我国地方政府债务融资的法律规制研究

发布时间：2018-05-29 17:18

本文选题：地方政府债务 + 地方政府债券　；参考：《西南政法大学》2015年博士论文

【摘要】：地方政府债务融资是指地方政府借助政府信用发行债券或借款筹集财政资金,并承诺到期还本付息的行为。地方政府债务融资的实质是政府的财政行为,理应纳入法律的约束和规范,但是现实中地方政府采用各种方法绕开预算法等财政法律规范,在获取建设资金的同时积累了大量隐性的地方政府债务。而我国《预算法》仅简单规定了地方政府可以发行债券,仍然缺乏地方政府债务融资的法律框架和具体规定,针对这一问题,本文探讨了如何授予地方政府举债融资权,其融资应当受到何种限制,如何防范债务融资带来的风险。地方政府债务融资具有一定的必要性,经济学上公共产品理论、公债融资的主要学说和财政分权理论从理论上表明地方政府提供地区性公共产品较中央政府更有效率,地方政府具有提供地区性公共产品的政府职责。当地方财政收入不足时,地方政府倾向于通过借债的方式筹集资金进行建设。地方政府债务融资主要包括向银行贷款和发行债券两种方式,不受约束的债务融资带来了巨大的债务风险。形成债务风险背后的动因与公共池塘、预算软约束、地区之间的竞争有关,而这些问题又都与财政分权不完全带来的财权事权不匹配有关。此外,地方政绩考核机制、中央政府宏观调控都促使地方政府举债融资。其他国家地方政府债务融资的法律规范为我国建立地方政府债务融资法律规范提供了非常有价值的参考。巴西通过财政责任法化解债务危机,美国从市场化的角度对地方政府市政债券的发行和交易进行法律监管和规范,日本通过债券发行审批制度控制地方债务融资。我国地方政府债务融资规制的短期目标是理清债务和控制债务风险,长期目标是建立可持续性的地方政府举债融资机制。针对债务融资的控制,世界上形成了四种不同的模式,包括市场控制模式、行政控制模式、法律规则控制模式及合作安排模式。这几种债务模式各有利弊,我国现阶段地方政府债务融资基本上属于行政控制模式,最终应形成以法律规则控制为主,行政控制和市场控制为辅的控制机制,在此基础上应将法律授权原则、预算管理原则、上级政府约束原则和公共效益最大化原则作为地方政府债务融资的基本原则。虽然国务院及有关部门出台了许多清理地方政府债务和整顿地方政府融资平台的文件,但是这些政策缺乏稳定性和强制力,尚未建立起地方政府债务融资的长久法律机制。制定财政责任法,通过立法的形式建立债务风险的事前、事后处理机制,对我国建立地方债务风险法律控制机制具有重要意义。此外,还需建立约束地方政府债务融资和债务责任的制度。要建立规范有序的地方政府债务融资制度,还必须完善我国的财政分权制度,明确政府和市场的关系,限定地方政府的事权,并赋予与之相匹配的财权。此外,通过预算监督、政府信息公开制度使地方政府债务融资除了在上级行政监督之外,形成地方人大和社会公众对地方政府的监督制约,并通过地方政府信用评级制度的完善形成公开透明的市场化融资机制。
[Abstract]:Local government debt financing means that local governments raise financial funds by issuing bonds or loans with the help of government credit, and promises to pay interest and interest payments due to maturity. The essence of local government debt financing is government financial behavior, which should be incorporated into legal constraints and norms. But in reality, local governments use various methods to bypass the budget law and so on. The rule of government and law has accumulated a large number of recessive local government debts at the same time, while the budget law of China simply stipulates that the local government can issue bonds and still lacks the legal framework and specific provisions of local government debt financing. In this paper, this article discusses how to grant the local government debt financing rights. What restrictions should be given to its financing and how to guard against the risk of debt financing. Local government debt financing is necessary. The theory of public products in economics, the main theory of public debt financing and the theory of fiscal decentralization theoretically show that local governments are more efficient than the central government, and local governments are more efficient than the local government. It has the government responsibility to provide regional public goods. When the local financial income is insufficient, local governments tend to raise funds by borrowing the debt. The local government debt financing mainly includes two ways of lending and issuing bonds to the banks. The unconstrained debt financing brings a huge debt risk. The motive behind the risk is related to the public ponds, the soft budget constraint and the competition between the regions, and these are all related to the mismatch of financial rights and powers which are not completely brought by the fiscal decentralization. In addition, the local government performance assessment mechanism, the central government's macro regulation and control all promote the local government to raise debt financing. Fan provides a very valuable reference for the establishment of the local government debt financing legal norms. Brazil solves the debt crisis through the financial responsibility law. The United States conducts legal supervision and regulation on the issuance and transaction of local government municipal bonds from the perspective of market, and Japan controls local debt financing through the debt issuance examination and approval system. The short-term goal of the regulation of local government debt financing is to clear debt and control debt risk. The long-term goal is to establish a sustainable local government debt financing mechanism. In view of the control of debt financing, there are four different modes in the world, including market control mode, administrative control mode, law rule control mode and cooperation. Each of these debt modes has advantages and disadvantages. At the present stage, the local government debt financing is basically a mode of administrative control. In the end, we should form a control mechanism based on legal rules control, administrative control and market control. On this basis, the principle of legal authorization, budget management principle, the principle of higher government restraint and the principle of government restraint should be put on the basis. The principle of maximizing public benefit is the basic principle of local government debt financing. Although the State Council and relevant departments have issued a lot of documents to clean up local government debt and rectify local government financing platform, these policies are lack of stability and coercion, and have not established the long-term legal mechanism of the government's Government debt financing. It is of great significance to establish the legal control mechanism of local debt risk in our country. In addition, it is necessary to establish a system that constrains the debt financing and liability of local governments. The fiscal decentralization system in China defines the relationship between the government and the market, limits the power of the local government and gives the financial power to match it. In addition, through the budget supervision, the government information disclosure system makes the local government debt financing in addition to the superior administrative supervision, and forms the supervision and restriction of local people's people's Congress and the public to the local government. Through the improvement of the credit rating system of local governments, a transparent and market-oriented financing mechanism will be formed.
【学位授予单位】：西南政法大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：D922.21

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