制度变迁视角下的地方政府举债融资改革路径选择

发布时间：2018-02-13 02:31

本文关键词： 制度变迁地方政府债务融资改革路径选择　出处：《金融与经济》2017年11期 　论文类型：期刊论文

【摘要】：财政分权化改革是我国地方政府举债融资的制度性根源。随着地方政府债务余额不断膨胀,债务风险与日俱增,潜在利益的改变催生了国家对地方政府举债行为的态度与倾向的变化,进而推动了原有制度安排的变迁。从《预算法》到《预算法修正案》再到"89号文",地方政府举债融资改革已由以融资平台为主的间接融资转向通过发行地方政府债券的直接融资与间接融资并存的局面,未来更将走向由地方政府债券占据主导地位的直接融资趋势。在我国地方政府举债融资改革路径选择上,关键因素在于摩擦成本,最优策略在于增量改革,成功标志在于存量改革。为更好地适应地方政府债券市场发展的需要,以便充分实现我国地方政府举债融资改革制度变迁既定目标,需从加强法制建设、明确功能定位、构建制衡机制、强化市场约束和风险控制等几个方面进一步推进我国地方政府债券市场发展。
[Abstract]:The reform of fiscal decentralization is the institutional root of local government borrowing and financing in China. As the balance of local government debt continues to expand, the debt risk increases with each passing day. The change of potential benefits has given rise to a change in the attitude and tendency of the state towards the borrowing behavior of local governments. From "Budget Law" to "Budget Amendment" to "89", the reform of local government borrowing financing has changed from indirect financing based on financing platform to issuing local government. The coexistence of direct and indirect financing of bonds, In the future, the local government bonds will dominate the direct financing trend. In our country, the key factor is friction cost, the best strategy is incremental reform. The success mark lies in the stock reform. In order to better meet the needs of the development of the local government bond market and to fully realize the established goal of the institutional change of the local government borrowing and financing reform, it is necessary to strengthen the construction of the legal system and define the functional orientation. To further promote the development of local government bond market in China, we should set up a check and balance mechanism, strengthen market restraint and risk control.
【作者单位】：中国财政科学研究院;
【分类号】：F812.5

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