当前我国发行地方政府债券的模式选择与制度设计

发布时间：2018-06-01 05:18

本文选题：地方政府债券 + 模式选择　；参考：《财政部财政科学研究所》2012年硕士论文

【摘要】：从2009年开始,财政部连续三年代理发行了地方政府债券。2011年国务院批准了上海市、浙江省、广东省、深圳市四地开展地方政府自行发债试点,2012年上述四地继续试点自行发债。财政部代理发行地方政府债券的总规模,从2000亿元增加至2500亿元。作为合法化和规范化的地方政府融资途径,地方政府债券未来发行的模式选择和制度设计,成为理论界和相关管理部门研究的热点。本文首先采用规范分析的方法阐述了地方政府债券的基本概念,并从理论和实践两方面分析了当前我国发行地方政府债券的必要性；其次,采用以时间为维度的归纳分析法,系统地梳理了我国地方政府债券的历史,并总结了不同阶段地方政府债券在模式选择和制度设计上的区别；第三,采用以空间为维度的比较分析法,借鉴了美国和日本发行地方政府债券的经验；最后对现阶段我国发行地方政府债券在模式选择、制度设计以及配套措施方面提出了改进和完善的建议。地方政府债券是指由地方政府或其授权代理机构,在承担还本付息的基础上向社会公开发行的一种债券,其发展在理论和实践两方面都有重大意义。从理论上看,为了提高资源配置效率,部分地方性公共物品应该由地方政府提供,而对于初始投资大、回收周期长的资本性项目,运用地方政府债券融资更能保障当代人和后代人在使用资源和享受利益上的权利均等,提高全社会的资金使用效率。从现实来看,发行地方政府债券可以解决我国城市化快速发展阶段资金需求庞大与地方财政困难的矛盾,同时还可以有效避免地方融资平台等其他不规范融资方式带来的财政和金融风险。我国发行地方政府债券的历史,可以追溯到建国初期发行的东北生产建设折实公债和地方经济建设公债,但经历了短暂的发展后,由于国家经济政策对于政府借债的控制,地方政府债券又进入了漫长的停滞期。1981年恢复国债发行以来,中央政府一直不允许地方政府发行债券,1994年颁布的《预算法》更是以法律的形式禁止了地方政府债券的发行。但事实上,近二十年来地方政府通过国债转贷地方、地方融资平台、财政部代理发行债券、试点自行发行债券等模式,筹集了大量资金。经过梳理和互相比较可以发现,上述模式选择和相关的制度设计,既有时代的特征又没有背离地方政府债券的发展规律。美国和日本的地方政府债券发展比较成熟,但由于政治体制、历史条件、地方证券市场发达程度等因素的不同,美、日在模式选择和制度设计上都有着非常大的区别。借鉴美日两国经验,并结合我国现阶段国情,本文认为当前我国地方政府债券首先要明确以“自主发行”模式为方向,优先发行收益债券,择优试点发行一般责任债券；同时,还要逐步建立与之相适应的规范的债券制度,并完善相关的配套措施。总之,地方政府债券的模式选择和制度设计不是一蹴而就的,需要不断尝试和探索,最终要在实践中检验和完善。
[Abstract]:Since 2009, the Ministry of finance has issued the local government bonds for three years for.2011 years. The State Council approved the Shanghai City, Zhejiang Province, Guangdong Province, Shenzhen City, and Shenzhen City, four to carry out the local government self issuing debt pilot. In 2012, the above four places continue to launch their own debt issuance. The total scale of the local government bonds issued by the Ministry of finance has increased from 200 billion yuan to 25. 00 billion yuan. As a way of legalizing and standardizing local government financing, the mode selection and system design of the future issuance of local government bonds has become a hot spot in the theoretical and related management departments. Firstly, this paper expounds the basic concept of local government bonds with the method of normative analysis, and analyzes the two aspects of the theory and practice. At present, the necessity of issuing local government bonds in our country; secondly, the history of local government bonds in China is systematically combed with the time dimension inductive analysis method, and the difference between the mode selection and system design of local government bonds at different stages is summarized. Third, using the comparative analysis method of space as the dimension, we draw lessons from the comparison. The experience of the issuance of local government bonds in the United States and Japan; finally, suggestions for improving and improving the mode selection, system design and supporting measures for the issuance of local government bonds in our country at the present stage are put forward.
The local government bond is a kind of bond issued by the local government or its authorized agency, which is issued to the society on the basis of paying the repayment and interest. Its development is of great significance in two aspects of theory and practice. In theory, in order to improve the efficiency of the allocation of resources, the local government should provide the public goods by the local government, and Capital projects with large initial investment and long recovery cycle, using local government bond financing can guarantee the equal rights of contemporary and future generations in the use of resources and benefits, and improve the efficiency of the use of funds for the whole society. In reality, the issue of local government bonds can be used to solve the capital demand of the rapid development stage of urbanization in China. The contradiction between huge and local financial difficulties can also effectively avoid the financial and financial risks brought by other non-standard financing methods such as local financing platforms.
The history of the issuance of local government bonds in China can be traced back to the Northeast production and construction bonds and local economic construction bonds issued in the early days of the founding of the people's Republic of China. But after a short period of development, the local government bonds have entered the long stagnation period of.1981 year after the issuance of national debt due to the control of the government's economic policy for the government. The central government has not allowed the local government to issue bonds, and the "budget law" issued in 1994 has banned the issuance of local government bonds in the form of law. However, in fact, in recent twenty years, the local government has raised a large number of modes, such as the local government, the local government, the local financing platform, the Ministry of finance, the issuance of bonds, and the pilot issuance of bonds. After combing and comparing with each other, we can find that the above model selection and related system design have both the characteristics of the times and the law of the development of local government bonds.
The development of local government bonds in the United States and Japan is relatively mature, but because of the different political system, historical conditions, and the degree of development of the local securities market, the United States and Japan have a very big difference in the mode selection and system design. In the first place, the bond should be guided by the "independent issue" mode, give priority to the issuance of income bonds, and select the general liability bonds with the preferred pilot. At the same time, we should gradually establish a standardized bond system adapted to it, and improve the relevant supporting measures. In a word, the mode selection and system design of local government bonds are not achieved overnight. We must try and explore continuously, and finally we should test and perfect it in practice.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F812.5

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