地方政府专项债发行的国际比较与镜鉴

International Comparison and Reference of Local Government Special Bond Issuance

地方政府专项债是政府投资特别是基本建设投资的重要资金来源,对经济增长的促进和支撑作用十分明显。国外一些国家的地方政府专项债发行较早且积累了丰富的实践经验,为我国地方政府专项债发行提供了学习的典范。本文选取了联邦制的美国、澳大利亚和单一制的日本三个国家,总结三国地方政府专项债券发行的实践,并从发行主体、发行品种、发行方式等维度进行比较分析,进而结合我国国情,从适度扩大地方政府发债自主权、逐渐规范专项债券发行品种、发行期限应与项目期限相匹配等方面提出优化我国地方政府专项债发行的政策建议。

Local government special debt is an important source of funds for government investment,especially capital construction investment,and it has a very obvious role in promoting and supporting economic growth.Local government special bond issuance in some foreign countries is earlier and has accumulated rich practical experience,which provides a model for local government special bond issuance in China.To this end,this paper selects three countries:the federal system of the United States,Australia and the unitary system of Japan,and combs the practice of local government special bond issuance in the three countries,comparing and analyzing them from the dimensions of the main body of the issuance,the variety of issuance,and the method of issuance.Furthermore,in light of China’s national conditions,policy suggestions for optimizing the issuance of local government special bonds in China are put forward from the aspects of moderately expanding local government’s autonomy to issue bonds,gradually standardizing the varieties of special bond issuance,and the issuance period should match the project period.