本文選題：地方政府債券 + 模式選擇�。� 參考：《財政部財政科學(xué)研究所》2012年碩士論文

【摘要】：從2009年開始,財政部連續(xù)三年代理發(fā)行了地方政府債券。2011年國務(wù)院批準(zhǔn)了上海市、浙江省、廣東省、深圳市四地開展地方政府自行發(fā)債試點,2012年上述四地繼續(xù)試點自行發(fā)債。財政部代理發(fā)行地方政府債券的總規(guī)模,從2000億元增加至2500億元。作為合法化和規(guī)范化的地方政府融資途徑,地方政府債券未來發(fā)行的模式選擇和制度設(shè)計,成為理論界和相關(guān)管理部門研究的熱點。本文首先采用規(guī)范分析的方法闡述了地方政府債券的基本概念,并從理論和實踐兩方面分析了當(dāng)前我國發(fā)行地方政府債券的必要性；其次,采用以時間為維度的歸納分析法,系統(tǒng)地梳理了我國地方政府債券的歷史,并總結(jié)了不同階段地方政府債券在模式選擇和制度設(shè)計上的區(qū)別；第三,采用以空間為維度的比較分析法,借鑒了美國和日本發(fā)行地方政府債券的經(jīng)驗；最后對現(xiàn)階段我國發(fā)行地方政府債券在模式選擇、制度設(shè)計以及配套措施方面提出了改進和完善的建議。 地方政府債券是指由地方政府或其授權(quán)代理機構(gòu),在承擔(dān)還本付息的基礎(chǔ)上向社會公開發(fā)行的一種債券,其發(fā)展在理論和實踐兩方面都有重大意義。從理論上看,為了提高資源配置效率,部分地方性公共物品應(yīng)該由地方政府提供,而對于初始投資大、回收周期長的資本性項目,運用地方政府債券融資更能保障當(dāng)代人和后代人在使用資源和享受利益上的權(quán)利均等,提高全社會的資金使用效率。從現(xiàn)實來看,發(fā)行地方政府債券可以解決我國城市化快速發(fā)展階段資金需求龐大與地方財政困難的矛盾,同時還可以有效避免地方融資平臺等其他不規(guī)范融資方式帶來的財政和金融風(fēng)險。 我國發(fā)行地方政府債券的歷史,可以追溯到建國初期發(fā)行的東北生產(chǎn)建設(shè)折實公債和地方經(jīng)濟建設(shè)公債,但經(jīng)歷了短暫的發(fā)展后,由于國家經(jīng)濟政策對于政府借債的控制,地方政府債券又進入了漫長的停滯期。1981年恢復(fù)國債發(fā)行以來,中央政府一直不允許地方政府發(fā)行債券,1994年頒布的《預(yù)算法》更是以法律的形式禁止了地方政府債券的發(fā)行。但事實上,近二十年來地方政府通過國債轉(zhuǎn)貸地方、地方融資平臺、財政部代理發(fā)行債券、試點自行發(fā)行債券等模式,籌集了大量資金。經(jīng)過梳理和互相比較可以發(fā)現(xiàn),上述模式選擇和相關(guān)的制度設(shè)計,既有時代的特征又沒有背離地方政府債券的發(fā)展規(guī)律。 美國和日本的地方政府債券發(fā)展比較成熟,但由于政治體制、歷史條件、地方證券市場發(fā)達程度等因素的不同,美、日在模式選擇和制度設(shè)計上都有著非常大的區(qū)別。借鑒美日兩國經(jīng)驗,并結(jié)合我國現(xiàn)階段國情,本文認(rèn)為當(dāng)前我國地方政府債券首先要明確以“自主發(fā)行”模式為方向,優(yōu)先發(fā)行收益?zhèn)?擇優(yōu)試點發(fā)行一般責(zé)任債券；同時,還要逐步建立與之相適應(yīng)的規(guī)范的債券制度,并完善相關(guān)的配套措施。總之,地方政府債券的模式選擇和制度設(shè)計不是一蹴而就的,需要不斷嘗試和探索,最終要在實踐中檢驗和完善。
[Abstract]:Since 2009, the Ministry of finance has issued the local government bonds for three years for.2011 years. The State Council approved the Shanghai City, Zhejiang Province, Guangdong Province, Shenzhen City, and Shenzhen City, four to carry out the local government self issuing debt pilot. In 2012, the above four places continue to launch their own debt issuance. The total scale of the local government bonds issued by the Ministry of finance has increased from 200 billion yuan to 25. 00 billion yuan. As a way of legalizing and standardizing local government financing, the mode selection and system design of the future issuance of local government bonds has become a hot spot in the theoretical and related management departments. Firstly, this paper expounds the basic concept of local government bonds with the method of normative analysis, and analyzes the two aspects of the theory and practice. At present, the necessity of issuing local government bonds in our country; secondly, the history of local government bonds in China is systematically combed with the time dimension inductive analysis method, and the difference between the mode selection and system design of local government bonds at different stages is summarized. Third, using the comparative analysis method of space as the dimension, we draw lessons from the comparison. The experience of the issuance of local government bonds in the United States and Japan; finally, suggestions for improving and improving the mode selection, system design and supporting measures for the issuance of local government bonds in our country at the present stage are put forward.
The local government bond is a kind of bond issued by the local government or its authorized agency, which is issued to the society on the basis of paying the repayment and interest. Its development is of great significance in two aspects of theory and practice. In theory, in order to improve the efficiency of the allocation of resources, the local government should provide the public goods by the local government, and Capital projects with large initial investment and long recovery cycle, using local government bond financing can guarantee the equal rights of contemporary and future generations in the use of resources and benefits, and improve the efficiency of the use of funds for the whole society. In reality, the issue of local government bonds can be used to solve the capital demand of the rapid development stage of urbanization in China. The contradiction between huge and local financial difficulties can also effectively avoid the financial and financial risks brought by other non-standard financing methods such as local financing platforms.
The history of the issuance of local government bonds in China can be traced back to the Northeast production and construction bonds and local economic construction bonds issued in the early days of the founding of the people's Republic of China. But after a short period of development, the local government bonds have entered the long stagnation period of.1981 year after the issuance of national debt due to the control of the government's economic policy for the government. The central government has not allowed the local government to issue bonds, and the "budget law" issued in 1994 has banned the issuance of local government bonds in the form of law. However, in fact, in recent twenty years, the local government has raised a large number of modes, such as the local government, the local government, the local financing platform, the Ministry of finance, the issuance of bonds, and the pilot issuance of bonds. After combing and comparing with each other, we can find that the above model selection and related system design have both the characteristics of the times and the law of the development of local government bonds.
The development of local government bonds in the United States and Japan is relatively mature, but because of the different political system, historical conditions, and the degree of development of the local securities market, the United States and Japan have a very big difference in the mode selection and system design. In the first place, the bond should be guided by the "independent issue" mode, give priority to the issuance of income bonds, and select the general liability bonds with the preferred pilot. At the same time, we should gradually establish a standardized bond system adapted to it, and improve the relevant supporting measures. In a word, the mode selection and system design of local government bonds are not achieved overnight. We must try and explore continuously, and finally we should test and perfect it in practice.
【學(xué)位授予單位】：財政部財政科學(xué)研究所
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F812.5

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本文編號：1962986