基于土地财政的我国地方政府债务融资问题研究

Research on the Problem of Local Government Debt Financing Based on Land Finance

当前,地方政府债务融资对促进地方经济发展意义重大,但地方政府的债务融资风险偏高。地方政府通过出让土地增加收入使得土地财政与地方债务风险交缠在一起。地方政府对债务的控制难度增加。文章就地方政府融资方法与地方政府依靠土地经营城市的模式进行分析,得出结论:一旦经济形势发生变化,以土地为杠杆的融资模式会产生风险。规范土地债务融资以及施行相应的财政税收体制改革是控制地方政府债务风险的主要措施。

At present, the local government debt financing is significant to promote local economic development, but the local government debt financing risk is high. The local government intertwines the land finance and local debt risk together through the transfer of land to increase the income. The difficulty for local government to control the risk of debt increased. The paper analyses the local government financing methods and model of local governments rely on land to manage the city, it is concluded that the financing mode of land is a risk, once the economic situation changes. Standard land debt financing and the implementation of the corresponding fiscal and tax system reform is the main measures to control the risk of local government debt.