我国地方公债自主发行可行性研究
发布时间：2018-10-23 09:25
【摘要】：随着欧洲主权债务危机的持续升温，美国主权信用评级被调低，各国纷纷“闻债色变”，而我国的债务问题日渐凸现。2011年6月27号审计署发布的审计报告显示，到2010年年底，我国的地方政府性债务余额达到17.9万亿，巨大的债务余额给中央政府和地方政府敲响了一记警钟。 在分税制的财政体制下，我国地方政府承担着巨大的公共支出压力。在地方财政收入和转移支付有限的情况下，逐渐形成大量债务。因此，探索地方政府的融资方式和渠道，以缓解财政资金供需矛盾，就成为各方关注的问题。面对地方政府的债务困境，，发行公债将成为地方政府缓解财政资金供需矛盾的一种有效方式。 目前，对于地方政应当如何稳步发行债券的讨论，理论界与实践界的争论还颇多。本文认为，首先，通过对我国地方政府债券的发展历程和现状问题做一全面的梳理与总结，然后针对目前地方政府债券发展过程中产生中央代发以及试点自行发行地方政府债券等具有典型探索意义的债券形式进行逐一剖析。分析表明，债券或多或少存在一些先天缺陷，以至于不利于监管、交易和发行。因此，研究如何规范、自主发行地方政府债券是非常有必要的，并且迫在眉睫。本文分析了地方政府债券发展的历程、现状与问题以及可行性之后，得出的结论是:应当进一步构建科学的地方政府债券运行框架，从流程上进行市场化约束、透明化监管，并且完善监管与市场化约束环境。这既是缓解地方政府债务困难、规范地方政府债务行为的需要，也是防范财政风险、建立稳固的政府财政、营造良好的经济政治社会发展环境的需要。
[Abstract]:As Europe's sovereign debt crisis continues to heat up, the US sovereign credit rating has been downgraded, and countries have been "overshadowed" by debt. China's debt problem is becoming increasingly acute. The audit report released by the Audit Office on June 27, 2011, shows that by the end of 2010, The balance of local government debt in China reaches 17.9 trillion. The huge debt balance has sounded an alarm to the central government and local government. Under the fiscal system of tax sharing, local governments in our country bear enormous pressure on public expenditure. In the case of limited local revenue and transfer payments, a large amount of debt is gradually formed. Therefore, exploring the financing ways and channels of local governments to alleviate the contradiction between supply and demand of financial funds has become a problem concerned by all parties. In the face of the debt dilemma of local governments, issuing public debt will become an effective way for local governments to ease the contradiction between supply and demand of financial funds. At present, there is much debate about how local government should issue bonds steadily. First of all, through the development of local government bonds in China and the current situation of a comprehensive comb and summary, Then the paper analyzes the typical exploring forms of local government bonds in the process of the development of local government bonds, such as issuing local government bonds by the central government and issuing local government bonds on a pilot basis. Analysis shows that bonds more or less have some innate defects that are not conducive to regulation, trading and issuance. Therefore, it is necessary and urgent to study how to issue local government bonds independently. After analyzing the course, current situation and feasibility of the development of local government bonds, this paper draws the conclusion that a scientific framework of local government bonds should be constructed, and market-oriented constraints and transparent supervision should be carried out in the process. And improve the regulatory and market-oriented constraint environment. This is not only the need to alleviate the difficulty of local government debt, standardize the behavior of local government debt, but also the need to prevent financial risks, establish stable government finance, and create a good environment for economic, political and social development.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.5
本文编号：2288810
[Abstract]:As Europe's sovereign debt crisis continues to heat up, the US sovereign credit rating has been downgraded, and countries have been "overshadowed" by debt. China's debt problem is becoming increasingly acute. The audit report released by the Audit Office on June 27, 2011, shows that by the end of 2010, The balance of local government debt in China reaches 17.9 trillion. The huge debt balance has sounded an alarm to the central government and local government. Under the fiscal system of tax sharing, local governments in our country bear enormous pressure on public expenditure. In the case of limited local revenue and transfer payments, a large amount of debt is gradually formed. Therefore, exploring the financing ways and channels of local governments to alleviate the contradiction between supply and demand of financial funds has become a problem concerned by all parties. In the face of the debt dilemma of local governments, issuing public debt will become an effective way for local governments to ease the contradiction between supply and demand of financial funds. At present, there is much debate about how local government should issue bonds steadily. First of all, through the development of local government bonds in China and the current situation of a comprehensive comb and summary, Then the paper analyzes the typical exploring forms of local government bonds in the process of the development of local government bonds, such as issuing local government bonds by the central government and issuing local government bonds on a pilot basis. Analysis shows that bonds more or less have some innate defects that are not conducive to regulation, trading and issuance. Therefore, it is necessary and urgent to study how to issue local government bonds independently. After analyzing the course, current situation and feasibility of the development of local government bonds, this paper draws the conclusion that a scientific framework of local government bonds should be constructed, and market-oriented constraints and transparent supervision should be carried out in the process. And improve the regulatory and market-oriented constraint environment. This is not only the need to alleviate the difficulty of local government debt, standardize the behavior of local government debt, but also the need to prevent financial risks, establish stable government finance, and create a good environment for economic, political and social development.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.5
【参考文献】
相关期刊论文 前1条
1 马进;殷强;;地方发债与地方政府隐性债务问题研究[J];广西社会科学;2010年05期
本文编号：2288810
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