国债转贷资金的宏观定位与微观管理

An Analysis of Macro-Localization and Micro-Management of the Treasury Bond Fund Using in Way of Lending

表面上看,中央对国债资金实行转贷似乎仅仅是国债投资资金运作方式的创新和改变,但是,只要对这一创新和改变作经济学理论和实践上的深入分析和思考,我们就会知道,国债资金实行转贷,不仅引起了政府信用主体的宏观定位和政府信用预算定位的改变,而且,还引起了政府信用资金的特质和效益概念的重大改变。

It seems that the Central government lending the treasury bond fund to local governments is just an innovation of how to invest and use the treasury bond fund. But after indept analysis and study from the perspective of economic theory and real practice, we can know that, the relending of treasury bond fund, not only has caused the changes of government credit body and government debt budget, but also caused the significant change on the idiosyncrasy and the efficiency concept of government bond fund.