地方政府专项债券发行管理的演进历程、问题根源与思考建议  

The Evolution Process,Root Causes and Suggestions of Local Government Special Bond Issuance Management

作　　者：陈凯 申现杰[1] Chen Kai;Shen Xianjie

机构地区：[1]中国宏观经济研究院

出　　处：《经济研究参考》2022年第6期21-31,共11页Review of Economic Research

摘　　要：经过多个阶段的探索和不断发展,地方政府专项债券已经成为地方政府融资的主渠道,是扩大地方有效投资、拉动经济增长的“稳定器”。然而,由于地方政府债券起步较晚,总体上还属于新生事物,地方政府专项债券发行管理与资金使用机制运行过程中还存在增量错配、权责利不统一、使用低效、资金闲置、违规使用等问题。应从地方政府专项债券管理体制机制改革着手,明晰省级政府与市县政府主体责任,健全地方政府债券项目遴选统筹机制,创新地方政府债券发行机制,优化新增债券限额分配模式,强化地方政府债券绩效管理。After experiencing several stages of exploration and continuous development, local government special bonds have become the main channel for local government financing and a stabilizer to expand local effective investment and stimulate economic growth. However, due to the late start of local government bonds, they are still new things in general. There are still some problems such as incremental mismatch, inconsistent rights, responsibilities and interests, inefficient use, idle funds, and illegal use in the operation of local government special bond issuance management and funds using mechanism. We should start with the reform of the local government special bond management system and mechanism, clarify the main responsibilities of the provincial government and the city and county governments, improve the selection and coordination mechanism of local government bond projects, innovate the local government bond issuance mechanism, optimize the allocation model of quotas for new issuance, and strengthen the performance of local government bonds.

关 键 词：专项债券 演进历程 发行机制 

分 类 号：F812.5[经济管理—财政学] F812.7