地方政府“自主发债”债务管理机制探究

“城投债”、“中央代发”、“自行发债”三种债券发行模式均存在较大弊端.地方政府实行“自主发债”模式,有利于深化分税制改革,规范地方政府债券市场;拓宽个人投资渠道,满足投资者的利益需求;完善资源配置,均衡地区经济发展的需要.构建地方政府自主发债债务管理机制,应当通过完善地方政府自主发债的基本框架,深化分税制改革,强化地方政府债券监管体系来实现.

A probe into the management mechanism of autonomously-issuing bonds of local governments

Urban bonds, funding by the central government and autonomously- issuing bonds have big defects. The local governments implement the pattern of autonomously - issuing bonds which will benefit the deepening of taxation reform, normalize the local governments bonds market, expand individuals＇investment channel, satisfy investors＇interest demand, perfect the resource allotment and balance the needs of the local economic development. We should establish the management mechanism of autonomously - issuing bonds of local governments, perfect the basic frame of autonomously - issuing bonds of local governments, deepen the taxation reform and strengthen the bonds supervision system of local governments.