关于我国发行地方公债的“四性”研究

发布时间：2018-07-15 09:38

【摘要】：本文主要是对我国地方政府债务发行权的研究,着重论述地方政府公开自主发行债务的重要性、必然性、必要性和可行性，意在为地方政府公开发债做出理论支撑，也是为响应允许地方政府发债的呼声。地方政府应该拥有自主的发债权也是本篇论文的题中之意。本文首先以简单介绍公债的理论基础开场，其次，新颖独到分析论述了重要性、必然性、必要性和可行性之间的联系、区别、衔接、互补、转化和提升。又其次，详尽阐述了地方政府发债的重要性，经济上：发行地方政府债务有助于加快地方基础设施建设、有助于地方政府组织国有资本运营、有助于优化债务负担结构、有助于经济协调发展；政治上有利于减轻中央政府的债务负担、利于规范地方政府的融资行为、有利于防止地方政府的债务危机；制度上有利于完善分税分级财政体制、有利于完善我国地方财政信用体系、有利于完善我国的金融市场体系。再次，高度概括了地方政府发债的必然性，理论上：发债是公共产品层次性理论的内在要求、是满足区域性公共产品的要求；财政体制上：公共财政发挥作用离不开地方公债发行、地方财政平衡离不开地方公债发行、试点发债省市一定程度上证实其必然性、公共财政体制离不开地方财政的基础；财政机制上：是财政分权理论与分级财政的现实的要求、是财权与事权相匹配的必然要求、落实责、权、利统一的要求。又再次，，深刻分析了发行地方公债的必要性,对于政府自身来讲:发债是地方政府进行经济和宏观调控的需要、是降低自身债务风险的需要;对于经济发展来讲：是服务积极财政政策的需要、是弥补地方政府赤字资本部分的需要、是加快基建的需要；对于现实财政收支来讲：是弥补中央与地方和地方自身收支不平衡的需要、是落实地方财权的需要；代际公平的角度：发债是消除代际不公平的必要手段。最后，明确提出了发行地方公债的可行性，理论与经验上：国债理论和国外公债理论的经验基础；政治与法律上：国体与政体的分级统一治理现实、建立健全公债法具有可行性；财政实践准备上:大量地方借款的存在、分税制的体制基础、地方政府对公债收入的需求；经济与资金实力上：宏观经济都得健康快速发展、巨额的储蓄存款余额、社会资金中存在着公债的应债能力、地方偿还限额借款的能力。
[Abstract]:This paper is mainly about the study of the right of issuing local government debt in China, focusing on the importance, inevitability, necessity and feasibility of local government issuing debt publicly and independently, which is intended to provide theoretical support for the public issuance of debt by local governments. It is also in response to calls for local governments to issue bonds. Local governments should own the right to issue bonds is also the meaning of this paper. This paper begins with a brief introduction to the theoretical basis of public debt, and then discusses the relationship between importance, inevitability, necessity and feasibility, distinction, cohesion, complementarity, transformation and promotion through novel and original analysis. Secondly, the importance of local government debt issuance is elaborated in detail. Economically, issuing local government debt helps to speed up the construction of local infrastructure, help local governments organize state-owned capital operations, and help optimize the debt burden structure. It is conducive to the coordinated development of the economy, to the reduction of the debt burden of the central government, to the regulation of the financing behavior of the local governments, and to the prevention of the debt crisis of the local governments. It is propitious to perfect the local financial credit system and the financial market system of our country. Thirdly, it sums up the inevitability of local government issuing bonds. Theoretically, issuing bonds is the inherent requirement of the theory of public product hierarchy and the requirement of meeting the requirement of regional public goods. Fiscal system: public finance can not play its role without local public debt issuance, local fiscal balance can not be separated from local public debt issuance, the pilot bond issuing provinces and cities to a certain extent to prove its inevitability, the public financial system can not do without the basis of local finance; In financial mechanism, it is the realistic requirement of the theory of fiscal decentralization and classified finance, the inevitable requirement of matching financial power with administrative power, and the requirement of implementing responsibility, power and interest. Thirdly, the necessity of issuing local government bonds is deeply analyzed. For the government itself, issuing bonds is the need for local governments to carry out economic and macro-control, and the need to reduce the risk of their own debt; For economic development, it is the need of serving the active fiscal policy, the need to make up the deficit capital part of the local government, and the need to speed up the infrastructure construction. For the real fiscal revenue and expenditure, it is the need to make up for the imbalance between the central and local governments, and the need to implement the local financial rights, and the angle of intergenerational equity: issuing bonds is the necessary means to eliminate intergenerational inequality. Finally, the feasibility of issuing local public debt is clearly put forward, theoretically and empirically: the empirical basis of the theory of national debt and the theory of foreign public debt; the political and legal aspects: the reality of unified governance of the national system and the polity at different levels, It is feasible to establish and perfect the public debt law; the financial practice preparation: the existence of a large amount of local borrowing, the institutional basis of the tax distribution system, the demand of the local government for the public debt income; the economic and financial strength: the macro economy must develop healthily and rapidly. Large savings balances, public debt capacity in social funds, and local ability to repay capped loans.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F812.5

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