市政债券中的委托-代理理论及其运用

Commission-agent Theory of Municipal Bonds and its Applications

在当前地方政府资金困局日益严峻的背景下,市政债券作为一条重要的资金来源渠道,受到各级政府的热捧。委托-代理理论是市政债券制度涉及的一个核心理论,通过该理论对市政债券进行解构,并据此提出建设区域性市政债券市场的政策建议。

With the continual decreasing of the local governments＇ fund, issuing municipal bonds, as an important financing way, is adopted by local governments. This paper holds that the principal-agent theory is a core in the system of municipal bonds, and attempts to deeply analyze the relevant theories of municipal bonds, which develops the recommendation of constructing regional markets of municipal bonds.