2009年地方债:制度博弈的分析视角

Local Government Bond of 2009:System Analysis from Game Theory Perspective

就地方债发行的法理基础、制度约束以及地方债属性而言,地方债趋同于公司债而非国债。我国在地方债发行的法理基础和相关配套约束制度缺位的前提下,2009年发行的地方债实质是地方政府、中央政府和国有银行等多方博弈的短期制度均衡,其发行机制和市场表现必然趋同于国债。完善我国地方债发行制度的现实路径应分两步走,即先完善地方债发行配套制度支持,后确立地方政府相对独立的财权。

Local government bond tends to be corporate bond, not government bond in terms of legal basis, institutional constraints of local government issuing and attributes of local government bend. On the premise that legal basis and relative institutional constraint doesn＇ t exist in our country, local government bond issued in 2009 is in essence the short - run game equilibrium of local government, central government and state - owned bank etc. Because of this, issuing system and market performance of local govenm^nt bond tend to be those of government bond. Two- step strategy should be taken for improving the issuing system of local government bond in our country, namely, to improve the relative institutional constraints firstly, to establish the relative independent financial rights as follows.