省级财政转移支付对市县级政府债务影响研究——基于苏北、苏中、苏南区域的角度

Research on the Influence of Provincial Transfer Payment on the County Level Government Debt——Based on Northern Region, Central Region and Southern Region of Jiangsu Province

本文以江苏省2016年地方政府债务为样本,研究来自省级政府的财政转移支付对市县级政府债务存量和债券发行的影响。研究发现,财政转移支付的类别和区域因素对债务余额、债券发行既有正向影响,又有负向影响。目前江苏省债务管理采取的是正向激励政策,政府债务存量及发行能较好体现效率与公平问题;同时,在债务管理中也区别对待。受财政转移支付影响,苏中地区具有较大的债务存量,苏南、苏北地区在债务发行方面受到一定限制。该研究有利于认识江苏省政府债务余额及发行特点,对研究财政转移支付对地方政府债务发展变化趋势的影响,制定江苏省政府债务余额管理政策,以及科学合理分配债券发行额度具有重要意义。

This paper takes the local government debt of 2016 in Jiangsu Province as a sample to study the effect of the fiscal transfer payment from the provincial government on the stock and the bond issuance of the municipal and county governments. The study finds that the types and regional factors of fiscal transfer payment have both positive and negative effects on debt balance and bond issuance. At present, the debt management in Jiangsu Province adopts the positive incentive policy, the government debt stock and the distribution can better reflect the efficiency and fairness. At the same time, different treatments have also been taken in the debt management, affected by the transfer payments. Central Region of Jiangsu province has a large debt stock.Southern Jiangsu and northern Jiangsu in the debt issue are subject to certain restrictions. The research is helpful to understand the debt balance and issuance characteristics of the Jiangsu provincial government, and it is of great significance to study the change trend of the development of the local government debt and the formulation of the debt balance management policy of Jiangsu Province and the rational allocation of bond issuance.