【摘要】：長期以來,地方政府債務(wù)問題受到政府部門以及社會(huì)各界群眾的廣泛關(guān)注。地方政府一般以發(fā)債的方式融通資金,這部分債務(wù)資金在推動(dòng)地方經(jīng)濟(jì)增長以及改善居民福利待遇方面發(fā)揮了十分顯著的作用。但是地方政府債務(wù)是一把“雙刃劍”,一旦缺乏財(cái)政收入端的有力支持,不斷累積的地方政府債務(wù)將嚴(yán)重影響到地方政府的財(cái)務(wù)狀況。如若處理不當(dāng),則有可能觸發(fā)地方債務(wù)危機(jī)�；谟行ьA(yù)防地方政府債務(wù)危機(jī)的目的,同時(shí)為了規(guī)范地方政府債務(wù)管理,中央政府鼓勵(lì)地方政府對(duì)各地的存量債務(wù)進(jìn)行置換。在新的融資模式(PPP)和融資工具(資產(chǎn)證券化)等尚未發(fā)展成熟的情況下,債務(wù)置換對(duì)于緩解我國地方政府債務(wù)壓力具有重要意義。但是,筆者在分析江西省政府債務(wù)置換的具體實(shí)踐后,發(fā)現(xiàn)存在地方政府債券發(fā)行風(fēng)險(xiǎn)定價(jià)機(jī)制沒有建立、發(fā)行主體信用評(píng)級(jí)機(jī)制不完善、地方債品種與投資主體過于單一等問題,這些問題的存在不利于構(gòu)建一個(gè)公正有序的地方債市場。本文以近年江西省政府債務(wù)置換的具體實(shí)踐為研究對(duì)象,在分析方法上主要采用了描述性統(tǒng)計(jì)的方法,在結(jié)構(gòu)上大體上遵循了發(fā)現(xiàn)問題-分析問題-解決問題的邏輯結(jié)構(gòu),以專題研究的形式對(duì)債務(wù)置換問題進(jìn)行了闡述。本文依據(jù)江西省政府公布的相關(guān)材料,在研究分析完地方政府債務(wù)置換實(shí)踐之后,提出江西省政府債務(wù)置換實(shí)踐過程中存在的問題,并對(duì)這些問題產(chǎn)生的原因進(jìn)行簡要分析,最后提出完善風(fēng)險(xiǎn)定價(jià)機(jī)制、完善地方債券信用評(píng)級(jí)制度、豐富地方債品種及投資主體等方法有助于完善地方政府債務(wù)置換。本文旨在提供完善債務(wù)置換的思路,以供諸位參考。
[Abstract]:For a long time, the problem of local government debt has been widely concerned by government departments and people from all walks of life. Local governments generally raise funds by issuing bonds, which play a significant role in promoting local economic growth and improving the welfare of residents. However, local government debt is a "double-edged sword". Once there is no sufficient financial support from the revenue side, the accumulated local government debt will seriously affect the financial situation of the local government. If mishandled, it could trigger a local debt crisis. In order to prevent the local government debt crisis effectively, and to regulate the local government debt management, the central government encourages the local government to replace the stock debt. Under the condition that the new financing mode (PPP) and the financing tool (asset securitization) are not mature, the debt replacement is of great significance to relieve the local government debt pressure in our country. However, after analyzing the concrete practice of debt replacement of Jiangxi Provincial Government, the author finds that the risk pricing mechanism of local government bond issuance has not been established, and the credit rating mechanism of the issuing body is not perfect. The existence of these problems is not conducive to the construction of a fair and orderly local bond market. This paper takes the concrete practice of debt replacement of Jiangxi Provincial Government in recent years as the research object, mainly adopts the descriptive statistical method in the analysis method, and generally follows the logical structure of finding the problem-analysis problem-solving problem in the structure. In the form of special case study, the problem of debt replacement is expounded. Based on the relevant materials published by Jiangxi Provincial Government, after studying and analyzing the practice of local government debt replacement, this paper puts forward the problems existing in the process of Jiangxi Provincial Government debt replacement practice, and briefly analyzes the causes of these problems. Finally, it is suggested that perfecting the risk pricing mechanism, perfecting the credit rating system of local bonds and enriching the variety of local debt and the main investment bodies will help to improve the replacement of local government debt. The purpose of this paper is to provide a perfect idea of debt replacement for your reference.
【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】：2017
【分類號(hào)】：F812.5

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本文編號(hào)：2150853