市政债券与城镇化建设——理论分析、国际经验与政策建议

Municipal Bond and Urbanization Construction Theoretical Analysis, International Experience and Policy Suggestiony

市政债券是适合城镇化建设融资、有助于建立多元化的城镇化建设融资体系与可持续的城镇化建设融资机制的有效融资工具。本文通过考察发达国家和发展中国家利用市政债券为城市化建设融资的主要做法,总结其实践经验,以便给我国推出市政债券、为新型城镇化建设融资提供有益的借鉴和启示;并重点分析了推出市政债券所的重大现实意义,以及所面临的法律不健全、地方政府的财政纪律不够严格,预算透明度较为低下与信用评级制度和市场化的发行定价机制缺失等主要障碍。文章提出了针对性的政策建议,结合我国基本国情,推出市政债券需遵循循序渐进的基本原则,先试点、后推广,有计划、有步骤地加以实施;并加快相关立法工作,健全法律法规体系,严格执财政纪律,构建地方政府的财政信用,完善市政债券信用风险管理制度,制定税收优惠政策等。

Municipal bond is an effective financing tool, which fits financing of urbanization construction, and contributes to establish a diversified urbanization construction financing system and a sustainable urbanization construction financing mechanism. In order to provide the beneficial reference and enlightenment, this paper investigates the municipal bond＇s major practice and practical experience in developed and developing countries. We selectively analyze the practical significance of launching municipal bond and the main obstacles of imperfect laws, insufficient financial discipline of local government, low budget transparency, deficient credit rating system and market-oriented issuance pricing mechanism. Combined with China＇s fundamental reality and step by step principle, the paper specifically suggests that we should carry out with a pilot-first-and-expand-later strategy in a plan way, and speed up legislative work, perfect legal system, tighten financial discipline, build financial credit of local government, complete credit risk management system of municipal bond and enact preferential tax policy.