澳大利亚州政府债务管理经验及启示

Experiences and Implication of State Government Debt Management in Australia

澳大利亚的州政府举债权经历了"绝对自由——代为行使——有管理的自由"的发展变化过程,即"州政府自由发债——联邦政府代为发债——联邦政府管理下的州政府自行发债"的演进路径。本文总结归纳了上述州政府发债权演进路径中联邦政府和州政府加强政府债务管理的典型做法,发现其具有明确的债务管理目标,独特的债务管理机构——借款委员会和国库公司,完善的债务风险管理机制——预算管理和债务报告制度,信用评级制度以及债务化解制度等。中国1994年分税制改革之后地方政府性债务经历了"地方政府融资平台举债——2009年中央政府代为地方政府发债——2014年《预算法》地方政府发债权突破"的历程,中国地方政府债务的演进路径与澳大利亚州政府举债权的发展变化有一定相似之处。结合中国现实国情,本文从债务管理目标、监管责任划分、债务预算管理、市场监管、政府会计和统计改革、风险控制机制方面,提出加强中国地方政府债务管理的六大措施。

Government borrowing of the state government of Australia has experienced the following changes： ＂absolute freedom--exercised on their behalf--managed freedom＂, the evolution path is ＂the state govern- ments issue bonds freely--the federal government issue bonds on behalf of the state governments--the state governments issue bonds under the administration of the federal government＂. This article summarizes the typical practice of the above-mentioned federal government and state governments strengthening their debt management in the evolution path of government borrowing. It is found to have clear debt management objectives, unique debt management agencies--loan committee and treasury company, and improved debt risk management mechanisms--budget management and debt reporting system, credit rating system and debt res- olution system. In China, the local government started the borrowing through the financing platform after tax reform in 1994. In 2014, the revision of Budget Law made a breakthrough in local government borrowing. The evolution path of China＇s local government borrowing has certain similarities to Australia state governments＇. Combined with the conditions of China, this article proposed six measures to strengthen the debt management of China＇s local government from six aspects： debt management objectives, division of regulatory responsibilities, debt budget management, market supervision, the reform of government accounting and statistics, and risk control mechanisms.