地方债信用评级:体系完善与制度监管

Local Government Bonds Credit Rating:System Improvement and Institutional Supervision

地方债信用评级是地方政府安全发债和风险揭示的重要环节。从我国地方债评级的现实考察与制度评价入手,分析和提炼了我国地方债信用评级实践中存在的问题及其成因。指出现行地方债评级缺少政府综合财务报告的数据支撑,未能充分体现不同地区、不同债种信用风险的差异;我国地方债评级结果公信力不足既有体制原因,也有评级机构自身因素。在借鉴地方债信用评级制度较为成熟的美国、日本两国经验的基础上,立足我国的现实国情,提出了进一步完善地方债信用评级体系的政策建议与监管措施:构建政府财政报告体系,改进评级方法与程序;加大地方债的信息披露,实施地方债双评级模式;提升地方债评级的法律层次,加快建立政府财务审批监督制度;调整信用评级行业监管模式,完善信用评级机构的准入退出机制;等等。

Starting from the reality investigation and system evaluation of local government bonds credit rating in China,this paper analyzes and abstracts the problems and causes in the practice of local government bonds credit rating in China,and points out that the current local government bonds credit rating lacks the data support of the comprehensive government financial report,and fails to fully reflect the differences of credit risks among different regions and different types of bonds. The lack of credibility of local government bonds credit rating results in China is due to both institutional reasons and rating agencies’ own factors. Based on the experience of the United States and Japan,which have relatively mature local government bonds credit rating system,and based on the actual situation of our country,this paper puts forward some suggestions and regulatory measures to further improve the local government bonds credit rating system:constructing the government financial report system,improving the rating methods and procedures;strengthening the information disclosure of local government bonds and implementing the double-rating model of local government bonds;raising the legal level of local government bonds credit rating and accelerating the establishment of the government financial examination and approval supervision system;adjusting the regulatory model of credit rating and improving the access and exit mechanism of credit rating agencies.