我国发展市政债券的战略选择  

Strategic option for developing municipal bonds in China

作　　者：杨辉[1] 张丽洁 

机构地区：[1]中信证券债券销售交易部 [2]海富通基金有限公司

出　　处：《中国货币市场》2008年第3期44-47,共4页China Money

摘　　要：从国际经验来看,市政债券是地方基础设施建设的重要融资工具,因此我国发展市政债券具有重要意义。该文从市政债券的分类与特性出发,分析了不同类型债券的特征以及发行所需要的条件,并提出了发行市政债券的战略选择:即优先发展收入债券,而一般责任债券因发行条件在整体上尚不成熟,应坚持先试点后推广的发展路径。As shown by global experience, the municipal bond serves as an important financing instrument for local infrastructure, which has endowed developing municipal bonds in China with pointed significance. Commencing with classification and characteristics of municipal bonds, this paper analyses the specialty of different bonds, as well as the essential condition for their issuance. Finally, strategy for issuing municipal bonds is provided： Revenue bonds are the primary choice; conditions are not mature for issuing general obligation bonds, which normally means experimenting in the first place, followed by general extension.

关 键 词：市政债券 一般责任债券 收入债券 

分 类 号：F832.51[经济管理—金融学]