地方政府专项债券的偿还能力提升策略研究  

Study on Strategies for Improving the Repayment Ability of Local Government Special Bonds

作　　者：黄亦炫 赵全厚 Huang Yi-xuan;Zhao Quan-hou(Chinese Academy of Fiscal Sciences,Beijingg 100142,China)

机构地区：[1]中国财政科学研究院,北京100142

出　　处：《经济体制改革》2023年第5期129-137,共9页Reform of Economic System

基　　金：国家社会科学基金一般项目“地方政府隐性债务化解手段效果评估及管理创新研究”(20BGL061)。

摘　　要：地方政府专项债券是扩大有效投资的重要工具,为基础设施建设提供了有力支撑,提升专项债券偿还能力有助于维护政府信用和金融稳定。基于政府性基金预算收入、项目经营性收益和债券发行利率三个维度进行分析,发现专项债券偿还风险整体可控。但受新冠肺炎疫情和地方财政运行“紧平衡”影响,专项债券本金偿付存在再融资债接续压力,付息规模增长较快,部分项目收益没有达到预期水平或未能及时归集。为此,应创新管理机制,畅通专项债券循环投资渠道;优化项目方案,为未来偿债奠定基础;完善再融资专项债发行审批机制;强化项目收益资金归集管理;压实主体责任,健全偿债保障机制。Local government special bonds are an important tool to expand effective investment and provide strong support for infrastructure construction.Improving the solvency of special bonds will help to maintain government credit and financial stability.Based on the three dimensions of government fund budget revenue,project operating income and bond issuance rate,the repayment risk of special bonds is controllable as a whole.However,affected by the Covid-19 epidemic and the“tight balance”of local fiscal operation,the principal repayment of special bonds depends on the continuation of refinancing bonds,and the interest repayment has increased rapidly.The income of some special bond projects did not reach the expected level or failed to be collected in time.So,we should innovate the management mechanism,optimize the project plan to lay a foundation for futeur debt repayment,strengthen the issuance approval mechanism of refinancing bonds,perfect the collection management of project income funds,and compact the main responsibility and improve the debt repayment guarantee mechanism.

关 键 词：地方政府专项债券 偿债能力 风险防范 项目收益 

分 类 号：F812.5[经济管理—财政学]