地方政府债券的若干问题研究

发布时间：2018-01-25 23:04

本文关键词： 地方政府债券风险化解政府信用财政分权　出处：《辽宁师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：1812年美国纽约发行了历史上第一只地方政府债券，并建立了地方政府债券市场。这个新兴的政府债券市场，在随之而来的200年时间里，借助美国政府的扶持得以迅猛发展起来。地方政府债券市场在接受地方政府政策优待的同时，地方政府也从发行地方政府债券的活动中得到了丰厚的实惠。国家的各个职能部门中，都是由中央政府负责全局经济的宏观调控，地方政府负责区域经济的具体实施。中央政府是经济管理工作中的设计者和指导者，没有精力具体落实到微观经济工作中的方方面面。地方政府的具体经济需求，只有地方政府自己最了解。这也是地方政府债券先后在日本、西欧、北美、东南亚等国迅速发展的原因。在国际地方政府债券市场中，美国和日本两国的发展情况极其显著。卓越的表现，让这两只债券成为最具代表性的地方政府债券。本文深入分析了美国和日本这两个优质的地方政府债券市场，并将两只债券的具体情况进行客观对比。相关比较结果以对比情况表的形式列出（详见表二），可以直观看到两个市场内地方政府债券经营管理过程中的异同。系统的研究和考察，将有助于指导国内地方政府债券市场的发展。由于历史原因，我国的地方政府债券市场起步早、成型晚。建国初期，东北人民政府曾发行过地方政府债券，但随后我国的地方政府债券就进入冰冻期。从进入冰冻期至今，我国的《预算法》始终不允许地方政府发行地方政府债券。直到2009年前后，美国次贷危机的影响席卷全球，我国经济也受到严重波及。为了刺激全国经济发展、缓解地方政府资金压力，财政部代地方政府发行了地方政府债券。这只债券虽然是由财政部代发并代办还本付息，但这一事件标志我国政府向地方政府债券市场发出了尝试经营信号。接下来的两年时间里，，财政部先后发行了多期准地方政府债券。2012年财政部又出台新政策，将上海、深圳、广州、浙江这四个城市列为自主发债试点。至此，我国的地方政府债券市场终于顺应社会的潮流发展起来。由于我国刚刚开始放行地方政府债券，非常缺乏相关的管理经验和制度规范，而且在摸索期内进行债券经营必然会遇到很多问题。本文结合国际地方政府债券市场经验，就现阶段我国地方政府债券市场中存在的若干问题展开研究，并提出合理的制度设计及解决对策。本文从发行前期的管理体系和内部监管、到发行中期的资金使用和绩效考核、再到发行后期的债务偿还和风险分散，每一个步骤都做了合理的安排。也只有完善的制度和有效的管理，才能早日建立健全我国的地方政府债券市场。
[Abstract]:In 1812, New York issued the first local government bond in history and established the local government bond market. With the support of the US government, the local government bond market has developed rapidly. The local government bond market is receiving preferential treatment from local government policies at the same time. Local governments have also received substantial benefits from the issuance of local government bonds. The central government is responsible for the macro-control of the overall economy in all functional departments of the country. The local government is responsible for the implementation of the regional economy. The central government is the designer and guide in the economic management. The specific economic needs of local governments are best understood by local governments themselves. This is also the local government bonds in Japan, Western Europe, North America successively. The reasons for the rapid development of Southeast Asia and other countries. In the international local government bond market, the development of the United States and Japan is extremely remarkable. Let these two bonds become the most representative of the local government bonds. This paper analyzes the two high-quality local government bond markets: the United States and Japan. And the specific circumstances of the two bonds are compared objectively. The results of the relevant comparisons are presented in the form of comparative tables (see Table 2 for details). We can intuitively see the similarities and differences in the process of management and management of local government bonds in the two markets. A systematic study and investigation will be helpful to guide the development of the local government bond market in China. Due to historical reasons, the local government bond market in China started early and formed late. In the early days of the founding of the people's Republic of China, the Northeast people's Government issued local government bonds. But then the local government bonds of our country entered the freezing period. From entering the frozen period to now, the Budget Law of our country never allowed the local government to issue the local government bonds. Until 2009 or so, the local government bonds were not allowed to be issued. The impact of the subprime mortgage crisis in the United States swept the world, our economy has also been seriously affected. In order to stimulate the national economic development, ease the pressure on local government funds. The Ministry of Finance issues local government bonds on behalf of local governments. This bond is issued by the Ministry of Finance on behalf of the Ministry of Finance and pays the principal and interest. But the incident marked a signal to the local government bond market that our government was trying to do business for the next two years. Ministry of Finance has issued a number of quasi-local government bonds. In 2012, the Ministry of Finance also issued a new policy, Shanghai, Shenzhen, Guangzhou, Zhejiang four cities as a pilot issue of debt. So far. The local government bond market in our country has finally developed in line with the social trend. Because our country has just begun to release local government bonds, it lacks the relevant management experience and institutional norms. And in the exploration period of bond management will inevitably meet many problems. This paper combines the international local government bond market experience, on the present stage of our local government bond market in the existence of a number of problems to be studied. And put forward a reasonable system design and solutions. This article from the pre-issue management system and internal supervision, to the mid-issue of the use of funds and performance evaluation, to the late issue of debt repayment and risk dispersion. Every step has made reasonable arrangement. Only the perfect system and effective management can the local government bond market of our country be established and perfected as soon as possible.
【学位授予单位】：辽宁师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F812.5;O242.1

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