我国地方政府债券发行法治化的路径选择——以新修订的《预算法》实施为背景

The Path of Legalization of Local Government Bond Issuance in China under the New “Budget Law”

自2015年1月1日新修订的《预算法》实施以来,发行地方政府债券已成为解决地方债问题的主要手段,截至2018年10月,我国地方政府债券托管总量已超过18万亿元人民币。面对天文数字般的巨大地方政府债券总量,迄今我国却尚未建立起一部统一规范的地方债券法律规制体系,进而导致地方政府债券发行中的种种乱象。因此,建议首先应该在立法层面理顺中央与地方在地方债券发行中的关系,中央政府可以承担有限的救助责任,同时应按照责任大小削减地方政府发债额,遏制地方政府发债冲动。其次,按照市场化运行方式,构建以信息披露制度为前提、信用评级为保障、事后追责为预防的地方政府债券发行机制。在事后追责体系中,除加强以往的行政责任和刑事责任外,应该以市场化为导向,考虑加入针对投资者的民事损害赔偿责任。

After the implementation of the new budget law,Local government bonds have become an important means to solve local debt problems,despite the trillions of total debt,China has not established a unified legal regulation system,so the fact Lead to problems in bond issuance.In response to this situation,first of all,we should rationalize the relationship between central and local governments in the issuance of local government bonds at the legislative level.The central government can assume limited financial assistance responsibilities and curbing local government debt.In accordance with the market operation mode,China needs to establish the information disclosure system,credit rating system,accountability system.At the same time,consider adding liability for civil damages against investors.