公共不动产证券化:城市建设融资新模式——对重庆市政债券的理论基础和实务运作解析

Municipal Bond:a New Way to Finance Urban Infrastructure in China——A Theoretical and Practical Case Study in Chongqing Civic Securitization

伴随着我国城市化进程的加快,市政设施的需求越来越大,未来的市政设施建设资金缺口依然庞大。然而我国实施分税制后,地方收入较之以前有所减少,导致了地方政府财政支出和借款对市政设施建设支持不足的现象。重庆市政资产证券化项目作为我国首例市政资产证券化项目,创新性地运用了信托机制和资产证券化,绕过了政府不能发债的法律障碍,又借用了政府信用提高担保水平,成功吸引了投资者。但此类准市政债的顺利发展还需要法律政策的放行和监管机制的建立。

The unprecedented speed of urbanization generates a great amount of demand for infrastructures,which the investment capital cannot sufficiently meet. While the system of tax distribution contributes to reducing public revenue and aggravating the tension between capital demand for infrastructures and the financial support from local government,it is expanding financing channels that is a core. As the first program of financing infrastructure with asset securitization in China,Chong Qing＇s local government initiates to combine the system of trust and securitization to make a quasi-bond,which can overcome the legal impediment that sets rules about the forbiddance of local government＇s issuing bonds. With the local government serving as a guarantor,the quasi-bond has successfully attracted abundant investors. But a better process of issuing still requires both the admission to legislation and the proper system of supervision.