首页|稳增长与防风险:地方政府专项债券之革新

稳增长与防风险:地方政府专项债券之革新

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随着积极财政政策加力提效,地方政府专项债券在实现经济高质量发展、防范地方债务风险等方面愈发重要.近年来专项债券期限更长、成本降低,更好满足了地方政府的融资需求;与此同时,部分地区的债务规模较大、融资成本较高,面临较大的偿债压力.从债券、项目、地区层面探究专项债券稳增长成效发现,近期专项债券规模快速扩容,有力助推地区基建投资;传统基建项目在专项债券项目中占比较高,对投资的撬动效应较大,但专项债券投入新基建项目对地区经济的长期正向影响要强于投入前者.从限额配置和募资投向剖析专项债券潜在风险发现,部分地区专项债务限额配置与经济基本面存在一定偏离,专项债券的一些投向也存在收支缺口,这可能加大专项债券未来的偿付压力.为进一步发挥专项债券的政策效能,需要着眼于"稳增长"和"防风险"的平衡,在优化投向结构、增强撬动效应、完善限额管理等方面持续加力.
Steady Growth and Risk Prevention:The Reform of Local Government Special Bonds
With the intensified implementation and effectiveness enhancement of proactive fiscal policies,local government special bonds have become increasingly significant in facilitating high quality economic development and preventing local debt risks.In recent years,the longer maturity and lower cost of special bonds have better catered to the financing requirements of local governments.However,certain regions are confronted with substantial pressure for debt repayment owing to their extensive debt scale and elevated financing expenses.An examination of the effectiveness of special bonds in promoting steady growth,from the perspectives of bond issuance,project implementation,and regional impact,reveals that the recent rapid expansion in special bond scale has effectively stimulated infrastructure investment.Traditional infrastructure projects constitute a relatively substantial proportion in special bond projects,exerting a notable leverage effect on overall investment.However,investments in new infrastructure projects exhibit a stronger long-term positive impact on regional economies compared to traditional infrastructure projects.To further enhance the policy effectiveness of special bonds,it is crucial to strike a balance between"steady growth"and"risk prevention",and continue to strengthen efforts in optimizing investment structure,augmenting leverage effect,and refining the management of debt limits.

special bondssteady growthrisk preventionhigh quality developmenttraditional infrastructure projectsnew infrastructure projects

钟宁桦、胡林杉

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同济大学经济与管理学院 上海 200092

专项债券 稳增长 防风险 高质量发展 传统基建项目 新基建项目

国家社会科学基金重大项目国家自然科学基金面上项目上海市"科技创新行动计划"软科学研究计划(2023)

19ZDA0737197310123692123801

2024

探索与争鸣
上海市社会科学界联合会

探索与争鸣

CSSCICHSSCD北大核心
影响因子：0.72
ISSN：1004-2229
年,卷(期)：2024.(5)
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