中国地方债务的债券化与发行市政债券的挑战  

A Study on Local Debt Securitization in China

作　　者：王遥[1] 杨辉[2] 

机构地区：[1]中央财经大学财经研究院 [2]中信证券股份有限公司

出　　处：《财贸经济》2007年第12期11-16,共6页Finance & Trade Economics

摘　　要：中国现行《预算法》禁止地方政府举债,但事实上地方债务规模之大,种类之多,增长之快,已不容小视。基于这种状况,本文认为,虽然发行市政债券不能从根本上解决地方债务问题,但是,通过地方债务的债券化,有利于减轻和化解地方债务问题,并充分发挥债券市场操作规范、信息透明以及监督有力的优势,对加强地方财政的约束和监督,提高地方政府债务管理将起到积极的促进作用。从市政债券发展的国际经验来看,成熟的市政债券市场所具有的特征,恰恰是中国发展市政债券市场所面临的挑战。Though the actual'Budget Act'clearly forbids local government of debt right,most local governments have sweeping and variety debt actually.The paper hold that,although municipal bond is not enough to solve the problem of local debt problem,issuing and securitizing municipal debt can play an active role in mitigating and resolving local debt problems,tightening the constraints on local budget and helping local government to im- prove debt management.Drawing experience from the development of international municipal bond,the paper argues that a mature municipal bond market should have some characteristics such as the full confidence of in- vestors,an active secondary market,and the standardization of financial data and information services.

关 键 词：地方债务 债券化 市政债券 

分 类 号：F832.51[经济管理—金融学]