【摘要】：為了解決城市化過(guò)程中地方政府面臨的資金缺口和融資難問(wèn)題,我國(guó)逐步放松了對(duì)地方政府舉債的控制。2009年財(cái)政部開(kāi)始代理發(fā)行地方債券,其后2011年經(jīng)國(guó)務(wù)院批準(zhǔn),上海市、浙江省、廣東省、深圳市為地方政府自行發(fā)債試點(diǎn),這表明我國(guó)地方債券的發(fā)展進(jìn)入新的階段。在此背景下,探索我國(guó)地方債券的發(fā)行特點(diǎn)及影響地方債券發(fā)行的因素至關(guān)重要。 本論文共分為五章,對(duì)地方債券的相關(guān)理論進(jìn)行了介紹,并重點(diǎn)對(duì)地方債券的影響因素進(jìn)行了實(shí)證分析。第一章,引言。主要介紹了本文的選題背景及選題意義,同時(shí)介紹了國(guó)內(nèi)外地方債券的研究現(xiàn)狀。第二章,地方債券的內(nèi)涵與理論基礎(chǔ)。主要是對(duì)地方債券的概念、特征進(jìn)介紹。包括：公共產(chǎn)品理論、公債理論及財(cái)政分權(quán)理論。對(duì)地方債券內(nèi)涵與理論基礎(chǔ)的介紹,主要原因在于希望本論文的研究是充實(shí)而完整的。第三章,對(duì)國(guó)內(nèi)外地方債券的發(fā)展進(jìn)行了對(duì)比分析。分別從發(fā)行背景及歷程、發(fā)行主體、投資者、債券類(lèi)型、債券使用范圍等幾個(gè)方面展開(kāi),對(duì)分權(quán)制度下美國(guó)市政債券的發(fā)展情況、集權(quán)制度下日本地方公債的發(fā)展情況及尚處于起步階段的我國(guó)地方債券的發(fā)展情況作了介紹。第四章,對(duì)地方債券發(fā)行影響因素進(jìn)行實(shí)證分析。選取GDP、人均GDP、一般財(cái)政預(yù)算收入、一般財(cái)政預(yù)算支出、全社會(huì)固定資產(chǎn)投資和城鎮(zhèn)失業(yè)人口共六個(gè)變量,用Eviews6.0計(jì)量軟件,分別對(duì)2009年和2010年我國(guó)各省、自治區(qū)和直轄市地方債券的發(fā)行規(guī)模進(jìn)行回歸分析。結(jié)果顯示,我國(guó)地方債券的發(fā)行同時(shí)考慮了公平與效率兩個(gè)方面：一方面,我國(guó)從公平方面進(jìn)行考慮,發(fā)債規(guī)模向中西部地區(qū)傾斜；另一方面,考慮了效率,支持一些財(cái)政收支狀況良好的地區(qū)多發(fā)行地方債券,以保證地方債券能夠到期還本付息,降低地方債券市場(chǎng)的風(fēng)險(xiǎn)。第五章,政策建設(shè)。從建立健全地方債券的法律法規(guī)、繼續(xù)加大中西部地區(qū)發(fā)債的支持力度、促進(jìn)地方債務(wù)顯性化、完善地方債券的運(yùn)行機(jī)制及加強(qiáng)地方債券的監(jiān)管等五個(gè)方面提出建設(shè)。 總之,本文力圖從多個(gè)方面分析近三年我國(guó)發(fā)行的地方債券的特點(diǎn),并且通過(guò)計(jì)量軟件,對(duì)影響發(fā)債規(guī)模的因素進(jìn)行分析,以期清楚地認(rèn)識(shí)我國(guó)發(fā)行地方債券的特點(diǎn),同時(shí)提出政策建議,希望有利于我國(guó)地方債券市場(chǎng)的良好有序發(fā)展。
[Abstract]:In order to solve the funding gap and financing difficulties faced by local governments in the process of urbanization, China has gradually relaxed its control over the borrowing of local governments. In 2009, the Ministry of Finance began to issue local bonds on an agency basis, and in 2011, Shanghai was approved by the State Council. Zhejiang Province, Guangdong Province, Shenzhen City for local governments to issue bonds pilot, indicating that the development of local bonds in China into a new stage. In this context, it is very important to explore the characteristics of local bond issuance and the factors affecting local bond issuance. This paper is divided into five chapters, the related theories of local bonds are introduced, and the influencing factors of local bonds are analyzed empirically. Chapter one, introduction. This paper mainly introduces the background and significance of this topic, and introduces the research status of local bonds at home and abroad. The second chapter, the connotation and theoretical basis of local bonds. It mainly introduces the concept and characteristics of local bonds. Including: public goods theory, public debt theory and fiscal decentralization theory. The main reason for the introduction of the connotation and theoretical basis of local bonds lies in the hope that the research in this paper is substantial and complete. The third chapter makes a comparative analysis of the development of local bonds at home and abroad. Starting from the background and history of the issue, the main body of the issue, the investors, the types of bonds, the scope of the use of bonds and so on, the development of the US municipal bonds under the decentralized system is discussed. This paper introduces the development of Japanese local public debt under the centralization system and the development of local bonds in China which is still in its infancy. The fourth chapter, the local bond issue influence factor carries on the empirical analysis. This paper selects six variables of GDP, per capita GDP, general budget income, general budget expenditure, total social fixed asset investment and urban unemployed population, and uses Eviews6.0 software to analyze the provinces of China in 2009 and 2010, respectively. The local bond issuance scale of autonomous region and municipality directly under the Central Government carries on regression analysis. The results show that both fairness and efficiency are considered in the issuance of local bonds in China. On the one hand, the scale of bond issuance in China is biased towards the central and western regions; on the other hand, efficiency is considered. To support more local bond issuance in areas with good fiscal balance to ensure that local bonds are able to mature and pay interest and to reduce the risk of local bond market. Chapter five, Policy Construction. This paper puts forward the construction from five aspects: establishing and perfecting the laws and regulations of local bonds, continuing to increase the support of issuing bonds in the central and western regions, promoting the dominance of local debt, perfecting the operating mechanism of local bonds and strengthening the supervision of local bonds. In short, this paper tries to analyze the characteristics of the local bonds issued in China in recent three years from many aspects, and through the measurement software, to analyze the factors that affect the scale of bond issuance, in order to clearly understand the characteristics of the local bonds issued in China. At the same time, some policy suggestions are put forward in the hope of favorable and orderly development of the local bond market in China.
【學(xué)位授予單位】：廣西師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F812.5;F224

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