地方政府专项债券风险防控的法治化进路

The Rule-of-Law Approach to Risk Prevention and Control of Local Government Special Bonds

随着专项债券在地方政府债务构成中的占比增加,其逐渐成为了地方政府债务治理和风险防控的关键所在。地方政府专项债券规模的持续扩大往往伴随着潜在的项目风险、财政风险与金融风险,立法中关于专项债券的法律规定层次不高、债券定价市场化程度不足、债券市场竞争结构失衡、债券资金使用情况不理想、举债机制诱发道德风险等共同构成了专项债券潜存风险的根源。有必要制定高层次的专项债券法律制度、健全地方政府专项债券债信机制、促进专项债市场竞争结构多元化、强化专项债项目管理机制,通过立法试点授权市县级政府自主发债权,探索新的举债机制,最终通过一系列法治化举措实现对专项债券的风险防控。

With higher proportion of special bonds in local government debt,they have gradually become the key to local government debt governance and risk prevention.The continuous expansion of the scale of local government special bonds is often accompanied by potential project,fiscal and financial risks.The low level of legal provisions on special bonds in legislation,insufficient marketization of bond pricing,imbalanced competition structure in the bond market,unexpected use of bond funds,and moral hazards induced by borrowing mechanisms collectively constitute the root causes of potential risks in special bonds.It is necessary to establish a high-level legal system for special bonds,improve the credit mechanism for local government special bonds,promote diversified competition structure in the special bond market,strengthen the management mechanism for special bond projects,authorize municipal and county-level governments to independently issue bonds through legislative pilot projects,explore new borrowing mechanisms,and ultimately achieve risk prevention and control for special bonds through a series of legal measures.