地方政府债务信用风险化解的逻辑框架与现实进路  

The Logical Framework and Realistic Approach of Local Government Debt Credit Risk Resolution

作　　者：李茹霞 Li Ruxia

机构地区：[1]西安财经大学商学院

出　　处：《财政科学》2023年第3期49-59,共11页Fiscal Science

基　　金：国家自然科学基金面上项目“地方政府或有债务的当量直接债务负担测算方法及风险预警”(项目编号:71971169);陕西省社会科学基金年度项目“陕西省地方政府债务风险评估与管控路径研究”(项目编号:22R186)。

摘　　要：在新发展理念指导下,中国政府高度关注包括地方政府债务风险在内的系统性金融风险。基于这一背景,本研究以信用风险为切入点展开对我国地方政府债务风险相关问题的研究,从隐性债务和显性债务视角探索了符合我国地方政府债务市场特色与实际需求的信用风险化解方式。提出采用资产证券化这种市场机制化解以地方政府融资平台为主的地方政府隐性债务信用风险;采用债券保险、信用风险缓释工具等显性信用增进形式化解以地方政府债券为主的地方政府显性债务信用风险,最终有利于市场化的风险化解方式与地方债市场的深度融合。通过将资产证券化、债券保险、信用风险缓释工具统一纳入地方政府债务信用风险管理的过程中,构建地方政府债务信用风险的化解框架,诠释债务风险管控价值理性与工具理性的高度统一,以期为中国区域性、系统性金融风险的化解提供新思路。Under the guidance of the new development concept,the Chinese government attaches great importance to the systemic financial risks,including local government debt risks.Based on this background,this study takes credit risk as the starting point to study the relevant issues of local government debt risk in China.From the perspective of implicit debt and explicit debt,it explores the solution of credit risk in line with the characteristics and actual needs of local government debt market in China.It proposes to adopt the market mechanism of asset securitization to resolve the credit risk of local government's implicit debt mainly based on local government financing platform;The adoption of explicit credit enhancement forms such as bond insurance,credit risk mitigation tools and so on to resolve the credit risk of local government explicit debt dominated by local government bonds will ultimately facilitate the deep integration of market-oriented risk resolution methods and local debt market.By integrating asset securitization,bond insurance,and credit risk mitigation tools into the process of local government debt credit risk management,we will build a resolution framework for local government debt credit risk,and interpret the highly unified value rationality and tool rationality of debt risk control,with a view to providing new ideas for the resolution of regional and systemic financial risks in China.

关 键 词：地方政府债务 信用风险化解 资产证券化 债券保险 信用风险缓释工具 

分 类 号：F812.5[经济管理—财政学]