“土地财政”内在生成逻辑、棘轮效应与自主债融资架构

The Inherent Logic,Ratchet Effect and Independent Debt Financing Structure of “Land finance”

伴随分税制改革,在财政扩张的驱使下,"土地财政"发展成为地方政府财政资金的重要来源。但是,"土地财政"内在的棘轮效应带来一系列发展问题,具有不可持续性,并倒逼地方政府减少对"土地财政"的依赖程度,寻求融资机制的创新。财政部试行的地方政府自行发债举措,为地方政府未来的融资方式创新提供了方向性导引,地方政府应该在自主债融资框架下积极探索新的融资机制,改善财政资金的结构比例。

With the reform of tax system, ＂Land finance＂ had become an important fund source of local govern- ments driven by fiscal expansion. But, the internal ratchet effects of ＂Land finance＂ has brought a series of problems in the development, which are unsustainable, and force the local governments to reduce the dependence on ＂land fi- nance＂ through innovations of financing mechanisms. The trial of Ministry of Finance that the local governments can initiate treasury bonds on their own provides a directional guidance for the future financing innovation of local govern- ments. Local governments should positively explore new financing mechanisms in the framework of self-debt finan- cing, to improve the mix of financial resources.