地方政府债券市场化发行研究

发布时间：2018-06-24 17:56

本文选题：地方政府债券 + 市场化发行机制　；参考：《宁波大学》2017年硕士论文

【摘要】：随着《预算法》修订以及国务院一系列加强地方政府债务管理政策的出台,我国地方政府债务管理进入法治化建设的新阶段。与此同时,地方债的发行管理也发生了深刻变化,随着发行模式逐步市场化,地方政府的权责利进一步明晰。在地方债发行管理改革过程中,中央政府希望通过引入信用评级、信息披露等市场机制,以强化市场约束。但从实际运作效果来看,地方债市场化发行依然面临定价机制扭曲、信用体系不健全、信息披露不透明等问题。这不利于地方债市场培育,也不利于地方政府可持续融资。而只有充分发挥市场定价机制,让市场来决定地方政府的融资成本,才能保证地方债的可持续运行。因此,剖析当前地方债发行中存在的问题根源,并提出针对性的政策建议是本文的研究重点。本论文集中探讨了地方债务管理改革背景下,地方债市场化发行所面临的诸多挑战,并提出完善市场化运行机制的政策建议。首先,介绍研究相关背景,提出市场化发行的主要特点及其必然性;其次,以近几年地方债发行情况为实例,详细分析了当前地方债市场化运行中存在体制机制问题,包括非市场因素干扰、评级流于形式、信息披露监管不到位等等;最后,结合美、日两国在地方债发行模式、信息披露、风险控制、市场监管等方面的经验,从完善定价机制、规范信用评级、加强信息披露、健全市场监控和配套财税改革等五个方面提出完善我国地方债市场化运行机制的政策建议。
[Abstract]:With the revision of the Budget Law and the promulgation of a series of policies of strengthening local government debt management by the State Council, the local government debt management in China has entered a new stage of legalization construction. At the same time, the issuance management of local debt has also undergone profound changes. With the gradual marketization of the issuing mode, the local government's rights, responsibilities and interests are further clarified. In the process of local bond issuance management reform, the central government hopes to strengthen market constraints by introducing credit rating, information disclosure and other market mechanisms. But from the actual operation effect, the local bond market issue still faces the pricing mechanism distortion, the credit system is not perfect, the information disclosure is not transparent and so on. This is not conducive to the development of local debt markets, but also not conducive to sustainable financing for local governments. Only by giving full play to the market pricing mechanism and allowing the market to determine the financing cost of the local government, can the sustainable operation of the local debt be guaranteed. Therefore, it is the research focus of this paper to analyze the root causes of the problems existing in the current local bond issuance and to put forward targeted policy recommendations. Under the background of the reform of local debt management, this paper discusses many challenges faced by the market-oriented issuance of local debt, and puts forward some policy suggestions on how to perfect the market-oriented operating mechanism. First of all, it introduces the relevant background of the research, and puts forward the main characteristics and inevitability of market-oriented issuance. Secondly, taking the local bond issuance situation as an example in recent years, the paper analyzes in detail the existing problems of the system and mechanism in the market-oriented operation of local bonds. Including non-market factors interference, ratings becoming mere formality, inadequate supervision of information disclosure, and so on. Finally, combining the experience of the United States and Japan in local bond issuance models, information disclosure, risk control, market supervision, and so on, we should improve the pricing mechanism. In order to standardize credit rating, strengthen information disclosure, perfect market supervision and reform of supporting finance and taxation, this paper puts forward some policy suggestions on how to perfect the market-oriented operating mechanism of local bonds in China.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.5

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