地方政府债务外部性效应规制路径研究

Research on the Regulatory Measures of the Externality Effect of Local Government Debts

近年来,我国地方政府的事权与财权不匹配,导致地方政府的财政压力增大。为缓解财政压力,地方政府增加举债规模,导致地方政府债务累积的潜在风险越来越多。地方政府债务具有外部性效应。加强地方政府债务的监管,应积极发挥地方政府债务的正外部性效应,规制地方政府债务的负外部性效应。本文以外部性概念为起点,阐述了地方政府债务的正外部性效应与地方政府债务的负外部性效应,并就地方政府债务外部性效应地规制提出了解决路径。

In recent years,the power of local governments in China does not match its financial power,resulting in increasing financial pressure of local governments.In order to alleviate such pressure,local governments extend debt financing,leading to more potential risks to the accumulation of local government debts.Local government debts have the externality effect.To strengthen the supervision of local government debts,it is essential to exert the positive externalities and regulate the negative externalities of local government debts.Starting from the concept of the externality,this paper expounds both the positive and negative externality of local government debts,and puts forward a solution to regulating the externality effect of local government debts.