我国项目收益债券发行规模及其对基础建设投资的影响——基于全国地方政府债务审计结果

发布时间：2018-03-23 16:26

本文选题：财政新规　切入点：项目收益债　出处：《金融与经济》2017年10期

【摘要】：在规范和清理地方政府债务的背景下,对地方政府的举债行为财政部出台了一系列的新规(1),总的要求是地方政府不能再随意向银行借贷,而要在预算的约束下,对公益性或非公益性的地方建设项目,主要通过发行债券的方式进行融资。这一制度既约束了地方政府的借贷行为,又为地方政府的举债开了正门,但债券发行实行限额的管理。为此,作为全社会基建投资中重要组成的政府投资,由间接融资的信贷转变为直接融资的债券,是否会产生基建投资的缺口,应关注的问题。本文从新试点的项目收益债券的发行与使用规则入手,根据地方政府现有的债务存量与结构和发展要求,分析研究其对我国基建投资总量的影响以及其发行的规模与潜力。
[Abstract]:In the context of standardizing and clearing local government debts, the Ministry of Finance has issued a series of new regulations on the borrowing of local governments. The general requirement is that local governments can no longer borrow from banks at will, but under the constraints of the budget. For public welfare or non-public welfare local construction projects, financing is mainly through the issuance of bonds. This system not only constrains the borrowing behavior of local governments, but also opens the door for local governments to borrow money. However, the issue of bonds is subject to the management of quotas. For this reason, whether the government investment, which is an important component of investment in infrastructure in the whole society, changes from indirectly financed credit to directly financed bonds will create a gap in infrastructure investment. This paper starts with the issuing and using rules of the new pilot project income bonds, and according to the existing debt stock and structure and development requirements of the local government, This paper analyzes and studies its influence on the total investment in infrastructure construction in China and the scale and potential of its issuance.
【作者单位】：中国人民银行抚州市中心支行;
【分类号】：F283;F832.51

【相似文献】