“89号文”与我国地方政府举债融资改革

"Document 89" and China's Local Government Debt Financing Reform

财政分权化改革的实施使得地方政府财政自给能力持续下降,在寻求经济增长内在动力的推动下进一步衍生出地方政府的举债行为,两者共同构成我国地方政府举债融资的制度性根源。随着财政体制的不断发展,潜在利益的改变催生了国家对地方政府举债行为的态度与倾向的变化,进而推动了原有制度安排的变迁。实践经验表明,在地方政府举债融资改革路径选择上,关键因素在于摩擦成本,最优策略在于增量改革,成功标志在于存量改革;在地方政府最优融资工具选择上,通过透明、高效和规范的资本市场发行政府债券进行低成本的直接融资成为地方政府首选。考虑到"89号文"的出台将进一步加快按照地方政府性基金收入项目分类发行专项债券的步伐,在地方政府未来走向由政府债券占据主导地位的直接融资新趋势逐渐明朗之际,为更好地适应地方政府债券市场发展的需要,需从加强法制建设、明确功能定位、构建制衡机制、强化市场约束和风险控制等几个方面进一步推进我国地方政府债券市场发展。

Fiscal Decentralization Reform is the institutional root of local government＇s debt financing in China. As local government debt expands and the risk of debt increases, the change of potential benefit leads to the change of atti- tudes and tendencies of the state to the local government＇s debt behavior, thus promoting the change of the original in- stitutional arrangement. From the Budget Law, Amendments to the Budget Act to Document [2017189, the local gov- ernment＇s debt financing reform has been transferred from the financing platform-based indirect financing through the is- suance of local government bonds, direct financing and indirect financing coexist, and to be government bonds domi- nating the direct financing trend in future. The key factor lies in the friction cost, the optimal strategy lies in the incre- mental reform, and the success mark is the stock reform on local government debt financing reform path choice. In or- der to better meet the needs of the development of the local government bond market and fully realize the established goals of the reform of the local government debt financing reform system, it is necessary to further promote the devel- opment of local government bond market from strengthening the legal system construction, defining the function and orientation, building the checks and balances mechanism and strengthening the market constraints and risk control.