地方政府债券流动性问题的思考

Reflections on the Liquidity of Local Government Bonds in China

新预算法和国务院43号文出台以后,地方政府债券已成为地方政府的一种重要融资方式,随着地方政府债券发行规模不断扩大,其流动性问题已成为社会各界关注的焦点。本文通过分析我国地方政府债券流动性的现状,探讨影响我国地方政府债券流动性的主要原因,从地方政府债券产品设计、参与者主体、市场微观结构、交易机制等角度提出了提高地方政府债券流动性的政策建议。

After new Budget Law and State Council No.43 was published, local government bonds havebecome an important form of financing for local governments. As the issuing scale of local government bondsexpanding, the liquidity problem has become the focus of public. This paper studied the main factors affectingthe liquidity of local government bonds in China through the analysis of the status of local government bondliquidity and put forward policy suggestions to improve the liquidity of local government bonds from the anglesof local government bonds design, participants, market micro structure and trading mechanism.