本文選題：地方政府債券 + 經(jīng)濟(jì)效應(yīng)　； 參考：《江西財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：隨著2012年地方政府債券發(fā)行工作的落幕，我國(guó)地方政府債券從“破冰”至今累計(jì)4年共發(fā)行8500億元，從最早的財(cái)政部代發(fā)代還到上海市、浙江省、廣東省、深圳市的自行發(fā)債試點(diǎn)，從2009年僅有3年期債券擴(kuò)充為具有3、5、7年期債券的格局。在2012年發(fā)行額度也由自2009年以來維持不變的2000億元上升到2500億元，2009年國(guó)務(wù)院就明確規(guī)定，作為地方政府財(cái)政職能，地方政府債券籌得資金主要用于中央投資地方配套的公益性建設(shè)項(xiàng)目及其它難以吸引社會(huì)投資的公益性建設(shè)項(xiàng)目，投資項(xiàng)目資金使用范圍包括：保障性安居工程，農(nóng)村民生工程和農(nóng)村基礎(chǔ)設(shè)施，醫(yī)療衛(wèi)生、教育、文化等社會(huì)事業(yè)基礎(chǔ)設(shè)施，生態(tài)建設(shè)工程，地震災(zāi)后恢復(fù)重建以及其他涉及民生的項(xiàng)目建設(shè)與配套等。但作為政府合法化和規(guī)范化的融資渠道，，“破冰”的地方政府債券缺乏法律上和制度上明確的規(guī)定，如何設(shè)計(jì)地方政府債券相關(guān)制度成為了我國(guó)政府部門和相關(guān)學(xué)者的研究重點(diǎn)。 本文首先采用規(guī)范分析法，通過對(duì)國(guó)內(nèi)外文獻(xiàn)的研究以及相關(guān)資料查找得出地方政府債券的理論依據(jù)，從公共產(chǎn)品理論、新公共服務(wù)理論、財(cái)政分權(quán)理論和制度經(jīng)濟(jì)學(xué)理論等理論著手分析我國(guó)地方政府債券發(fā)行的價(jià)值與意義。從公共品的提供效率方面考慮來看，由于中央政府信息不完全，對(duì)地方公共品偏好不能做到一應(yīng)俱全，由地方政府提供能更有效的利用社會(huì)資源，減少社會(huì)總效用的浪費(fèi)；從財(cái)政分權(quán)理論來看，財(cái)政分權(quán)體制下，地方政府被分配到的事權(quán)應(yīng)與財(cái)權(quán)相匹配，予以事權(quán)卻不配以相應(yīng)的債權(quán)對(duì)地方政府提供公共品服務(wù)可謂難上加難；新公共服務(wù)理論強(qiáng)調(diào)地方政府機(jī)構(gòu)應(yīng)由管制型政府轉(zhuǎn)向成服務(wù)型政府，注重以人為本，服務(wù)型政府通過地方政府債券為轄區(qū)人民提供更多更好的公共品，實(shí)現(xiàn)轄區(qū)居民的公共需求，從而在真正意義上實(shí)現(xiàn)為人民服務(wù)；制度經(jīng)濟(jì)學(xué)理論認(rèn)為地方政府的融資模式一旦確定，這個(gè)融資模式無論好壞都會(huì)不斷自我強(qiáng)化，并且在日后難以改變，此效應(yīng)即為“路徑選擇”，所以為地方政府融資設(shè)計(jì)合法規(guī)、高效益的融資模式為未來地方政府融資的健康發(fā)展起了巨大作用，發(fā)行地方政府債券取代地方政府本身的違規(guī)的融資平臺(tái)、變相發(fā)債等是讓地方政府融資健康發(fā)展的必要手段。其次，通過對(duì)我國(guó)從20世紀(jì)初地方政府債券在實(shí)質(zhì)意義上出現(xiàn)到我國(guó)2012年我國(guó)地方政府債券發(fā)行現(xiàn)狀的分析得出我國(guó)地方政府債券所面臨的困難，其中包括：1.地方政府債券發(fā)行額度相對(duì)較小，在二級(jí)市場(chǎng)上無法形成有效的交易量，造成二級(jí)市場(chǎng)爆冷；2.地方政府債券稱為“銀邊債券”，其風(fēng)險(xiǎn)應(yīng)高于“金邊債券”的國(guó)債，但地方政府債券利率比同期國(guó)債還要低，無法有效吸引投資者興趣；3.地方政府債券信息披露機(jī)制不健全，投資者無法有效得到地方政府債券的相關(guān)信息，公眾無法有效監(jiān)督債券資金的使用方向。再次，對(duì)地方政府債券的發(fā)行進(jìn)行經(jīng)濟(jì)效應(yīng)分析，首先，通過對(duì)發(fā)行政府債券實(shí)現(xiàn)公共部門擁有資源數(shù)量、地區(qū)間的資源配置、各部門之間的資源配置；其次，通過對(duì)地方政府債券資金使用方向現(xiàn)狀分析，得出地方政府債券為地方公共品提供情況進(jìn)行分析；再次，分析發(fā)行地方政府債券對(duì)穩(wěn)定經(jīng)濟(jì)，促進(jìn)經(jīng)濟(jì)增長(zhǎng)的作用；最后，對(duì)地方政府債券縮減財(cái)政缺口作用進(jìn)行分析。最后，采用空間維度比較分析法，借鑒美國(guó)、澳大利亞和日本三個(gè)地方政府債券發(fā)達(dá)國(guó)家的經(jīng)驗(yàn)總結(jié)，提出對(duì)我國(guó)地方政府債券制度設(shè)計(jì)及配套措施方面提出相關(guān)建議，包括對(duì)地方政府債券發(fā)行主體、發(fā)行規(guī)模、發(fā)行利率等作出相應(yīng)要求，對(duì)債券發(fā)行過程中控制風(fēng)險(xiǎn)分為事前控制、事中控制和事后控制，事前控制主要包括發(fā)行債券審批機(jī)制、官員政績(jī)考核模式、引入評(píng)級(jí)機(jī)制等；事中控制包括：建立信息披露機(jī)制、成立專門的監(jiān)管部門；事后控制包括：建立償債基金和為地方政府債券購(gòu)買保險(xiǎn)增級(jí)。 我國(guó)地方政府債券仍處于起步階段，需要完善和改進(jìn)的地方依舊有很多。當(dāng)前地方政府債券發(fā)行的額度雖然較小，但隨著分稅制改革的深入，地方財(cái)權(quán)與事權(quán)要相匹配，地方政府債券在日后地方政府財(cái)政收支上會(huì)占到更大的比例。隨著自行發(fā)債試點(diǎn)工作不斷開展，債券期限和額度不斷增加，發(fā)行工作也日漸流暢，為日后各省市地方政府自行發(fā)債積累經(jīng)驗(yàn)，逐步擴(kuò)大自行發(fā)債范圍，最終在分稅制體制賦予各地方發(fā)債權(quán)做出準(zhǔn)備�？傊�，我國(guó)地方政府債券何去何從不是一蹴而就的，需要在中央政府和地方政府不斷磨合、地方政府和公眾不斷磨合中不斷探索，最終要在實(shí)踐中得到檢驗(yàn)和完善。
[Abstract]:With the fall of the issuance of local government bonds in 2012, China's local government bonds issued a total of 850 billion yuan from "ice breaking" to the present 4 years. From the earliest Ministry of finance to Shanghai, Zhejiang, Guangdong and Shenzhen, China's debt issuance pilot was expanded from only 3 years in 2009 to a pattern of 3,5,7 year bonds. In 2012, the issuance of the quota has also risen to 250 billion yuan from the 200 billion yuan maintained since 2009. In 2009, the State Council clearly stated that as a local government financial function, the funds raised by local government bonds are mainly used for public welfare projects supporting central investment and other public welfare projects which are difficult to attract social investment. The use of investment project funds includes: the security of living projects, rural livelihood projects and rural infrastructure, medical and health, education, culture and other social infrastructure facilities, ecological construction projects, earthquake recovery and reconstruction, and other projects involving the livelihood of the people, but as the government legalized and standardized financing channels. Tao, "ice breaking" local government bonds lack clear legal and institutional provisions, how to design the relevant system of local government bonds has become the focus of our government departments and related scholars.
This paper first uses the normative analysis method, and finds out the theoretical basis of local government bonds through the study of domestic and foreign literature and related materials. From the theory of public products, the new public service theory, the theory of fiscal decentralization and the theory of institutional economics, this paper analyzes the value and significance of the issuance of local government bonds in China. In terms of efficiency, due to the incomplete information of the central government, the preference of local public goods can not be complete, the local government can provide more effective use of social resources and reduce the waste of the total social utility. From the theory of fiscal decentralization, the power of local government should be allocated to the property under the fiscal decentralization system. The new public service theory emphasizes that the local government should turn from the regulated government to the service-oriented government and focus on the people-oriented government, and the service-oriented government provides more and better public with the local government bonds for the people in the jurisdiction. The common product can realize the public needs of the residents in the jurisdiction, so as to serve the people in a real sense. The theory of institutional economics believes that once the financing mode of the local government is determined, the financing mode will be continuously strengthened, and it is difficult to change in the future. This effect is the "path choice", so it is the local government. The high efficiency financing model has played a great role in the healthy development of the local government financing in the future. Issuing local government bonds to replace the local government's own illegal financing platform, the disguised debt and so on are the necessary means to make the local government financing a healthy development. In essence, the analysis of the current situation of local government bond issuance in China in 2012 shows the difficulties faced by local government bonds in China, which include: 1. local government bond issuance is relatively small, it can not form effective trading volume on the two level market and causes the two level market to be cold; 2. local government bonds are called "the local government bonds". "Silver side bonds", the risk should be higher than the "gilt bond" bonds, but the interest rate of local government bonds is lower than the same period, can not effectively attract investor interest; 3. the information disclosure mechanism of local government bonds is not sound, investors can not effectively obtain relevant information of local government bonds, the public can not effectively supervise bond funds. Use direction. Again, the economic effect analysis of local government bonds issue, first of all, through the issuance of government bonds to realize the number of resources in the public sector, the allocation of resources between regions and the allocation of resources between departments; secondly, through the analysis of the current situation of the use of local government bonds, local government bonds are obtained as the ground. Analysis of the provision of square public goods; thirdly, analyze the role of local government bonds to stabilize the economy and promote economic growth; finally, analyze the role of local government bonds to reduce the financial gap. Finally, using the spatial dimension comparative analysis method, three local government bonds in the United States, Australia and Japan are used for reference to the developed countries. Some suggestions are put forward to the design and supporting measures of the local government bond system in China, including the subject of the issuance of local government bonds, the scale of issuance, the interest rate and so on. The control risks are divided into pre control, control and post control in the process of bond issuance. The examination and approval mechanism of the bond, the official performance assessment model and the introduction of the rating mechanism include the establishment of the information disclosure mechanism and the establishment of a special regulatory department, and the subsequent control includes the establishment of a debt service fund and an increase in the purchase of insurance for local government bonds.
Local government bonds in China are still in its infancy. There are still a lot of places to be improved and improved. Although the amount of local government bonds issued at present is small, with the deepening of the reform of tax sharing system, local government bonds will take up a greater proportion of local government's fiscal revenue and expenditure in the future. The pilot work of self issuing bonds has been carried out continuously, the maturity and amount of bonds are increasing, and the issuance work is becoming more and more smooth. It accumulates experience for the local governments of various provinces and municipalities in the future, and gradually expands the scope of their own debt issuance. Finally, the local government bonds are not one of the local government bonds in our country. It is necessary for the central government and local governments to continue to run in, and the local governments and the public continue to explore in the course of continuous grinding. Finally, it will be tested and perfected in practice.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F812.5

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