地方政府融资平台视角下我国市政债券风险管理的思考

China Municipal Bonds Risk Management Based on Local Government Financing Platforms: Experiences and Enlightenments

发行地方政府债券是地方政府筹措资金比较规范的途径,应逐步放开地方政府发债限制,引入市场化融资机制,允许符合条件的省级政府发行一定规模的地方债券。首先由财政部制定地方发行债券总规模控制指标,再由全国性信用评级机构评级后发行。允许地方政府发行债券,可以将贷款风险转化为显性的可控制的政府债务风险。通过债券发行等形式筹资建设的项目,往往具有相对较高的透明度以及相对较严格的自我约束;通过市场的监督机制,可以更有效地避免地方政府负债的非理性扩张。

Municipal bonds are an important way to defuse the risk of local government financing platform and broaden local government funding sources.By summing up the practice on China local government bond issuance size and credit risk control and learning from the successful experience of the U.S. municipal bond credit risk management mechanism, the paper proposes effective policy recommendations to establish local bond credit risk management system combined with China＇s national conditions so as to provide references for management decision-making.