地方政府自主发债的违约风险控制——美国的经验与启示

Default Risk Control of Local Government Bonds Issue:U.S. Experience and Enlightenment

地方政府债券是地方政府发挥财政功能、推动公共建设的重要融资渠道,地方债券风险防控是维护地方财政可持续发展的关键所在。在分析、借鉴美国市政债券管理经验的基础上,认为我国地方债券存在着总体规模较大、发债期限错配、市场流动性不足、辅助制度不完善等四大风险;当前促进我国地方政府债券发展,需要从控制发债规模、调整期限结构,丰富投资者结构、避免风险集中,把控三大环节、健全运作机制,明确监管主体、加强监管力度等四个方面,建立规范有效的风险防范和分散制度。

Local government independent bonds issue is an important financing channel for local governments to play fiscal functions and promote public construction. It’s critical for maintaining local fiscal sustainable development to control and prevent local bond risks. Based on analyzing and learning from the experiences of American municipal bonds management,the author states that there are four major risks for local bonds in China,i. e. too large scale on the whole,the debt maturity mismatched,lack of market liquidity,and imperfect auxiliary system. It’s necessary for promoting the development of local government bonds in China to establish a standardized and effective risk prevention and dispersion system from four aspects,that is,to control the debt scale and adjust maturity structure,to enrich the structure of investors to avoid risks being gathered,to control three links for a sound operation mechanism,and to definite regulatory body with supervision to be strengthened.