地方政府债券风险管理——基于区域差异性的分析

The Risk Management of Local Government Bonds——Based on the Analyses of Regional Disparities

本文以问题为导向,建立了以公共风险、财政风险、债务风险为主线,以地方政府公共、民事双重属性和中央与地方财政关系为框架,以区域差异性分析为拓展的模型。在公共风险理论的基础上,本文将地方政府债券风险管理,分为体现政府民事属性的微观管理和体现中央与地方关系的宏观管理,建议构建地方政府债券的微观管理、宏观管理并促进两个管理的统一,有效对冲公共风险,促使公共风险最小化。

This paper constructs a model that concentrates on public risks,fiscal risks,and bonds’risks;that builds a framework involving the dual attributes of local governments as well as the relations between the central and local governments;that extends the analyses concerning regional disparities.Built upon the theories of public risks,this paper divides the risk management of local government bonds into two parts,namely the micro-management fully reflecting the civil attribute of the governments and the macro-management indicating the relations between the central and local governments.Besides,this paper promotes to make the two management unified,thus to offset and minimize public risks.