新政下地方政府债发行的现状与问题研究

发布时间：2018-04-06 20:25

本文选题：地方政府债　切入点：债务置换　出处：《技术经济与管理研究》2015年12期

【摘要】：近年来,地方政府债进入偿债高峰期,为缓解偿债压力,财政部今年推出通过政府债券置换存量债务政策。文章从新中国成立之初、中央转贷、自发试点到全面铺开三个阶段回顾了我国地方政府债发行的历史沿革。从新政后地方政府债发行的基本情况和地方政府债务分类对地方政府债的现状进行了归纳,笔者认为目前地方政府债具有发行规模大、发行期限长、发行利率低和发行进度快等特点。结合地方政府债认购机构集中于银行、承接场所集中在银行间债券市场等情况,就地方政府债发行对银行的影响进行探讨。随后就地方政府债"挤出效应"、财政风险转嫁至金融风险、置换规模和细节不明确、置换方式比例有待调整和评级尚有缺失等问题进行研究。最后,从市场化定价、实现信息对称、丰富投资人等方面提出意见与建议。
[Abstract]:In recent years, local government debt has entered its peak period. To ease the pressure on debt service, the Ministry of Finance this year introduced a policy of replacing the stock of debt with government bonds.From the beginning of the founding of the people's Republic of China, the central government transfered loans, the spontaneous pilot project to the full spread of three stages, this paper reviews the historical evolution of the issuance of local government bonds in China.Based on the basic situation of local government debt issuance after the New deal and the classification of local government debt, the present situation of local government debt is summarized. The author thinks that the local government debt has a large issuing scale and a long issuance period.The interest rate is low and the issuance progress is fast and so on.This paper discusses the influence of local government bond issuance on banks in combination with the situation that local government bond subscription institutions concentrate on banks and undertake places concentrated in the interbank bond market.Then the paper studies the "crowding-out effect" of local government debt, the transfer of fiscal risk to financial risk, the unclear scale and details of replacement, the proportion of replacement mode to be adjusted and the lack of rating.Finally, from the market pricing, information symmetry, rich investors and other aspects of advice and suggestions.
【作者单位】：中央财经大学经济学院;
【分类号】：F812.5

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