【作者】 郝雨时；

【导师】 乔桂明；

【作者基本信息】 苏州大学 ， 金融学， 2012， 博士

【摘要】 近两年我国的经济发展正面临着改革开放以来前所未有的挑战，通货膨胀一直在高位徘徊、内需依然不足，不过其中最值得重视的却是我国地方政府的债务问题。据审计署统计，截至2010年底，全国省、市、县三级地方政府性债务余额共计107174.91亿元，约占当年GDP的28%，是当年全国财政收入1.6倍，这无疑是一个可怕的数据。除此以外，为了绕开《预算法》不许地方政府发债的约束，还有很多债务处于隐性状态，地方政府隐性债务的规模也越来越大。地方政府债务的大量累积与同时期城市化大发展脱不了干系。1994年分税制改革确立了我国“一级政府，一级事权”的分权财政体系，也即地方城市基础设施建设资金基本由地方政府来承担。改革开放30年来，我国的城市化水平从1979年的19.99%快速增长到2010年的47.5%，城镇人口从1979年的0.8亿增长到2010年的6.3亿，大量人口涌入给城市基础设施带来巨大的资金压力。不过1994年的分税制改革却又是一个不完美的改革，出现了事权重心下移而财权重心上移的现象，再加上我国现在转移支付制度的不完善，地方政府几乎普遍陷入债务困境之中，地方政府资金缺口不断加大。因此采取合适方式尽快解决这一问题，具有重大的现实意义和时间上的迫切性。在面临地方政府建设资金不足问题时，欧美发达资本主义国家主要通过发行市政债券（也被称为地方政府债券）筹措资金。以美国为例：2010年市政债券余额约占全部债券余额的30%，其中长期市政债债券的发行规模占当年GDP的4%左右。更重要的是不仅欧美等发达资本主义国家加快了市政债券的发展步伐，甚至连深受西方经济体制影响的新兴转轨国家以及一些发展中国家也在积极尝试市政债券的发展，以期能更好地推动当地经济发展。而现今我国地方政府的主要融资手段却是依靠关联融资平台的银行贷款。银监会的统计资料显示：截至2010年底我国地方政府融资平台银行贷款额高达8.47万亿，占总负债的79%。大量银行贷款涌入地方融资平台而不是实体经济不能不说是对资源的浪费，同时也是时刻威胁我国金融秩序稳定的一颗定时炸弹。解决我国地方政府业已存在且仍在快速增加的隐性债务问题的关键在“疏”而不是“堵”。按照财政分权理论，既然地方政府是地方公共产品的主要提供者，随着我国分税制体制的进一步完善，我国也应赋予地方政府适当的举债权。值得庆幸的是我国政府已经开始进行有效的尝试，从2009年的中央政府代发地方债到2011年允许上海、深圳、广州和浙江四地试点发行地方政府债券，这些都将为我国正式发展市政债券积累宝贵的经验。现在应该做的是修改《预算法》，确立地方政府举债的合法性，并通过一个科学有效的评判标准解决谁有资格发债这个问题。当然市政债券市场的良好运作和健康发展，还有赖于建立一套完善的制度，因此本文借鉴西方发达国家和某些发展中国家市政债券市场制度建设的经验，结合我国的具体情况，探讨了我国市政债券市场的发行监管制度、定价制度、流通制度以及偿还制度的构建问题，提出了一套比较适合我国国情的市政债券市场的制度安排。在开禁发展市政债券市场时，风险的防范和控制是其核心问题，信用风险又是所有风险的核心，因此本文也对市政债券信用风险的控制和管理进行了详细的分析。更多还原

【Abstract】 In these years, China is facing the biggest challenge since the reform and opening up.The existing problems are various, such as rising inflation, insufficient domestic demandand debt problems of local government. According to statistics of the National Audit Office(NAO), local government had an overall debt of10.7trillion Yuan by the end of2010. Thescale amounts to28%of its GDP and1.5times of total government revenue. To avoid theconstraint of Law of the People’s Republic of China, most of local government debt is inthe contact state.The accumulation of local government debt is closely related to the high level ofurbanization. China’s fiscal decentralization system is based on tax-separating systemreform in1994, so local infrastructure fund is bear by local government. Since the reformand opening up, China’s urbanization level has increased from19.99%in1979to47.5%in2010while urban population has grown from80million in1979to630million in2010.That is to say, if urbanization level increases by1%, then urban population would grow by16million. Calculated by90thousand Yuan per person in average in infrastructure fund,the new expenses of local government reach1.44trillion Yuan every year. Tax-separatingsystem reform in1994is not perfect and it lowers the routine power and raises financialpower. In addition, China’s financial transfer payment system is also incomplete. All theseproblems resulted in local government being mired in difficulties. Solving this problemwith appropriate methods as soon as possible has important practical significance.The developed capitalist countries in Europe and America often raise funds by issuingmunicipal bond when they face the problem of insufficient construction capital. TakeAmerica for example, the municipal bond balance is30%of total bond balance in2010.And long term municipal bond is4%of GDP in the same year. In recent years, not onlyhave the developed capitalist countries in Europe and America accelerated the pace ofdevelopment in municipal bond but also some developing countries have tried to developmunicipal bond. The most important financing means of China’s local government is also bank loans which rely on local government-backed investment units. According tostatistics of China Banking Regulatory Commission, local government-backed bank loanshave amounted to8.47trillion Yuan by the end of2010. The scale amounts to79%of grossdebt. There is no doubt that large amount of bank loans pouring into localgovernment-backed investment units is resource-wasting. Furthermore, it is also a timebomb for China’s financial order.So, the key to solve our local government existing implicit debt is “dredge” instead of“blockage”. Owing to fiscal decentralization theory, the main provider of local publicgoods is local government. We should give our local government appropriate debt rightswith further improvement of tax sharing reform. Fortunately, our government has startedeffectively attempts, for example, central government had issued local government bond in2009and permitted Shanghai, Shenzhen, Zhejiang province, Guangdong province to issuemunicipal bond in2011, all of these can accumulate valuable experience for ourgovernment to issue municipal bond. It is the high time to modify <the budget act> andverify the legitimacy of local government’s debt right, and then we must solve the problemthat is eligible to issue municipal bonds through a valid scientific criterion. Of course, thewell-functioning and healthy municipal bond market also depends on the establishment ofa comprehensive system. So we had better learn the experience of western countries andsome developing countries. After that, we go on Exploring issuing system, managementsystem, pricing system, circulation system and reimbursement system, and proposing a setof suitable arrangement for the municipal bond in our country in the light of china’sspecific situation. When relaxing the prohibition of municipal bond, we must focus ourattention on the prevention and control of risk, especially credit risk which is the corn of allrisks. Therefore, this paper also carried out a detailed analysis of the control andmanagement of the credit risk faced by municipal bond.更多还原