对我国地方政府发行市政债券的探讨

【作者】 曹丽娜；

【导师】 张海星；

【作者基本信息】 东北财经大学 ， 财政学， 2006， 硕士

【摘要】 市政债券，属于地方政府债券，是指地方政府或其授权代理机构发行的有价证券，所筹集资金用于城市基础设施项目的建设。市政债券虽属于地方公债的研究范畴，但我国目前仍处于研究的初级阶段，相关的著作和研究报告比较少，在我国的债券市场上，市政债券基本上是个空白。从国外的实践来看，市政债券作为筹措城市基础设施建设资金的工具之一，其有效性在美国、日本、以及许多欧洲国家已经得到了充分验证并为越来越多的国家所认可。特别是近年来，越来越多的国家尤其是一些发展中国家也开始采用市政债券为地方政府融资。本文在借鉴发达国家债券市场成熟经验的基础上，针对国内目前的实际情况，探讨如何建立具有中国特色的市政债券市场，从而满足我国城市基础设施建设的庞大资金需求，推动城市化发展，为城市化建设开辟新型的融资渠道，规范我国债券市场并推动我国资本市场的发展。本文共分四大部分，首先探讨了我国地方政府负债的理论依据，并对发行市政债券的必要性和可行性进行了分析，然后介绍了美国和日本这两个不同政体国家在市政债券管理上的方法，在理论基础和别国的经验基础上，笔者提出了我国建立市政债券市场的具体制度设计和相关配套设施的完善。具体来说，本文第一部分首先介绍了有关市政债券的一些基本概念，指出市政债券是地方政府筹集城市基础设施建设资金的重要来源。我国目前预算法规定地方政府不得举借公债，但是根据公共产品理论和建立我国分税分级财政体制的要求，地方政府应有效的提供地方公共产品，所以举债权是地方政府的应有财权之一。同时笔者从完善分税制，推进城市化进程，化解地方债务风险，加强债务管理水平等方面指出了我国发行市政债券的必要性，并从我国目前发行市政债券所具备的条件以及有力的时机等方面对发行市政债券的可行性进行了分析。本文第二部分介绍了发达国家美国和日本这两个不同政体国家的市政债券市场。美国拥有世界上最发达的市政债券市场，美国市政债券是一种非常有吸引力的融资工具，本文详细介绍了美国市政债券的发行，用途和管理上的特点和方法。之后介绍了单一制国家日本在市政债券发行管理等方面的运作方式。不同政体国家在市政债券管理上的经验对我国市政债券的发行有很大的启示，非常值得我们学习和借鉴。本文第三部分在前面理论基础和他国经验分析的基础上，对我国发行市政债券作了制度设计。笔者从市政债券的发行，流通，使用与偿还三大方面进行了论述，并结合我国国情，对我国市政债券发行主体的选择，发行规模的确定，以及资产结构，发行方式，税收待遇等方面作了详细地阐述。最后一部分提出我国发行市政债券的相关配套措施。市政债券的发行离不开相关配套设施的完善，主要包括以下三个方面的配套措施，一是要完善相关的法律与制度建设，包括完善相关法律、法规，完善分税制财政体制，完善地方政府债务预算；二是要加强市政债券的监管与风险控制，明确监管机构，建立信用评级制度，建立信息披露机制，并在适当时机发挥市政债券保险的作用；三是要促进债券市场的协调发展，包括市政债券与国债的协调发展以及与金融债券和企业债券的协调发展。更多还原

【Abstract】 Municipal bond, which belongs to the local government debt and issued by the local government or their authorized agency, and the collected funds is used to the construction of municipal infrastructure facilities. Our research on municipal bond is still in the infancy, and the relevant writings and research papers are rare. Municipal bond does not exist in our bond market. Seen from other country ’s practices, as one of the tools of collecting money for the municipal construction, municipal bond has been received recognition for its availability in America, Japan and many other European countries. Especially in recent years, more and more countries, in particular the developing countries have been started to collect money for the local government by municipal bond. In using the maturity experiences in developed countries for reference, this paper analyzes domestic political and economic situation, then prescribes how to build and develop municipal bond market in China so as to satisfy the large volume need of capital and money to promote the growth of urbanization and capital market in China.There are four parts in this paper. First, I discuss the theory basis of the local government debts and analyze the necessity and feasibility of issuing municipal bond. Secondly, I discuss the management method of municipal bond in America and Japan which are in the different government forms. In the theory basis and other countries experiences, I propose the detailed system design of building municipal bond market in China and how to perfect the relevant supporting facilities.Specifically speaking, the first part of this paper introduces some basis conception about municipal bond and points out the municipal bond is an important source of collecting funds for the construction of municipal infrastructure facilities by local government. At present, our budget law does not permit the local government to issue the public debt. But according to the public goods theory and the requirement of establishing the revenue - sharing financial system, the local government should provide the local public goods efficiently, so the right of issuing debt is the basic economic rights of local government. At the same time, I point out the necessity of issuing the municipal bond in perspectives of promoting urbanization, solving the debts risk, strengthening the debts management and so on. Also, I analyze the feasibility of issuing the municipal bond in perspectives of domestic economy condition and good opportunities.The second part introduces the municipal bond market in America and Japan which are in the different government forms. America has the most advanced municipal bond market, which is a very magnetic financing tool. In this paper, I describe the trait and method of the issuance, purpose and management of municipal bond. And then I introduce the operating mode of issue and management of municipal bond in the unitary state - Japan. The management experiences of municipal bond in the different government forms give us much revelation about our municipal bond issuance, which is worth studying.The third part gives the detailed system designing of issuing municipal bond from three aspects of issuing, circulating, using and repaying on the basis of theory and other countries practices. In line with the current situation with our country, I give a detailed discussion about choosing the main body of issuance, deciding the scale of issue, and the capital structure, the way of issue, the tax treatment.The last part of this paper gives the relevant supporting facilities of issuing municipal bond. It needs to perfect the supporting facilities, including the following three aspects: the first is to perfect the relevant laws and regulations, including the amelioration of relevant laws, improving the system of tax division between central and local governments and establishing the local debt budget; the second is to strengthen the supervision and the risk control of municipal bond, establish the credit rating agencies and information publishing and develop the insurance of municipal bond; the third is to promote the coordinating development of the debt market, including municipal bond and public debt and financial debt and corporation debt.更多还原