地方政府专项债券:制度困境与路径选择  

Local Government Special Bonds Mechanism:Institutional Predicament and Path Selection

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作  者:熊伟[1,2] 许恋天 Xiong Wei;Xu Liantian

机构地区:[1]武汉大学法学院,武汉430070 [2]中国法学会财税法学研究会

出  处:《复印报刊资料(财政与税务)》2022年第11期98-107,共10页

基  金:国家社会科学基金重点项目“地方政府专项债券的财政逻辑与法律规制研究”(批准号:21AFX007)的阶段性成果之一。

摘  要:享有举债权的省级政府“代举”市县级政府专项债,具有防控地方债务风险与帮助无举债权的市县级政府筹集资金建设地方的双重功效。然而,“代举”机制的层级化举债逻辑与专项债券的直接融资功能存在冲突,制约了专项债券的市场化、法治化发展。唯有将省级政府集中包办的“代举”机制,转换为市场主导、全程监督的“核举自发”机制,方可使专项债券制度回归社会融资功能,迈入横向政社共建共享、纵向权责协调匹配的简约高效路径。当下,采取省级政府“核举”而市县级政府“自发”的专项债券发行管理模式,需要完整配置市县级政府的“借用管还”权责,强化省级政府的监管监督职责,持续完善信息披露制度和市场调节机制。The provincial government with the right to borrow money"provides"the special debt of the city and county government,which has the dual effect of preventing and contrlling the risk of local debt and helping the city and county government without the right to borrow money to raise funds to build the local area.However,there is a conflict between the hierarchical borrowing logic of the"representation"mechanism and the direct financing function of special bonds,which restricts the market-oriented and legal development of special bonds.Only by transforming the"representative election"mechanism centralized by the provincial government into a market-led and whole-process supervision"examination and spontaneous"mechanism,can the special bond system return to the function of social financing and enter the horizontal government and society co-construction and sharing,a simple and efficient path for the coordination and matching of vertical rights and responsibilities.At present,to adopt a special bond issuance management model in which the provincial government"checks"and the city and county governments"spontaneously"issue bonds,is necessary to fully allocate the"borrowing,management and repayment"powers and responsibilities of the city and county governments,strengthen the supervision and supervision responsibilities of the provincial governments,and continue to improve the information disclosure system and market adjustment mechanism.

关 键 词:地方债 地方政府专项债券 举债权 发行机制 市场化 

分 类 号:F812.5[经济管理—财政学]

 

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