美、日地方债发行经验对中国的启示

The Revelation of Issuing Municipal Bonds in the U.S. and Japan to China

本文回顾了我国地方债发行制度的演变历程,分析了我国地方债的风险控制与监管现状,并从地方债券的发行与偿还、地方债券的收益、风险与评级体系、地方债券的监管三个方面比较分析了美国和日本的地方债发行制度,指出我国的地方债发行需借鉴国际经验,完善法律制度,明晰政府责任,多管齐下加强监管,加快建立一个优质、完善的地方债体系。

The paper reviews the process of China＇s issuing municipal bonds, analyzes the risk regulation, and makes comparison from three aspects, such as bond yields, credit risk and evaluation system, and local government regulations between United States and Japan. Then the paper gives suggestions of getting the experience from other countries, improving the legal system, clarifying the government responsibilities and using multi - methods supervision to develope a better municipal bond market system.