Special local government bond followsthe fiscal logic of balancing project benefits and financing.The Fiscal logic requires a greater focus on project risks in addition to the general fiscal risks in bond risk disposal.This results in the dual structure of"project risk-fiscal risk".To dispose them separately,the project risks can be divided into project cancellation and project failure.Fiscal risk disposal should break local governments'unlimited joint and several liability.Fiscal risks are allocated based on fiscal logic and the extent to which the subject controls the project.In the final analysis,the rule of law in risk disposal is the fundamental way to dispose of special bond risks and prevent systemic risks.Therefore,from the dimensions of formal legality and substantive legitimacy,it is necessary to clarify legal authorization,identify legal relations and protect investors'rights.
关键词
地方债/专项债券/项目风险/财政风险/风险处置
Key words
local government bond/special bond/project risk/fiscal risk/risk disposal
维普
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