地方政府项目收益债券:比较与借鉴

发布时间：2018-03-17 11:53

本文选题：地方政府　切入点：项目收益债券　出处：《地方财政研究》2017年12期 　论文类型：期刊论文

【摘要】：2017年我国地方政府债券发行推出了基于项目收益与融资自求平衡的项目收益债券,这是地方政府专项债券精细化改革过程中的一项探索尝试。目前改革选取了相对成熟的土地储备和收费公路两个项目作为试点,但是试点扩面仍有赖于管理制度完善。本文选取普通专项债券、美国市政债券和城投企业债券三个债券品种,在债券发行、监管、预算管理等方面与现阶段我国地方政府项目收益债券进行比较,通过比较研究推动地方政府项目收益债券制度建设。本文在监管方面提出地方政府项目收益债券监管应中央财政监管与外部市场约束并重的思路,推动不同债券品种"共管共治";在发行环节提出完善信息披露、实现债券信用评级客观真实;在项目管理方面提出应该允许适度放宽债券存续期限限制,做实项目收益债券在内部"自求平衡";在配套建设方面提出推动项目收益债券市场化保险增信体系建设。
[Abstract]:In 2017, the local government bond issued in China launched a project income bond based on the balance between project income and self-financing. This is an exploratory attempt in the process of fine-tuning the reform of local government special bonds. At present, the reform has selected two relatively mature projects, land reserves and toll roads, as pilot projects. However, the pilot expansion still depends on the improvement of the management system. This paper selects three kinds of bonds, namely, ordinary special bonds, US municipal bonds and corporate bonds, to issue and supervise bonds. Budget management and other aspects are compared with the income bonds of local government projects in China at this stage. Through the comparative study to promote the construction of the local government project income bond system, this paper puts forward the idea that the local government project income bond supervision should pay equal attention to the central financial supervision and the external market constraint in the aspect of supervision. To promote the "co-management and co-management" of different bond varieties; to improve information disclosure in the issuing link, to realize the objective and truthful credit rating of bonds; and to put forward in the project management that the limit on the duration of bonds should be appropriately relaxed. In the aspect of supporting construction, it proposes to promote the construction of market-oriented insurance and credit enhancement system of project income bonds.
【作者单位】：中国财政科学研究院;
【分类号】：F812.5;F817.12

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