地方政府债券代理发行机制论析  

Research on the Agency Issuance Mechanism of Sub-national Government Bonds

作　　者：杨皖宁 Yang Wanning

机构地区：[1]中共江苏省委党校(江苏行政学院)法政教研部

出　　处：《财政科学》2023年第3期39-48,共10页Fiscal Science

基　　金：国家社科基金重大专项研究项目“社会主义核心价值观融入行业规章体系建设的法治路径研究”(项目编号:20VHJ007),江苏省司法厅法治科研项目“健全地方政府债券发行的法治监督体系研究”(项目编号:2022jssf13)。

摘　　要：地方政府债券代理发行机制是我国基于实践探索产生的一项特色制度,在地方政府债券市场建立初期具有合理性。然而,省级政府代理市县级政府发行债券融资影响财政体制完整性,造成偿债责任不清,蕴含风险隐患,而且限制预算和信用评级等规制程序发挥应有监督作用。地方政府自主发债既有学理依据,又有依托于央地政府财政分权改革的现实基础,应当通过渐进方式逐步赋予市县级政府发债权,推进地方政府债券代理发行逐步向自主发行转化。The agency issuance mechanism of sub-national government bonds is a characteristic system based on practical exploration in China,which is reasonable in the initial stage of the establishment of sub-national government bonds market.However,the financing of bonds issued by provincial governments acting on behalf of municipal and county governments affects the integrity of the financial system,resulting in unclear bonds repayment responsibilities contains hidden risks,and restrictions on budget and credit rating and other regulatory procedures play a due supervisory role.The autonomous issuance of sub-national government bonds not only has a theoretical basis,but also relies on the realistic basis of the fiscal decentralization reform of the central and sub-national governments.It should gradually give the municipal and county governments the power to issuing bonds and promote the gradual transformation of the agency issuance mechanism of sub-national government bonds to autonomous issuance.

关 键 词：地方政府债券 代理发行 自主发行 

分 类 号：F812.5[经济管理—财政学]