政府专项债券与市场化融资组合的优化配置研究  

Study on Optimal Allocation of the Combination of Government Special Bonds and Market-oriented Financing

作　　者：曹润林 李金涛 黄仕锋 李画 李晶 Cao Runlin;Li Jintao;Huang Shifeng;Li Hua;Li Jing

机构地区：[1]广西壮族自治区财政厅 [2]财政部广西监管局

出　　处：《财政科学》2022年第6期39-46,共8页Fiscal Science

基　　金：2021年广西财政高层次人才课题研究成果。

摘　　要：政府专项债券是中央为地方政府“开前门”依法合规融资的重要政策工具,但一地获得的新增政府专项债券额度受经济发展水平、财力、债务风险等因素限制,这就需要地方政府拓宽融资视野积极运用市场化模式融资。本文阐释了政府专项债券与市场化融资组合的政策内涵;提供了政府专项债券与市场化融资组合优化配置的四种模式思路;介绍了政策实施功效,梳理了存在的问题并分析了原因;从未雨绸缪作好充分准备、健全财政金融高效协同联动机制、严格规范操作稳妥实施、严控政策运用风险等方面提出了政策建议。Government special bonds is an important policy tool for local governments to finance legally. However, the amount of new government special bonds obtained by local government is limited by factors such as economic development level, financial resources, and debt risks, which requires local governments to broaden their financing horizons and use market-oriented financing actively. This paper explains the policy connotation of the combination of government special bonds and market-oriented financing, provides four modes of thinking for the optimal allocation of it, and analysis its effectiveness, problems and reasons in implementation process. To give full play to the effectiveness of this policy, this paper makes targeted policy recommendations from four aspects,namely, preparing full ahead for everysituation that mayarise, improvingfiscal and financial efficient coordination and linkage mechanism of finance and finance, operating and implementing the policy normatively and legally, and controlling the risks strictly.

关 键 词：政府专项债券 市场化融资 资源配置效应 

分 类 号：F812.5[经济管理—财政学]