四川省地方公债发行问题研究

发布时间：2018-01-21 22:20

本文关键词： 四川省地方公债制度设计发债规模风险防范　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：1994年分税制改革使得地方政府事权和财权不对称。而随着经济体制改革的深入,地方政府越来越多的承担起经济建设的重任,巨大的财政压力使地方政府有迫切举债融资的需要。但在我国法律的明令禁止下,地方政府不得不另辟蹊径,变相举债,如以政府的名义成立各种投资公司或基金公司。尽管这些债务资金在促进地区经济发展,改善居民福利上发挥了重要作用,但是其自身具有的风险也是不容忽视的。这些债务性质不清、规模巨大、管理不规范,被称为“威胁中国经济安全和社会稳定的头号杀手”,对其应如何化解和管理的问题已经搬上了决策者的议事日程。2013年,地方政府债务已达到20.6万亿,如此庞大的数据不得不引发人们的深思。2011年,我国进行了地方政府发债的试点,批准广州、上海、浙江、深圳进行自主发债的试点工作。2013年,地方政府自行发债试点范围进一步扩大,由四个省市增至六个省市,赋予了江苏省和山东省自行发债权,这一系列举动意味着地方债券市场已逐步放开。所以,发行地方政府债券可以成为新的融资方式,是缓解地方财政压力,治理地方政府债务的一种有效途径。由于目前四川省并没有发行地方政府债务,所以本文研究的问题主要是四川省地方公债发行的必要性、可行性,以及发行制度的设计,包括四川省公债制度的基本框架、风险防范机制和配套措施的完善。论文选题之初是对我国地方政府债务的分析和思考。从目前的趋势来看,地方债券市场已逐步放开,地方政府能否发债以及如何发债将成为新的研究热点。本文作者认为：赋予地方政府发债权,可以将隐性的债务显性化、阳光化,无序的融资行为有序化。当前我国地方公债发行仍在过渡阶段,从长远来看,在研究地方公债发行的必要性和可行性的基础上,结合国外经验和试点工作经验,科学地设计发债程序,并通过有效的风险控制,全面的监管体系,建立我国地方公债发行制度具有重大的意义。围绕这一目的,本文的研究框架如下：第一部分绪论,主要介绍文章的研究背景、方法、内在逻辑结构、国内外文献综述。研究背景从我国当前地方政府债务庞大的事实出发,且在现有的财税体制和法律制度下,地方政府出现不规范融资的行为,引出赋予地方政府发债权的重要性。同时阐述了从2005年到2013年地方公债循序渐进的发展过程。文献综述部分包含了我国学者对地方公债发行的必要性、可行性及风险防范、制度建设的研究和国外学者对地方政府是否应该发展及怎样适度举债的研究。第二部分为地方公债的理论分析部分,包括地方公债的内涵和经济学分析。首先,从地方公债的概念、种类和特点描述了地方公债的内涵。其次,从公共产品理论、财政分权理论、政府职能划分理论进行了地方公债的经济学分析。此部分的研究为地方公债发行奠定了理论基础。第三部分回顾了地方公债发行的历史,详细介绍了从建国初期我国第一次地方公债发行阶段、禁止发行阶段、由财政部代理发行阶段到目前地方公债自行发债试点阶段。通过历史分析为地方公债的长期运作提供经验教训。同时,由于本文的核心是研究四川省地方公债发行,所以,详细阐述了四川省地方公债的发行历史,结合四川省当时的政治、经济和社会条件,将地方公债的历史划分为军阀割据下的防区制时期和川政统一时期。最后根据历史总结了这一阶段地方公债的特点,并表明建设宏观环境、完善发行制度、控制风险的重要性。第四部分以美国市政债券和日本地方公债为例分析了国外地方公债的运行情况。从美国市政债券的发行主体、条件和风险防范三个方面进行了研究。特别是美国市政债券的风险防范机制,包括发行制度、监管制度、信用评级制度、财税制度和保险制度五个方面,一系列完善成熟的机制值得我国学习。另外,选取日本地方公债为研究对象在于日本中央集权的政治体制与我国类似,在发行管理上可以借鉴日本模式。当然,我国的国情不同于美国和日本,需要结合实际情况将美、日两国的成功经验融入我国地方公债发行中,切不可生搬硬套。第五部分为四川省地方公债发行的必要性和可行性分析。首先,明确了当前四川省政府面临着财政压力和债务困境,存在着不规范融资的行为。同时,又从中央财政压力巨大、金融市场发展需要和推动四川省城市化进程三个角度说明了允许四川省自行发债的必要性。然后,又进一步分析了发债的可行性。四川省巨大的居民储蓄存款量为地方公债的发行提供了良好的外部基础,而分税制改革又提供了体制可行性。同时,根据1993-2013年四川省GDP和财政收入数据说明了四川省政府具备一定的承债能力。另外,国债的发行经验和国外地方公债运行经验可供四川省借鉴。第六部分为四川省地方公债发行问题研究。在具备了发债的必要性和可行性后,进一步深入研究发债的制度设计。首先分析了2009年后四川省地方公债发行情况,主要是研究由财政部代理发行债券的规模、期限、利率和用途,初步了解四川省公债的运行情况。然后根据前几部分的内容,进行四川省地方公债发行的制度设计。逻辑安排是基本框架,风险防范机制的设计,和相关配套措施的完善。基本框架主要包括发债主体、发行期限、发行利率、债券种类和税收政策。针对风险防范,由于地方公债运作风险较大,所以从发债前、中、后为线条设计了风险防范机制。包括通过KMV模型确定了四川省地方公债的发行规模、审批制度、风险预警机制、信用评级制度、信息披露机制和偿债准备金制度。由于现阶段四川省仍通过财政部代理发行,所以重点评估了发债规模,建立了动态的违约风险估计模型。在配套措施完善上,主要从法律法规建设、政府监督体系、预算管理和中介机构约束四个方面进行了论述。
[Abstract]:The 1994 tax reform makes the local government powers and financial authority and asymmetry. With the deepening of economic system reform, the responsibility of local government more and more to assume the economic construction of the huge financial pressure to local government debt financing needs urgent. But in our country the law banned, the local government had to find a way of borrowing in disguise on behalf of the government, such as the establishment of a variety of investment companies or fund companies. Although these debt funds in promoting regional economic development, improve the welfare of the residents has played an important role, but its risk can not be ignored. The nature of the debt is not clear, the huge scale, management is not standardized, known as the "threat Chinese economic security and social stability, it should be the first killer" on how to resolve the management problems already onto the decision maker's schedule for.2013 years, local government debt Has reached 20 trillion and 600 billion, such a huge data have caused people to think.2011 years, our country has carried on the local government bonds pilot, approved by the Guangzhou Shanghai, Zhejiang, Shenzhen, independent bonds pilot work.2013 years, local governments to further expand the scope of pilot bonds, from four provinces to six provinces and cities, to Jiangsu province and Shandong province to issue bonds on their own right, this series of moves mean that the local bond market has been gradually liberalized. Therefore, local government bonds can become a new way of financing, is to ease the pressure on local finance, an effective way to control the local government debt. Due to the current Sichuan province did not issue local government debt, so this paper is mainly the necessity and feasibility of local government bonds issued by the province of Sichuan, and the design of the distribution system, the basic framework of Sichuan Province, including bond system, risk prevention The improvement of the model and supporting measures.
The topic of this thesis is the beginning of the analysis and reflection of China's local government debt. From the current trend, the local bond market has been gradually liberalized, local governments can issue bonds and bonds will become a new research hotspot. The author thinks that: giving local governments the right to issuing bonds, the debt explicit, implicit in the sunshine and the financing behavior of disorderly orderly. The issue of local government bonds in China is still in the transition period, from a long-term perspective, based on the necessity and feasibility of the research on the issue of local government bonds, according to foreign experience and work experience of the pilot program, the design issue scientifically, and through effective risk control, comprehensive supervision system, set up the local government bonds issued in our country system is of great significance. For this purpose, the framework is as follows:
The first part is the introduction, mainly introduces the research background, method, logical structure, literature review at home and abroad. The research background from the current local government debt and the fact that in the current tax system and legal system, the local government does not regulate the behavior of financing, leads to the importance to give local governments the right to issuing bonds at the same time. This paper expounds the development process from 2005 to 2013, local government bonds progressively. The literature review part includes the necessity of Chinese scholars on the issue of local government bonds, feasibility and risk prevention research, system construction and foreign scholars to study on whether the local government should develop and how to moderate debt.
The second part is the local government bond in the part of theoretical analysis, including the connotation and economic analysis of local government bonds. First of all, from the concept of local government bonds, describes the types and characteristics of connotation of local government bonds. Secondly, from the theory of public goods, the theory of fiscal decentralization, division of government function theory of economics analysis of local government bonds. This part of research provides a theoretical basis for local government bonds.
The third part reviews the history of local government bonds, introduced in the early years of China's first local government bond issuance stage, prohibit the distribution stage, issued by the Ministry of finance to the current pilot phase of local government bonds in their own bonds. Providing the experience of long-term operation through historical analysis for local government bonds. At the same time, because this is the core of study on local government bonds issued in Sichuan Province, so the details of local government bonds issued in Sichuan province history, Sichuan province with the political, economic and social conditions, the local bond's history into the warlord period and the defense area of Sichuan political unification period. According to the history and summarizes the characteristics of local government bonds in this stage, and show that the construction of macro environment, improve the distribution system, the importance of risk control.
The fourth part of the United States municipal bonds and local government bonds in Japan as an example to analyze the operation of foreign bonds from the United States. The local municipal bond issuers, conditions and risk prevention three aspects were studied. Especially the municipal bond risk prevention mechanism, including distribution system, supervision system, credit rating system, five aspects taxation system and insurance system, a series of perfect and mature mechanism is worth our study. In addition, selection of local government bonds in Japan as the research object in the Japanese centralized political system similar to China, on the issue of management can learn from the Japanese model. Of course, the situation of our country is different from the United States and Japan, combined with the actual situation the beautiful, successful experience of Japan into the local government bonds issued in our country, must not be applied mechanically.
Necessity and feasibility analysis of the fifth part is the local government bonds issued by the province of Sichuan. Firstly, the current Sichuan province government is facing financial pressure and debt problems, there is no standard financing behavior. At the same time, from the central government is enormous pressure to the three aspects and promote Sichuan province city urbanization explains the necessity to allow Sichuan province to issue bonds on their own financial market development. Then, further analysis of the issue. The feasibility of the external good foundation of the huge resident savings amount in Sichuan province to issue local government bonds, and the reform of the tax system and provide the system feasibility. At the same time, according to the 1993-2013 GDP in Sichuan province and revenue data show Sichuan the provincial government has certain debt bearing capacity. In addition, the issuance of government bonds and local government bonds abroad experience operation experience for the Sichuan province for reference.
The sixth part is the Sichuan Province, local government bonds issue research. The necessity and feasibility of issuing bonds, further research on the system design bonds. Firstly analyzes the issue of local government bonds in 2009 in Sichuan Province, is mainly studied by the Ministry of finance agency issuing bonds, term, interest rates and purposes, a preliminary understanding of operation Sichuan provincial government bonds. Then according to the previous parts, design of the system of local government bonds issued by the province of Sichuan. The logical arrangement is the basic framework, the design of risk prevention mechanism, and improve the relevant supporting measures. The basic framework mainly includes the main issue bonds issued for a period, the issue of interest rates, bond type and tax policy for risk prevention. Because of the advantages, operation risk, so from the bonds before, after line design of a risk prevention mechanism. Including Sichuan province were determined by KMV model The bond issue size, approval system, risk warning mechanism, credit rating system, information disclosure system and the debt service reserve system. Due to the issue of the present stage Sichuan province still by the Ministry of finance, so the evaluation focused on the issue size, a default risk estimation model. The dynamic perfect supporting measures, mainly from the construction of laws and regulations. The government supervision system, four aspects of budget management and intermediary institutions constraints are discussed.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.5;F832.51

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