地方政府专项债券与财政安全:理论逻辑与对策建议  

Local Government Special Bonds and Fiscal Security:Theoretical Logic and Policy Recommendations

作　　者：马金华 廖贤豪 邓丹华 MA Jinhua;LIAO Xianhao;DENG Danhua(School of Finance and Taxation,Central University of Finance and Economics,Beijing 102206,China)

机构地区：[1]中央财经大学财政税务学院,北京102206

出　　处：《财经理论研究》2025年第1期38-46,共9页Journal of Finance and Economics Theory

基　　金：国家社会科学基金重点项目(20AJY018)。

摘　　要：近年来,我国地方政府专项债券在服务国家战略、推动重大项目建设、保障和改善民生、保持经济平稳运行等方面发挥了重要作用,成为政府拉动投资最直接、最有效的政策工具之一,但专项债券在偿债压力、资金管理效率、绩效管理体系等方面面临不少问题和挑战。立足于地方政府专项债券与财政安全的理论逻辑,针对我国地方政府专项债券存在的主要问题,提出以动态风险预警为顶层设计、资金拨付监管为执行体系、标准化绩效评估为基础支撑的专项债券管理优化框架,三个机制通过信息共享和指标衔接形成有机整体,为专项债券管理体系完善和地方财政安全保障提供借鉴。In recent years,local government special bonds in China have played a significant role in serving national strategies,advancing major project construction,safeguarding and improving people′s livelihoods,and maintaining stable economic operations.They have become one of the most direct and effective policy tools for driving government investment.However,special bonds face numerous challenges and issues,such as debt repayment pressure,fund management efficiency,and the performance management system.The paper addresses the main problems associated with China′s local government special bonds and proposes an optimization framework for their management based on the theoretical logic of local government special bonds and fiscal security.This framework includes dynamic risk early warning as the top-level design,fund disbursement supervision as the execution system,and standardized performance evaluation as the foundational support.The three mechanisms form an integrated whole through information sharing and indicator alignment,providing a reference for improving the special bond management system and ensuring local fiscal security.

关 键 词：专项债券 财政安全 理论逻辑 对策建议 

分 类 号：F812.7[经济管理—财政学]