市政债券与城镇化建设——理论分析、国际经验与政策建议

发布时间：2018-11-18 22:11

【摘要】：市政债券是适合城镇化建设融资、有助于建立多元化的城镇化建设融资体系与可持续的城镇化建设融资机制的有效融资工具。本文通过考察发达国家和发展中国家利用市政债券为城市化建设融资的主要做法,总结其实践经验,以便给我国推出市政债券、为新型城镇化建设融资提供有益的借鉴和启示;并重点分析了推出市政债券所的重大现实意义,以及所面临的法律不健全、地方政府的财政纪律不够严格,预算透明度较为低下与信用评级制度和市场化的发行定价机制缺失等主要障碍。文章提出了针对性的政策建议,结合我国基本国情,推出市政债券需遵循循序渐进的基本原则,先试点、后推广,有计划、有步骤地加以实施;并加快相关立法工作,健全法律法规体系,严格执财政纪律,构建地方政府的财政信用,完善市政债券信用风险管理制度,制定税收优惠政策等。
[Abstract]:Municipal bond is an effective financing tool suitable for the financing of urbanization construction and helps to establish a diversified financing system for urbanization construction and a sustainable financing mechanism for urbanization construction. By investigating the main methods of using municipal bonds to finance urbanization construction in developed and developing countries, this paper summarizes its practical experience in order to introduce municipal bonds for our country and provide useful reference and inspiration for financing new urbanization construction. It also focuses on the analysis of the great practical significance of the introduction of municipal bonds, as well as the imperfection of the laws faced by the local governments, and the lack of strict fiscal discipline of the local governments. Low budget transparency and lack of credit rating system and market-oriented pricing mechanism and other major obstacles. This paper puts forward some specific policy suggestions, combining with the basic conditions of our country, we should follow the basic principle of gradual and orderly development of municipal bonds, pilot first, then popularize, plan and implement it step by step; We should speed up the relevant legislation, perfect the system of laws and regulations, strictly enforce the fiscal discipline, construct the financial credit of the local government, perfect the credit risk management system of municipal bonds, and formulate preferential tax policies.
【作者单位】：申银万国证券战略规划部;
【分类号】：F812.5;F299.21

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