美国市政债券信用风险管理制度及其对我国的启示

在美国市政债券发展的过程中,逐渐形成以风险防范为中心,债务控制、信息披露、信用评级以及市政债券保险为主要内容的市政债券信用风险管理制度。从美国市政债券信用风险管理制度的形成和发展历程可以得到如下启示:提高我国地方政府财政透明度是建立市政债券信用风险管理制度的基础;需建立市政债券发行审批制度控制债务规模,证券监管机构和行业自律组织机构共同推动市政债券信息披露制度建立和发展;需合理利用市政债券信用评级机构和保险机构。

Credit Risk Management System of Municipal Bonds in US and Its Implications for China

In the process of development of municipal bonds in the US,the credit risk management system gradually forms,which includes the information disclosure system,credit rating system and insurance system.The implications for China are as follows: the first is that the transparency of local government finance is the basis of building the credit risk management system of municipal bonds;the second is that the foundation of examination and approval institutions of municipal bond is to control the size of debt;the third is that the institutions of securities regulation and industry self-regulation organizations jointly promote the establishment and development of information disclosure system;the forth is to make use of credit rating agencies and insurance agencies adequately and reasonably.