【摘要】：地方政府債務(wù)問(wèn)題是近年來(lái)備受關(guān)注的一個(gè)熱點(diǎn)問(wèn)題。從融資角度來(lái)看,地方政府債務(wù)是地方政府以自己的信用為基礎(chǔ),為彌補(bǔ)政府資金不足而進(jìn)行融資所形成的。由于我國(guó)正處于城市化建設(shè)高速增長(zhǎng)時(shí)期,對(duì)建設(shè)資金的需求不斷加大,地方政府進(jìn)行債務(wù)融資已成為了一個(gè)不可避免的事實(shí)；而允許地方政府進(jìn)行舉債也符合公共產(chǎn)品理論與財(cái)政分權(quán)理論的要求。目前,我國(guó)地方債務(wù)的規(guī)模日漸增大,債務(wù)風(fēng)險(xiǎn)也逐漸顯現(xiàn)；因此,如何選擇一種高效率的債務(wù)融資模式并構(gòu)建完善的風(fēng)險(xiǎn)監(jiān)管體系并穩(wěn)定社會(huì)經(jīng)濟(jì)發(fā)展,是一個(gè)亟待解決的問(wèn)題。 本文首先對(duì)國(guó)內(nèi)外學(xué)者關(guān)于地方債務(wù)的研究做了一個(gè)文獻(xiàn)綜述,并在此基礎(chǔ)上,從我國(guó)地方債務(wù)的現(xiàn)狀入手,著重分析了我國(guó)地方政府債務(wù)的成因以及地方政府舉債的必要性。然后,通過(guò)列舉在世界范圍內(nèi)通用的四種融資模式,并對(duì)四種融資模式進(jìn)行效率比較,得出了發(fā)行地方債券的必要性。另外,本文還從債務(wù)資金流向、債務(wù)規(guī)模、地方經(jīng)濟(jì)實(shí)力以及制度因素等多個(gè)方面對(duì)地方債務(wù)風(fēng)險(xiǎn)進(jìn)行綜合考慮,并對(duì)地方政府發(fā)債的可持續(xù)性進(jìn)行了實(shí)證分析。最后,在借鑒美國(guó)和日本這兩類典型地方公債制度經(jīng)驗(yàn)的基礎(chǔ)上,對(duì)我國(guó)地方政府債務(wù)融資模式選擇以及債務(wù)風(fēng)險(xiǎn)防范與控制提出了政策性建議。
[Abstract]:The problem of local government debt is a hot issue which has received much attention in recent years. From the point of view of financing, local government debt is formed by local government financing on the basis of its own credit to make up for the shortage of government funds. Because our country is in the period of rapid growth of urbanization and the increasing demand for construction funds, it has become an inevitable fact for local governments to carry out debt financing. Allowing local governments to borrow is also in line with the requirements of public product theory and fiscal decentralization theory. At present, the scale of local debt in our country is increasing day by day, and the debt risk appears gradually. Therefore, how to choose an efficient debt financing model, construct a perfect risk supervision system and stabilize the social and economic development, is an urgent problem to be solved. This paper first makes a literature review on the research of local debt at home and abroad, and based on this, analyzes the causes of local government debt and the necessity of local government borrowing from the point of view of the present situation of local debt in China. Then, the necessity of issuing local bonds is obtained by enumerating the four financing modes in the world and comparing the efficiency of the four financing modes. In addition, this paper also comprehensively considers the risk of local debt from the aspects of debt capital flow, debt scale, local economic strength and institutional factors, and makes an empirical analysis on the sustainability of local government debt issuance. Finally, based on the experience of the two typical local public debt systems, the paper puts forward some policy suggestions on the choice of local government debt financing mode and the prevention and control of debt risk.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F812.5

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本文編號(hào)：2366470