城镇化建设下我国市政债融资分析以及制度设计研究

发布时间：2018-03-10 10:26

本文选题：城镇化发展　切入点：政府融资方式　出处：《首都经济贸易大学》2015年硕士论文　论文类型：学位论文

【摘要】：我国的城镇化建设已经步入快速发展的阶段,这也创造了新的经济增长点。在城镇化建设中,主要是基础设施的建设发展。而发展的建设基金由地方政府承担。巨额的资金压力使地方政府不堪重负。1994我国进行了分税制改革,重新划分了政府的财权和事权,明确地方的城镇化中,地方政府承担其基础设施建设,改革使得地方政府分管更多的事权,但是财权却上移了。在转移支付制度不完善、土地财政收入不可持续等一系列问题下,地方需要正当的途径筹集资金。为了避开《预算法》不准地方政府发债的约束,地方政府利用融资平台如城投公司,发行了大量不规范的城投债,目前债务规模已达到14万亿元,但城投债不公开透明,积存了大量的风险。我国的市政债,还处于探索研究阶段,在借鉴国外发行政策的同时,也需要参考其债务风险。本文分析国外成熟的市政债机制,从发行、监管、风险防范等几个方面,提出了我国市政债发行的制度设计,主要采取了对比分析、国际经验借鉴、定量定性分析,研究市政债在我国发行,应完善的发展政策。
[Abstract]:China's urbanization construction has entered the stage of rapid development, which has also created a new economic growth point. It is mainly the construction and development of infrastructure. The construction fund for development is borne by the local government. The huge financial pressure has overwhelmed the local government. In 1994, China carried out the reform of the tax sharing system and reclassified the financial and administrative powers of the government. It is clear that in the process of local urbanization, the local government undertakes its infrastructure construction. The reform has made the local government take over more responsibilities, but the financial power has been moved up. The transfer payment system is not perfect. Under a series of problems, such as unsustainable land revenue, local governments need proper ways to raise funds. In order to avoid the restrictions of the Budget Law prohibiting local governments from issuing bonds, local governments use financing platforms such as City Investment Corporation. A large number of non-standard city investment bonds have been issued. At present, the scale of the debt has reached 14 trillion yuan, but the city investment debt is not open and transparent, and there are a lot of risks accumulated. Our country's municipal debt is still in the stage of exploration and research, while drawing lessons from foreign issuing policies, This paper analyzes the mature mechanism of municipal debt in foreign countries, and puts forward the system design of municipal debt issuance in China from the aspects of issuance, supervision, risk prevention and so on. It mainly adopts comparative analysis, international experience, and so on. Quantitative and qualitative analysis, to study the issue of municipal debt in China, the development policy should be improved.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F283;F832.41

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