江西省政府债务置换问题研究
发布时间：2018-07-28 16:17
【摘要】：长期以来,地方政府债务问题受到政府部门以及社会各界群众的广泛关注。地方政府一般以发债的方式融通资金,这部分债务资金在推动地方经济增长以及改善居民福利待遇方面发挥了十分显著的作用。但是地方政府债务是一把“双刃剑”,一旦缺乏财政收入端的有力支持,不断累积的地方政府债务将严重影响到地方政府的财务状况。如若处理不当,则有可能触发地方债务危机。基于有效预防地方政府债务危机的目的,同时为了规范地方政府债务管理,中央政府鼓励地方政府对各地的存量债务进行置换。在新的融资模式(PPP)和融资工具(资产证券化)等尚未发展成熟的情况下,债务置换对于缓解我国地方政府债务压力具有重要意义。但是,笔者在分析江西省政府债务置换的具体实践后,发现存在地方政府债券发行风险定价机制没有建立、发行主体信用评级机制不完善、地方债品种与投资主体过于单一等问题,这些问题的存在不利于构建一个公正有序的地方债市场。本文以近年江西省政府债务置换的具体实践为研究对象,在分析方法上主要采用了描述性统计的方法,在结构上大体上遵循了发现问题-分析问题-解决问题的逻辑结构,以专题研究的形式对债务置换问题进行了阐述。本文依据江西省政府公布的相关材料,在研究分析完地方政府债务置换实践之后,提出江西省政府债务置换实践过程中存在的问题,并对这些问题产生的原因进行简要分析,最后提出完善风险定价机制、完善地方债券信用评级制度、丰富地方债品种及投资主体等方法有助于完善地方政府债务置换。本文旨在提供完善债务置换的思路,以供诸位参考。
[Abstract]:For a long time, the problem of local government debt has been widely concerned by government departments and people from all walks of life. Local governments generally raise funds by issuing bonds, which play a significant role in promoting local economic growth and improving the welfare of residents. However, local government debt is a "double-edged sword". Once there is no sufficient financial support from the revenue side, the accumulated local government debt will seriously affect the financial situation of the local government. If mishandled, it could trigger a local debt crisis. In order to prevent the local government debt crisis effectively, and to regulate the local government debt management, the central government encourages the local government to replace the stock debt. Under the condition that the new financing mode (PPP) and the financing tool (asset securitization) are not mature, the debt replacement is of great significance to relieve the local government debt pressure in our country. However, after analyzing the concrete practice of debt replacement of Jiangxi Provincial Government, the author finds that the risk pricing mechanism of local government bond issuance has not been established, and the credit rating mechanism of the issuing body is not perfect. The existence of these problems is not conducive to the construction of a fair and orderly local bond market. This paper takes the concrete practice of debt replacement of Jiangxi Provincial Government in recent years as the research object, mainly adopts the descriptive statistical method in the analysis method, and generally follows the logical structure of finding the problem-analysis problem-solving problem in the structure. In the form of special case study, the problem of debt replacement is expounded. Based on the relevant materials published by Jiangxi Provincial Government, after studying and analyzing the practice of local government debt replacement, this paper puts forward the problems existing in the process of Jiangxi Provincial Government debt replacement practice, and briefly analyzes the causes of these problems. Finally, it is suggested that perfecting the risk pricing mechanism, perfecting the credit rating system of local bonds and enriching the variety of local debt and the main investment bodies will help to improve the replacement of local government debt. The purpose of this paper is to provide a perfect idea of debt replacement for your reference.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.5
本文编号：2150853
[Abstract]:For a long time, the problem of local government debt has been widely concerned by government departments and people from all walks of life. Local governments generally raise funds by issuing bonds, which play a significant role in promoting local economic growth and improving the welfare of residents. However, local government debt is a "double-edged sword". Once there is no sufficient financial support from the revenue side, the accumulated local government debt will seriously affect the financial situation of the local government. If mishandled, it could trigger a local debt crisis. In order to prevent the local government debt crisis effectively, and to regulate the local government debt management, the central government encourages the local government to replace the stock debt. Under the condition that the new financing mode (PPP) and the financing tool (asset securitization) are not mature, the debt replacement is of great significance to relieve the local government debt pressure in our country. However, after analyzing the concrete practice of debt replacement of Jiangxi Provincial Government, the author finds that the risk pricing mechanism of local government bond issuance has not been established, and the credit rating mechanism of the issuing body is not perfect. The existence of these problems is not conducive to the construction of a fair and orderly local bond market. This paper takes the concrete practice of debt replacement of Jiangxi Provincial Government in recent years as the research object, mainly adopts the descriptive statistical method in the analysis method, and generally follows the logical structure of finding the problem-analysis problem-solving problem in the structure. In the form of special case study, the problem of debt replacement is expounded. Based on the relevant materials published by Jiangxi Provincial Government, after studying and analyzing the practice of local government debt replacement, this paper puts forward the problems existing in the process of Jiangxi Provincial Government debt replacement practice, and briefly analyzes the causes of these problems. Finally, it is suggested that perfecting the risk pricing mechanism, perfecting the credit rating system of local bonds and enriching the variety of local debt and the main investment bodies will help to improve the replacement of local government debt. The purpose of this paper is to provide a perfect idea of debt replacement for your reference.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.5
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