主权信用为我国地方政府债券发行担保了吗?——兼论省级政府的组合发债模式  

Does Sovereign Credit Guarantee the Issuance of Local Government Bonds in China?--Also on the Combined Bond Issuance Model of Provincial Governments

作　　者：王敏[1] 白帆 方铸 Wang Min;Bai Fan;Fang Zhu

机构地区：[1]云南财经大学 [2]云南财经大学经济学院 [3]云南财经大学期刊中心

出　　处：《财政研究》2024年第9期83-98,共16页Public Finance Research

基　　金：国家社会科学基金重大项目“数字经济时代我国税收制度适配性研究”(23&ZD063);国家社会科学基金青年项目“数据要素课税的理论建构与实现进路研究”(24CJY037)。

摘　　要：本文从地方政府债券的发行特征、市场评价和实践情景层面,探究我国主权信用担保对地方政府债券发行的影响。研究结论表明:第一,主权信用担保是影响我国地方政府债券发行的重要因素,我国地方政府债券确实存在“中央—地方”的递延式主权信用担保。第二,我国地方政府债券信用评级时涵盖主权信用担保的外部增信机制,从而推高信用评级结果为AAA。第三,当前省级政府组合发债面临财力下倾式与事权上移式的主权信用递延式担保。主权信用担保不利于促进地方政府债券市场化发展,易造成省级政府财力、财权集中和基层政府财政压力增加。据此提出,要推进我国地方政府债券发行全周期主体相统一,落实破产和淘汰机制,强化地方政府债务主体意识,并制定合理的偿债准备金范围;健全中介机构评级标准,推进税制转型以提升纳税人意识,逐步形成地方政府债务的外部监督。From the level of local government bond issuance system, institutional identification and practice scenarios, we explore the impact of China's sovereign credit guarantee on the issuance of local government bonds, and the main conclusions are:(1) Sovereign credit guarantee is an important factor affecting the issuance of local government bonds in China. There is a central-local deferred sovereign credit guarantee for local government bonds.(2) The credit rating of local government bonds in China covers the external credit enhancement mechanism of sovereign guarantee, which pushes up the rating result to AAA.(3) The bonds issued by provincial government portfolios face the deferred sovereign credit guarantee of downward transfer of fnancial resources and upward transfer of administrative power. Sovereign credit guarantee will be diffcult to promote the marketization of local government bond issuance, which will result in the concentration of fnancial resources of provincial governments and the increase of fnancial pressure on grassroots governments. Therefore,it is proposed to ensure the unity of the main body in the whole cycle of local government bond issuance in China, implement bankruptcy and elimination mechanisms, strengthen the awareness of the main body of local government debt, and set a reasonable range of reserves for debt service. It is also necessary to improve the rating standards of intermediaries, promote the transformation of the tax system to enhance taxpayers' awareness, and gradually form external supervision of local government debt.

关 键 词：主权信用 地方政府债券 递延式担保 信用评级 组合发债 

分 类 号：F812.5[经济管理—财政学]