我国地方政府债券制度设计研究

发布时间：2018-06-30 03:45

本文选题：地方政府债券 + 经济效应　；参考：《江西财经大学》2013年硕士论文

【摘要】：随着2012年地方政府债券发行工作的落幕，我国地方政府债券从“破冰”至今累计4年共发行8500亿元，从最早的财政部代发代还到上海市、浙江省、广东省、深圳市的自行发债试点，从2009年仅有3年期债券扩充为具有3、5、7年期债券的格局。在2012年发行额度也由自2009年以来维持不变的2000亿元上升到2500亿元，2009年国务院就明确规定，作为地方政府财政职能，地方政府债券筹得资金主要用于中央投资地方配套的公益性建设项目及其它难以吸引社会投资的公益性建设项目，投资项目资金使用范围包括：保障性安居工程，农村民生工程和农村基础设施，医疗卫生、教育、文化等社会事业基础设施，生态建设工程，地震灾后恢复重建以及其他涉及民生的项目建设与配套等。但作为政府合法化和规范化的融资渠道，，“破冰”的地方政府债券缺乏法律上和制度上明确的规定，如何设计地方政府债券相关制度成为了我国政府部门和相关学者的研究重点。本文首先采用规范分析法，通过对国内外文献的研究以及相关资料查找得出地方政府债券的理论依据，从公共产品理论、新公共服务理论、财政分权理论和制度经济学理论等理论着手分析我国地方政府债券发行的价值与意义。从公共品的提供效率方面考虑来看，由于中央政府信息不完全，对地方公共品偏好不能做到一应俱全，由地方政府提供能更有效的利用社会资源，减少社会总效用的浪费；从财政分权理论来看，财政分权体制下，地方政府被分配到的事权应与财权相匹配，予以事权却不配以相应的债权对地方政府提供公共品服务可谓难上加难；新公共服务理论强调地方政府机构应由管制型政府转向成服务型政府，注重以人为本，服务型政府通过地方政府债券为辖区人民提供更多更好的公共品，实现辖区居民的公共需求，从而在真正意义上实现为人民服务；制度经济学理论认为地方政府的融资模式一旦确定，这个融资模式无论好坏都会不断自我强化，并且在日后难以改变，此效应即为“路径选择”，所以为地方政府融资设计合法规、高效益的融资模式为未来地方政府融资的健康发展起了巨大作用，发行地方政府债券取代地方政府本身的违规的融资平台、变相发债等是让地方政府融资健康发展的必要手段。其次，通过对我国从20世纪初地方政府债券在实质意义上出现到我国2012年我国地方政府债券发行现状的分析得出我国地方政府债券所面临的困难，其中包括：1.地方政府债券发行额度相对较小，在二级市场上无法形成有效的交易量，造成二级市场爆冷；2.地方政府债券称为“银边债券”，其风险应高于“金边债券”的国债，但地方政府债券利率比同期国债还要低，无法有效吸引投资者兴趣；3.地方政府债券信息披露机制不健全，投资者无法有效得到地方政府债券的相关信息，公众无法有效监督债券资金的使用方向。再次，对地方政府债券的发行进行经济效应分析，首先，通过对发行政府债券实现公共部门拥有资源数量、地区间的资源配置、各部门之间的资源配置；其次，通过对地方政府债券资金使用方向现状分析，得出地方政府债券为地方公共品提供情况进行分析；再次，分析发行地方政府债券对稳定经济，促进经济增长的作用；最后，对地方政府债券缩减财政缺口作用进行分析。最后，采用空间维度比较分析法，借鉴美国、澳大利亚和日本三个地方政府债券发达国家的经验总结，提出对我国地方政府债券制度设计及配套措施方面提出相关建议，包括对地方政府债券发行主体、发行规模、发行利率等作出相应要求，对债券发行过程中控制风险分为事前控制、事中控制和事后控制，事前控制主要包括发行债券审批机制、官员政绩考核模式、引入评级机制等；事中控制包括：建立信息披露机制、成立专门的监管部门；事后控制包括：建立偿债基金和为地方政府债券购买保险增级。我国地方政府债券仍处于起步阶段，需要完善和改进的地方依旧有很多。当前地方政府债券发行的额度虽然较小，但随着分税制改革的深入，地方财权与事权要相匹配，地方政府债券在日后地方政府财政收支上会占到更大的比例。随着自行发债试点工作不断开展，债券期限和额度不断增加，发行工作也日渐流畅，为日后各省市地方政府自行发债积累经验，逐步扩大自行发债范围，最终在分税制体制赋予各地方发债权做出准备。总之，我国地方政府债券何去何从不是一蹴而就的，需要在中央政府和地方政府不断磨合、地方政府和公众不断磨合中不断探索，最终要在实践中得到检验和完善。
[Abstract]:With the fall of the issuance of local government bonds in 2012, China's local government bonds issued a total of 850 billion yuan from "ice breaking" to the present 4 years. From the earliest Ministry of finance to Shanghai, Zhejiang, Guangdong and Shenzhen, China's debt issuance pilot was expanded from only 3 years in 2009 to a pattern of 3,5,7 year bonds. In 2012, the issuance of the quota has also risen to 250 billion yuan from the 200 billion yuan maintained since 2009. In 2009, the State Council clearly stated that as a local government financial function, the funds raised by local government bonds are mainly used for public welfare projects supporting central investment and other public welfare projects which are difficult to attract social investment. The use of investment project funds includes: the security of living projects, rural livelihood projects and rural infrastructure, medical and health, education, culture and other social infrastructure facilities, ecological construction projects, earthquake recovery and reconstruction, and other projects involving the livelihood of the people, but as the government legalized and standardized financing channels. Tao, "ice breaking" local government bonds lack clear legal and institutional provisions, how to design the relevant system of local government bonds has become the focus of our government departments and related scholars.
This paper first uses the normative analysis method, and finds out the theoretical basis of local government bonds through the study of domestic and foreign literature and related materials. From the theory of public products, the new public service theory, the theory of fiscal decentralization and the theory of institutional economics, this paper analyzes the value and significance of the issuance of local government bonds in China. In terms of efficiency, due to the incomplete information of the central government, the preference of local public goods can not be complete, the local government can provide more effective use of social resources and reduce the waste of the total social utility. From the theory of fiscal decentralization, the power of local government should be allocated to the property under the fiscal decentralization system. The new public service theory emphasizes that the local government should turn from the regulated government to the service-oriented government and focus on the people-oriented government, and the service-oriented government provides more and better public with the local government bonds for the people in the jurisdiction. The common product can realize the public needs of the residents in the jurisdiction, so as to serve the people in a real sense. The theory of institutional economics believes that once the financing mode of the local government is determined, the financing mode will be continuously strengthened, and it is difficult to change in the future. This effect is the "path choice", so it is the local government. The high efficiency financing model has played a great role in the healthy development of the local government financing in the future. Issuing local government bonds to replace the local government's own illegal financing platform, the disguised debt and so on are the necessary means to make the local government financing a healthy development. In essence, the analysis of the current situation of local government bond issuance in China in 2012 shows the difficulties faced by local government bonds in China, which include: 1. local government bond issuance is relatively small, it can not form effective trading volume on the two level market and causes the two level market to be cold; 2. local government bonds are called "the local government bonds". "Silver side bonds", the risk should be higher than the "gilt bond" bonds, but the interest rate of local government bonds is lower than the same period, can not effectively attract investor interest; 3. the information disclosure mechanism of local government bonds is not sound, investors can not effectively obtain relevant information of local government bonds, the public can not effectively supervise bond funds. Use direction. Again, the economic effect analysis of local government bonds issue, first of all, through the issuance of government bonds to realize the number of resources in the public sector, the allocation of resources between regions and the allocation of resources between departments; secondly, through the analysis of the current situation of the use of local government bonds, local government bonds are obtained as the ground. Analysis of the provision of square public goods; thirdly, analyze the role of local government bonds to stabilize the economy and promote economic growth; finally, analyze the role of local government bonds to reduce the financial gap. Finally, using the spatial dimension comparative analysis method, three local government bonds in the United States, Australia and Japan are used for reference to the developed countries. Some suggestions are put forward to the design and supporting measures of the local government bond system in China, including the subject of the issuance of local government bonds, the scale of issuance, the interest rate and so on. The control risks are divided into pre control, control and post control in the process of bond issuance. The examination and approval mechanism of the bond, the official performance assessment model and the introduction of the rating mechanism include the establishment of the information disclosure mechanism and the establishment of a special regulatory department, and the subsequent control includes the establishment of a debt service fund and an increase in the purchase of insurance for local government bonds.
Local government bonds in China are still in its infancy. There are still a lot of places to be improved and improved. Although the amount of local government bonds issued at present is small, with the deepening of the reform of tax sharing system, local government bonds will take up a greater proportion of local government's fiscal revenue and expenditure in the future. The pilot work of self issuing bonds has been carried out continuously, the maturity and amount of bonds are increasing, and the issuance work is becoming more and more smooth. It accumulates experience for the local governments of various provinces and municipalities in the future, and gradually expands the scope of their own debt issuance. Finally, the local government bonds are not one of the local government bonds in our country. It is necessary for the central government and local governments to continue to run in, and the local governments and the public continue to explore in the course of continuous grinding. Finally, it will be tested and perfected in practice.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F812.5

【参考文献】