基于财政风险视角的市政债券建设分析

The Analysis of the Municipal Bond Construction from the Perspective of the Fiscal Risks

随着公共需求膨胀,政府财政压力的日益增大,市政债券已成为城市化融资的理想模式,但同时共生的财政风险又时刻制约着市政债券的发展。针对"风险大锅饭"、财政和金融风险的捆绑、私人风险转嫁给公共风险、或有负债风险四大财政风险特征,市政债券建设的建议为:明确界定融资主体,避免直接融资间接化引发的风险大锅饭;在市场类型上,降低银行间市政债券规模;在融资项目上,重点倾斜生产型项目;在配套措施上,利用现代金融工具规避市政债券的或有风险。

With the expansion of public demand, government＇s financial pressure is increasing, municipal bond has become a ideal pattern for financing of the urbanization. But at the same time, symbiosis financial risk constraints the construction of municipal bonds. So the paper combines risk mess, the bundle of fiscal and financial risks, imputing private venture to the public risk, contingent liabilities risk to put forward many proposals, we must well-defined financing body, avoid the risk mess raised by the indirection of the direct finance, in the market type, reduce the scale of the municipal bond between the banks; in the financing item, we should emphasize the production-oriented project; in the supporting measures, we should use the modern derivatives to avoid the contingent liabilities.