发达国家地方政府债券融资模式及启示

On the Financing Mode of Local Government Bonds in Developed Countries and Its Enlightenment

近十年来,我国各级地方政府债务融资规模增加较快,当前实行的融资模式逐渐适应不了经济发展形势的需要,地方政府债务问题日益凸显。文章分析了以美国为代表的市场约束融资模式和以日本为代表的行政约束融资模式,进而为我国各级地方政府债务融资模式提出相应的对策:本级地方政府债务管理体制必须符合财政体制要求,加强对地方政府债务融资行为的行政约束,克服"经济人"的弱点,完善地方政府债务融资行为立法,加大对地方政府债务融资的监督管理等。

In recent years, the Chinese local governments have largely increased their debts, however, the current financing mode could not keep pace with the economic development, making the problems caused by such local government debts have become more and more serious. The author of this thesis analyzed two financing modes-Market Constrained Financing Mode represented by the USA, and Administration Constrained Financing Mode represented by Japan, gave suggestions on financing mode for Chinese local government as follows： the management system of local government debt should be in consistent with the fiscal system; administrative restriction on local governments, especially their financing activities should be strengthened; the weakness as an ＂economic man＂ should be overcame; legislation on local government financing activities should be improved; and management on local government debt financing should be re-organized.