债券化：化解中国地方政府债务风险的有效途径

债券化：化解中国地方政府债务风险的有效途径
 
摘  要：改革开放以来，随着地方政府在基础设施等公共产品上支出规模的不断扩大，地方财政收不抵支，己经形成了严重的债务风险，并成为国家财政安全和经济稳定的巨大隐患。因此，化解地方政府债务风险已成为当务之急。目前，我国已经具备了发行地方债券的理论和现实基础，地方政府发行地方债券不仅有助于缓解地方政府的债务压力，满足地方发展对资金的需求，同时还有助于规范地方政府的融资行为，并进1步完善我国的资本市场。当然，发行地方公债也必然会面临如分税制财政体制缺陷、长期以来积累的巨额债务压力、发行债券所产生的“挤出效应”和进1步拉大东西部之间的差距等1系列问题。为此，必须采取完善相关法律法规、清理债务，建立健全地方债券发行管理制度和改革政府间转移支付制度等措施切实加以解决。

关键字：地方政府债务；债务风险；债券化

Securitization： An Effective Way to Defuse China Local Government Debt Risks
 
Abstract：Since the reform and opening polices were introduced, the expenditure of local government on the public product extend continuously. Because of short on funds, finally they bear huge debt, which became a serious obligation risk, and become the states financial security and economic stability of the great hidden dangers. So defusing the risks of local government debt has become a matter of urgency. Our country has already had theories and realistic foundation of issuing local bonds. Issuing local bonds not only contributes to ease the obligation pressure, and meets the need of funds of the local development, but also can standardize the financing behavior of the local government, and further improve the capital market of our country. Of course，we should pay attention to that, issuing the local government bond. we face more problems such as defects on the system of dividing taxes、 the pressure of huge sum of debt accumulated over a long period of time、 the Crowding-out effect caused and further widen the gap between of east and the west and other issues. Therefore, We must take improving the relevant laws and regulations、clearing debt、 establishing and improving the local bond issuance management and related systems and reforming the intergovernmental transfer payment systems to be effectively resolved.

Key words： Local government debt ；Debt risk； Securitization