基于资产净值的地方政府债务规模问题研究

A Study of the Problems for Local Governmental Debt Scale Based on Net Assets

分税制改革以来,地方政府债务规模迅速扩大,加上地方政府预算软约束、政治激励的负面影响,以及应对金融危机所采取的政策,加剧了地方政府债务规模的膨胀。利用"资产净值"分析后发现,截至2010年底"地方政府资产净值"为正,说明我国地方政府债务规模尚可持续,但债务风险依然存在。因此,地方政府应当防止债务规模持续扩大演变成债务危机。

Since the tax - sharing system reform, the local governmental debt scale has been expanded rapidly. Besides, soft constraint on the local government budget, negative influence of political motivation, and the policy to cope with the financial crisis, have exacerbated the expansion of local governmental debt scale. The ＂net assets＂ analysis shows that the value of ＂local governmental net asset＂ is positive by the end of 2010, indicating that the local governmental debt scale in China is sustainable, but the debt risks remain. Therefore, the local governments should prevent the debt scale from expanding continuously into a debt crisis.