棚户区改造专项债券的政策内涵、优劣性分析及政策建议

The Policy Connotation,Suggestion,Advantages and Limitations of the Shantytown Renovation Specific Bond

在全国整顿地方政府违规举债和去杠杆稳金融的双重背景下,进一步规范和拓宽棚改项目的融资模式和渠道成为未来棚户区改造持续推进的关键环节。发行棚改专项债券具有明确的政策导向,遵循地方政府权责相符原则,是未来棚改融资的重要途径。从政策内涵上看,棚改专项债券是一种财税和金融保障政策,是一项规范地方政府举债行为的重要举措,也是一种财政创新融资工具。棚改专项债券具有融资成本低、发行规模大、存续期限长、操作便捷且兼具主动性和确定性的特点,同时,也存在对项目条件要求高、融资规模相对有限、利率差别化程度大、配套政策有待完善等局限性。

Under the dual background of local government's illegal borrowing rectification and financial deleveraging,it's crucial to further regulate and expand modes and sources of financing,so as to push forward shantytown renovation.Shantytown renovation special,bond is an important way of financing, which is specifically policy-oriented and consistent with parity principle of local government's authority and responsibility.On the connotation of policy,shantytown renovation special bond is a safeguard policy of finance and taxation,an important step of regulating government borrowing and an innovative and practical way of financing.This bond,as a means of fiscally active borrowing,has both advantages such as low financing cost,large issuing scale,long duration,convenient operation,initiative determination and limitations such as high requirement,limited financing scale and differential interest rate.