地方专项债券的市场化发行:应然逻辑与制度实现  

Market-oriented Issuance of Special Local Government Bonds:Ideal logic and Institutional realization

作　　者：曹锐涛 CAO Ruitao

机构地区：[1]新疆大学法学院

出　　处：《中国政法大学学报》2024年第2期134-148,共15页Journal Of CUPL

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”(项目批准号:21AFX007)的阶段性成果。

摘　　要：在高质量发展理念指导下,专项债券既要规模增长,更须提升质量。市场化发行作为专项债券高质量发展的理性选择,有利于激活市场竞争机制,被社会各界寄予厚望。从外观层面看,专项债券市场化发行特征较为明显,公开招标、信息披露、信用评级等形式样样俱备。从实质层面看,财政权力与资本权利存在结构性失衡,市场尚无法有足够实力决定专项债券的最终定价,并引导资本资源配置。可见,专项债券市场化发行实际上形似而神非,未能推动高质量发展目标的实现。所以,需要在理念层次上均衡财政权力与资本权利,强化市场力量在专项债券定价中的决定作用;并在制度层次上推行市场化定价、实化风险揭示、优化市场竞争、强化市场自律。Under the guidance of the concept of high-quality development,special bonds should not only grow in scale,but also improve in quality.Market-oriented issuance is conducive to activating the market competition mechanism.As a rational choice for the high-quality development of special bonds,it is highly expected by all sectors of society.On the surface,the characteristics of market-oriented issuance of special bonds are obvious,and there are various forms such as public bidding,information disclosure and credit rating.Substantively,there is a structural imbalance between fiscal power and capital rights,and the market is not yet strong enough to determine the final pricing of special bonds and guide the allocation of capital resources.It can be seen that the market-oriented issuance of special bonds is actually similar in form but not in spirit,failing to promote the realization of highquality development goals.Therefore,it is necessary to balance fiscal power and capital rights conceptually,and strengthen the decisive role of market forces in the pricing of special bonds.It's imperative to implement marketoriented pricing,realize risk disclosure,optimize market competition,and strengthen market self-discipline.

关 键 词：专项债券 市场化发行 外观 实质 均衡 

分 类 号：D912.2[政治法律—民商法学] F812.2[政治法律—经济法学]