地方政府债务融资—模式选择与可持续性分析

发布时间：2018-12-06 18:35

【摘要】：地方政府债务问题是近年来备受关注的一个热点问题。从融资角度来看,地方政府债务是地方政府以自己的信用为基础,为弥补政府资金不足而进行融资所形成的。由于我国正处于城市化建设高速增长时期,对建设资金的需求不断加大,地方政府进行债务融资已成为了一个不可避免的事实；而允许地方政府进行举债也符合公共产品理论与财政分权理论的要求。目前,我国地方债务的规模日渐增大,债务风险也逐渐显现；因此,如何选择一种高效率的债务融资模式并构建完善的风险监管体系并稳定社会经济发展,是一个亟待解决的问题。本文首先对国内外学者关于地方债务的研究做了一个文献综述,并在此基础上,从我国地方债务的现状入手,着重分析了我国地方政府债务的成因以及地方政府举债的必要性。然后,通过列举在世界范围内通用的四种融资模式,并对四种融资模式进行效率比较,得出了发行地方债券的必要性。另外,本文还从债务资金流向、债务规模、地方经济实力以及制度因素等多个方面对地方债务风险进行综合考虑,并对地方政府发债的可持续性进行了实证分析。最后,在借鉴美国和日本这两类典型地方公债制度经验的基础上,对我国地方政府债务融资模式选择以及债务风险防范与控制提出了政策性建议。
[Abstract]:The problem of local government debt is a hot issue which has received much attention in recent years. From the point of view of financing, local government debt is formed by local government financing on the basis of its own credit to make up for the shortage of government funds. Because our country is in the period of rapid growth of urbanization and the increasing demand for construction funds, it has become an inevitable fact for local governments to carry out debt financing. Allowing local governments to borrow is also in line with the requirements of public product theory and fiscal decentralization theory. At present, the scale of local debt in our country is increasing day by day, and the debt risk appears gradually. Therefore, how to choose an efficient debt financing model, construct a perfect risk supervision system and stabilize the social and economic development, is an urgent problem to be solved. This paper first makes a literature review on the research of local debt at home and abroad, and based on this, analyzes the causes of local government debt and the necessity of local government borrowing from the point of view of the present situation of local debt in China. Then, the necessity of issuing local bonds is obtained by enumerating the four financing modes in the world and comparing the efficiency of the four financing modes. In addition, this paper also comprehensively considers the risk of local debt from the aspects of debt capital flow, debt scale, local economic strength and institutional factors, and makes an empirical analysis on the sustainability of local government debt issuance. Finally, based on the experience of the two typical local public debt systems, the paper puts forward some policy suggestions on the choice of local government debt financing mode and the prevention and control of debt risk.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F812.5

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