摘要
在城镇化、财税体制改革的浪潮下,我国地方政府通过发债融资是大势所趋。对于地方政府债券的类别,我国还不具备发行一般责任类型债券的条件,但可以发展收入保障类型债券。对于各种"准"地方政府债券,我国则亟需明确认定标准和范围。对于地方政府债券的发行模式,我国应继续鼓励发展地方政府单独自行发债模式;也可以尝试更为市场化的专业机构代理发行模式;集合发债则暂时还不适合我国国情。为有效规范地方政府的融资行为,除了继续执行目前的严禁"乱集资"规定之外,还需要不断完善地方政府的财务和债务管理制度并适当减轻地方政府包办公共服务的压力。在制度设计中需要防范地方政府负债的道德风险,厘清中央政府和地方政府的财政责任和项目支出关系、担保关系;制定和完善地方政府的财务公开制度、政府问责制度等。
It is a trend to issue local governmental bonds for public works against the background of urbanization and fiscal reforms. China is not ready for the general obligation bonds now but is ready for the revenue backed bonds. There is also an urgent need for the inclusion of various quasi-governmental bonds into the orbit of local governmental debts. The offering models of local governmental bonds vary and the most appropriate one is the independent offering and in the future would also include the specialized agent offering. Collective offering is not ripe now. In order to regulate the behavior of local governments in debt financing, apart from adhering to the current rules on prohibiting unauthorized finance, improvements shall also be made on the financial and debt bearing rules for the local governments and the reduction of their pressure from public services. Also importantly related rules shall have regards to the moral hazards issues so as to delineate the financial and guarantee relations between the central and local governments and to make governments more accountable and transparent.
出处
《证券市场导报》
CSSCI
北大核心
2014年第1期70-78,共9页
Securities Market Herald
关键词
地方政府
债券
发行模式
治理模式
local government, bonds, offering model, govemance model
