我国地方政府自主发债的风险治理路径选择

发布时间：2018-03-19 18:43

本文选题：自主发债　切入点：市场风险　出处：《宏观经济研究》2017年08期 　论文类型：期刊论文

【摘要】：地方政府自主发债是一个涵盖法律、财政、金融、社会等诸多领域改革的系统工程,是促进地方经济发展和民生改善的重要杠杆,也是《预算法》修订施行后的一个新鲜事物。作为一种市场化的融资工具,地方政府自主发债有助于缓解地方政府的举债压力,使融资更加规范;降低了融资成本,提高了地方政府负债的可持续性;完善财政分权体制,彰显了财政效率特征。但当前,地方政府自主发债在发行规模、市场定价、信息披露、债券评级以及违约责任等方面与市场化的融资机制尚存差距,隐藏着一定的财政风险和金融风险。本文由此出发展开研究,探讨了我国地方政府自主发债面临的风险及其治理路径选择。
[Abstract]:The autonomous issuance of bonds by local governments is a systematic project covering legal, fiscal, financial, social and other fields of reform, and is an important lever for promoting local economic development and improving people's livelihood. It is also a new thing after the revision of the Budget Law. As a market-oriented financing tool, the autonomous issuance of debt by local governments helps to ease the pressure on local governments to borrow debt, make financing more standardized, and reduce financing costs. It improves the sustainability of local government debt, improves the fiscal decentralization system, and highlights the characteristics of fiscal efficiency. But at present, local governments issue bonds independently in the aspects of issuance scale, market pricing, information disclosure, etc. There is still a gap between the bond rating and default liability and the market-oriented financing mechanism, which hides certain financial and financial risks. This paper probes into the risk and the choice of governance path of local government's independent issuance of bonds.
【作者单位】：安徽财经大学财政与公共管理学院;
【基金】：国家社科基金项目“结构性风险、债务危机与地方政府性债务治理研究”(15BJY145) 安徽高校人文社会科学研究重大项目“安徽省自主发行债券的管理机制研究”(SK2017ZD32)的阶段性研究成果
【分类号】：F812.5

【相似文献】