需求回应与地方政府性债务约束机制:经验启示与分析

Demand Response and Constraint Mechanism of Local Government Debt:Empirical Revelation and Analysis

文章在总结美国市政债券管理经验的基础上,研究并分析了分权、分税制框架下地方政府性债务约束治理机制。从代际成本分摊上看,地方政府性债务资金偿还来源于未来增加的居民税收负担,在公共项目融资过程中建立需求导向的约束机制是必要的。经验分析进一步表明,在中国债务投资的公共项目中,垄断性公共项目需求匹配程度低,福利性公共项目需求匹配程度较高,基本性公共项目投融资决策缺乏对需求因素的考虑。对于垄断性公共项目和基本性公共项目而言,要尤其重视控制债务资金偿还风险。研究认为,建立公共项目融资的需求约束机制,并由此保持公共项目投资成本和税收负担之间的平衡,是防止地方政府性债务无序扩张的关键。

Based on concluding the experience of US municipal debt management, this paper analyzes the constraint mechanism of local government debt under the framework of decentralization and tax-sharing system. Viewed from intergenerational cost sharing, it is necessary to set up a demand-oriented constraint mechanism in the financing of public project, as the repayment capital of local government debt comes from the increasing tax burden of residents. Empirical analysis also shows that the demand response is better in welfare public project than that in monopoly and general public project. So we should pay more attention to the default risk of the latter ones. We believe that setting up demand constraint mechanism of public project financing and keeping the balance between investment cost of public projects and tax burden are keys to prevent local government debt from unordered expansion.