需求回应与地方政府性债务约束机制:经验启示与分析

发布时间：2018-03-13 15:45

本文选题：需求回应　切入点：配置效率　出处：《财贸经济》2015年02期 　论文类型：期刊论文

【摘要】：文章在总结美国市政债券管理经验的基础上,研究并分析了分权、分税制框架下地方政府性债务约束治理机制。从代际成本分摊上看,地方政府性债务资金偿还来源于未来增加的居民税收负担,在公共项目融资过程中建立需求导向的约束机制是必要的。经验分析进一步表明,在中国债务投资的公共项目中,垄断性公共项目需求匹配程度低,福利性公共项目需求匹配程度较高,基本性公共项目投融资决策缺乏对需求因素的考虑。对于垄断性公共项目和基本性公共项目而言,要尤其重视控制债务资金偿还风险。研究认为,建立公共项目融资的需求约束机制,并由此保持公共项目投资成本和税收负担之间的平衡,是防止地方政府性债务无序扩张的关键。
[Abstract]:On the basis of summing up the experience of American municipal bond management, this paper studies and analyzes the governance mechanism of local government debt constraint under the framework of decentralization and tax sharing. The repayment of local government debt comes from the increasing tax burden of residents in the future. It is necessary to establish a demand-oriented restraint mechanism in the process of public project financing. The demand matching degree of monopoly public projects is low, the demand matching degree of welfare public projects is high, and the basic public project investment and financing decision-making lacks the consideration of demand factors. Special emphasis should be placed on controlling the risk of debt repayment. The study suggests that a demand constraint mechanism for public project financing should be established, thereby maintaining a balance between the cost of public project investment and the tax burden, It is the key to prevent the disorderly expansion of local government debt.
【作者单位】：中南财经政法大学财政税务学院;
【基金】：国家社会科学基金重大项目“地方政府性债务管理和风险防范研究”(项目编号:12&ZD047) 教育部人文社科基金青年项目“高速城镇化背景下地方政府激进投资行为:效应评估及防范机制研究”(项目编号:14YJC790015)
【分类号】：F812.5

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