我国地方政府专项债券制度建设与制度完善  

The construction and improvement of China’s local government special bond system

作　　者：贺颖 He Ying

机构地区：[1]中国社会科学院经济研究所习近平经济思想研究室

出　　处：《全球化》2024年第1期81-88,134,共9页Globalization

基　　金：国家自然科学基金青年基金项目“政府间出口退税负担机制对出口贸易和市场分割的影响及机制研究”(项目编号:72103200)的经费资助支持。

摘　　要：近年来,为实现稳增长、补短板、防风险的政策目标,地方政府专项债券制度在明界限、限规模、控投向、提时效、配期限、降成本、释风险等方面不断完善。但仍面临全局宏观调控与地方顺周期化,逆周期政策工具与市场化长效机制,利率债性质与项目收益债定位,总量经济增长与区域均衡发展,相机抉择时机与项目储备时间,短期偿债压力缓释与长期债务负担可控六组矛盾。对此,本文建议厘清各级政府在逆周期调节中的责任,完善各级政府间的政策协调机制;发挥专项债开拓地区特色投资领域的优势,定向支持一定收益覆盖倍数范围内的项目;明确地方政府专项债券的利率债性质,加强政府系统内部项目筛选机制建设;优化地方债限额分配管理机制,强化专项债资金申请使用的奖惩约束机制;完善项目储备库和触发机制建设,增加债券发行使用的自动化水平;在债务重组、加强中央政府责任担当的基础上,强化对高负债欠发达地区的债务管理。In recent years,in order to achieve the policy goals of stabilizing growth,making up for shortcomings,and preventing risks,the local government special bond system has been continuously improved in terms of clear boundaries,limited scale,investment direction,timeliness,maturity,cost reduction,and risk relief.However,it still faces six sets of contradictions:global macroeconomic regulation and local pro-cyclicization,counter-cyclical policy tools and market-oriented long-term mechanism,nature of interest rate bonds and positioning of project revenue bonds,aggregate economic growth and regional balanced development,discretionry approaches timing and project reserve time,and short-term debt repayment pressure relief and long-term debt burden controllability.In this regard,this paper suggests clarifying the responsibilities of governments at all levels in countercyclical adjustment and improving the policy coordination mechanism of governments at all levels;give full play to the advantages of special bonds in developing investment areas with regional characteristics,and provide targeted support for projects within a certain income coverage multiple;clarify the nature of interest rate bonds of local government special bonds,and strengthen the construction of project screening mechanisms within the government system;optimize the management mechanism for the allocation of local debt quotas,and strengthen the reward and punishment restraint mechanism for the application and use of special bond funds;improve the construction of project reserves and trigger mechanisms,and increase the level of automation in the issuance and use of bonds;on the basis of debt restructuring and strengthening the responsibility of the central government,it will strengthen debt management for high-debt and underdeveloped regions.

关 键 词：地方政府 专项债券 债券管理 制度设计 

分 类 号：F812.5[经济管理—财政学]