美国市政债券发展实践:现状、特征及启示  

The development practice of American municipal bonds: current situation,characteristics and Enlightenment

作　　者：邹晓梅 

机构地区：[1]国家发展改革委投资研究所

出　　处：《全球化》2018年第2期88-99,共12页Globalization

摘　　要：市政债券是美国市政基础设施建设最重要的融资来源,占全美债券市场余额的比重将近10%。按照偿债来源不同,市政债券可分为一般责任债券和收入债券,其中一般责任债券发行占比逐渐降低。美国绝大部分市政债券享受免税待遇,个人和共同基金是其最主要的投资者,债券保险是最主要的外部增信方式。中小发债主体可以通过市政债券银行发行市政债券,降低融资成本。美国市政债券的收益率和安全性均高于相同评级的企业债券。借鉴美国市政债券发展实践经验,随着我国地方政府债务管理不断规范完善以及城镇化进程不断推进,市政债券有望成为未来我国地方政府债务管理的重要工具。M unicipal bonds are the most important financing sources for the construction of municipal infrastructure in the United States,accounting for nearly 10% of the balance of the national bond market. According to the different sources of debt service,municipal bonds can be divided into general liability bonds and income bonds,in w hich the proportion of general liability bond issuance is gradually reduced. M ost of US municipal bonds enjoy duty-free treatment,w ith mutual funds and individual investors being the most important investors,and the bond insurance being the main w ay of external credit enhancement. The small and medium-sized debt issuers can issuemunicipal bonds via municipal bond banks to reduce the cost of financing. The yield and security of the US municipal bonds are higher than those of corporate bonds w ith the same rating. Referring to the development experience of American municipal bonds,w ith the continuous improvement of local government debt management and the continuous progress of urbanization process,municipal bonds are expected to become an important tool for local government debt management in the future.

关 键 词：市政债券 地方政府 城镇化 分税制度 

分 类 号：F817.12[经济管理—财政学]