我国地方政府举债的内在逻辑与完善路径

The Inner Logic and Improvement Path of China's Local Government Debt

地方政府举债不是一个简单、孤立的问题。从我国地方政府举债的历史可以窥见,地方政府举债与财政体制紧密相连,地方政府举债始于财政分权。从宏观层面,地方政府举债制度要与财政体制改革相结合,增强地方财政自主权。从微观层面,则要完善地方政府债券发行的具体制度设计,防范风险。同时,地方债券的发行属于证券的发行,与资本市场密切相连,要满足资本市场的要求,遵循公开,公平和公正的原则,保护投资者的利益。对地方政府来讲,约束和自主相结合是完善地方政府举债制度的路径选择。

Local government debt is not a simple and isolated problem. Studying it history, it could be observed that local government debt’s appearance is closely related to China’s fiscal system and due to the fiscal decentralization, From the macro level, the local government debt system should be combined with fiscal system reform, to strengthen the local financial autonomy. From the micro level, the specific system design for local government bonds issuing should be improved to prevent risks. At the same time, local bonds issuing belongs to securities issuing and is closely connected with the capital market. Therefore, it should meet the requirements of the capital market, following the principles of openness, fairness and justice and protecting the interests of investors. For local governments, constraints and independent combination are the paths choice of perfecting the system of local government debt.