“89号文”与我国地方政府举债融资改革

发布时间：2018-05-17 17:34

本文选题：制度变迁 + 地方政府债务　；参考：《金融发展研究》2017年10期

【摘要】：财政分权化改革是我国地方政府举债融资的制度性根源。随着地方政府债务余额不断膨胀,债务风险与日俱增,潜在利益的改变催生了国家对地方政府举债行为的态度与倾向的变化,进而推动了原有制度安排的变迁。从《预算法》到《预算法修正案》再到"89号文",地方政府举债融资改革已由以融资平台为主的间接融资转向通过发行地方政府债券的直接融资与间接融资并存的局面,未来更将走向由政府债券占据主导地位的直接融资趋势。在我国地方政府举债融资改革路径选择上,关键因素在于摩擦成本,最优策略在于增量改革,成功标志在于存量改革。为更好地适应地方政府债券市场发展的需要,以便充分实现我国地方政府举债融资改革制度变迁既定目标,需从加强法制建设、明确功能定位、构建制衡机制、强化市场约束和风险控制等几个方面进一步推进我国地方政府债券市场发展。
[Abstract]:Fiscal decentralization reform is the institutional root of local government borrowing and financing. With the local government debt balance expanding and the debt risk increasing, the change of potential benefits spawned the change of the attitude and tendency of the state to the local government borrowing behavior, and then promoted the change of the original system arrangement. From "Budget Law" to "Budget Law Amendment" to "89", the reform of local government borrowing financing has changed from indirect financing based on financing platform to the coexistence of direct financing and indirect financing through issuing local government bonds. The future will be headed by government bonds dominated by direct financing trend. The key factor is friction cost, the optimal strategy is incremental reform, and the success mark is the stock reform. In order to better meet the needs of the development of the local government bond market and to fully realize the established goal of the reform of the local government's borrowing and financing system, it is necessary to strengthen the construction of the legal system, make clear the functional orientation, and construct the mechanism of checks and balances. Strengthen the market restriction and risk control to further promote the development of our local government bond market.
【作者单位】：中国财政科学研究院;
【分类号】：F812.5

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