转轨时期地方政府融资的政治经济学分析——兼析开放我国地方债券市场的可行性

A Political-Economic Analysis of Local Government Financing in the Transitional Period——The Feasibility of Opening China's Local Bond Market

转轨时期我国地方政府面临着经济分权与政治集权的组合的制度环境。地方政府已成为具有独立经济利益和分散决策权的重要主体。我国分税制改革推出后 ,在明显地强化和改善了中央宏观调控能力的同时 ,又不同程度地提高了各地方对中央财政的依赖度 ,由此引起地方政府的资金困境。随着我国经济体制改革的进一步深入 ,当前开放地方债券市场已是大势所趋 ,具备了充分的必要性和可行性。但是 ,在现阶段 ,我国地方债券市场的最终开放仍受到当前金融制度背景的约束。这决定了中国地方债券市场的开放注定是一个博弈的过程。

In the transitional period, local governments in China are confronted with an institutional environment that combines economic decentralization and political centralization. They have become important entities with independent economic interests and decentralized decision-making power. Since the introduction of the tax sharing system, the management ability of the central government has been strengthened and improved markedly, while the dependency of the provinces on the finance of the central government has been increased to different degrees, thus bringing about financial difficulties of local governments. With the economic restructuring further deepening, opening local bond markets has become the trend of the times and had abundant necessity and feasibility. At present, however, the final opening of local bond markets is still subject to local financial institution background. This determines that the opening of China's local bond markets is destined to be a process of game and a road of frustrations.