本文選題：地方政府債券 + 市場化發(fā)行機(jī)制�。� 參考：《寧波大學(xué)》2017年碩士論文

【摘要】：隨著《預(yù)算法》修訂以及國務(wù)院一系列加強(qiáng)地方政府債務(wù)管理政策的出臺,我國地方政府債務(wù)管理進(jìn)入法治化建設(shè)的新階段。與此同時,地方債的發(fā)行管理也發(fā)生了深刻變化,隨著發(fā)行模式逐步市場化,地方政府的權(quán)責(zé)利進(jìn)一步明晰。在地方債發(fā)行管理改革過程中,中央政府希望通過引入信用評級、信息披露等市場機(jī)制,以強(qiáng)化市場約束。但從實(shí)際運(yùn)作效果來看,地方債市場化發(fā)行依然面臨定價機(jī)制扭曲、信用體系不健全、信息披露不透明等問題。這不利于地方債市場培育,也不利于地方政府可持續(xù)融資。而只有充分發(fā)揮市場定價機(jī)制,讓市場來決定地方政府的融資成本,才能保證地方債的可持續(xù)運(yùn)行。因此,剖析當(dāng)前地方債發(fā)行中存在的問題根源,并提出針對性的政策建議是本文的研究重點(diǎn)。本論文集中探討了地方債務(wù)管理改革背景下,地方債市場化發(fā)行所面臨的諸多挑戰(zhàn),并提出完善市場化運(yùn)行機(jī)制的政策建議。首先,介紹研究相關(guān)背景,提出市場化發(fā)行的主要特點(diǎn)及其必然性;其次,以近幾年地方債發(fā)行情況為實(shí)例,詳細(xì)分析了當(dāng)前地方債市場化運(yùn)行中存在體制機(jī)制問題,包括非市場因素干擾、評級流于形式、信息披露監(jiān)管不到位等等;最后,結(jié)合美、日兩國在地方債發(fā)行模式、信息披露、風(fēng)險(xiǎn)控制、市場監(jiān)管等方面的經(jīng)驗(yàn),從完善定價機(jī)制、規(guī)范信用評級、加強(qiáng)信息披露、健全市場監(jiān)控和配套財(cái)稅改革等五個方面提出完善我國地方債市場化運(yùn)行機(jī)制的政策建議。
[Abstract]:With the revision of the Budget Law and the promulgation of a series of policies of strengthening local government debt management by the State Council, the local government debt management in China has entered a new stage of legalization construction. At the same time, the issuance management of local debt has also undergone profound changes. With the gradual marketization of the issuing mode, the local government's rights, responsibilities and interests are further clarified. In the process of local bond issuance management reform, the central government hopes to strengthen market constraints by introducing credit rating, information disclosure and other market mechanisms. But from the actual operation effect, the local bond market issue still faces the pricing mechanism distortion, the credit system is not perfect, the information disclosure is not transparent and so on. This is not conducive to the development of local debt markets, but also not conducive to sustainable financing for local governments. Only by giving full play to the market pricing mechanism and allowing the market to determine the financing cost of the local government, can the sustainable operation of the local debt be guaranteed. Therefore, it is the research focus of this paper to analyze the root causes of the problems existing in the current local bond issuance and to put forward targeted policy recommendations. Under the background of the reform of local debt management, this paper discusses many challenges faced by the market-oriented issuance of local debt, and puts forward some policy suggestions on how to perfect the market-oriented operating mechanism. First of all, it introduces the relevant background of the research, and puts forward the main characteristics and inevitability of market-oriented issuance. Secondly, taking the local bond issuance situation as an example in recent years, the paper analyzes in detail the existing problems of the system and mechanism in the market-oriented operation of local bonds. Including non-market factors interference, ratings becoming mere formality, inadequate supervision of information disclosure, and so on. Finally, combining the experience of the United States and Japan in local bond issuance models, information disclosure, risk control, market supervision, and so on, we should improve the pricing mechanism. In order to standardize credit rating, strengthen information disclosure, perfect market supervision and reform of supporting finance and taxation, this paper puts forward some policy suggestions on how to perfect the market-oriented operating mechanism of local bonds in China.
【學(xué)位授予單位】：寧波大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F812.5

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