negative effects cannot be ignored.Although the overall risk of default for China's local government debt is rather small,the more frightening aspect of these methods is that local debt financing disrupts traditional fiscal management rules,so much so that the local government itself is becoming the 'Leviathan',and thereby creating new risks.These risks include:government intervention in microeconomic business,crowding out private sector investment and financing,resulting in retrogression in China's market economy mechanism;local government debt financing costs are close to zero inviting a recessive plunder of the income of private sector deposits;debt funding of local government investment in blind decision-making,engineering corruption and waste of assets;and,the existence of local government debt,also created by the local government but off-budget,means a modern fiscal system cannot be established,undermining the unity of the budget.To eliminate these risks of local government debt,our government needs to:establish a mechanism for the phase separation of operating income and revenue(income and expenditure of debt items should be made directly on the budget arrangements approved by the legislative body),establish hard constraints on the financial markets and remove e interest rate regulation.
出处
《公共行政评论》
CSSCI
2012年第4期52-76,179-180,共25页
Journal of Public Administration
关键词
地方政府债务
融资平台
政府投资
预算软约束
Local Government Debt
Financing Vehicle
Government Investment
Soft Budget Constraint
