我国地方政府债券发行风险分析——基于经济学维度的思考  

The Risk Analysis on Issuing Local Treasury Bonds in China——In the view of Economics Dimension

作　　者：万莎[1] 

机构地区：[1]中南财经政法大学财政税务学院,湖北武汉430074

出　　处：《南方金融》2010年第2期9-13,共5页South China Finance

摘　　要：我国为刺激经济发展于2009年发行了2000亿元地方政府债券。但是在地方政府债券的发行过程中,不可避免地会遇到各种风险。本文从宪政经济学、财政联邦制理论、政府竞争与博弈论的角度分析了地方政府发行债券的动机及其过度发债面临的风险,并提出了从宪政约束、预算硬约束、财政约束、监管约束等方面控制地方政府债券发行风险的对策,以期对我国地方政府债券的风险管理研究提供参考。Local treasury bonds are the bonds issued by the local government and the local public bodies which have the financial revenue in a certain country. To stimulate economic development, our government have issued 200 billion local treasury bonds in 2009. But in the process of the local treasury bonds issuance, we will encounter all kinds of risks inevitably. This paper analyzes the risks of issuing the local treasury bonds, and puts forward proposals for controlling risks from the aspect of constitutional constraint, budget constraint, fiscal constraint and supervision constraint, with a view to providing reference to the risk management of our local treasury bonds.

关 键 词：地方政府债券 宪政经济学 财政联邦制 博弈论 

分 类 号：F812.5[经济管理—财政学]