Under the guidance of the concept of high-quality development,special bonds should not only grow in scale,but also improve in quality.Market-oriented issuance is conducive to activating the market competition mechanism.As a rational choice for the high-quality development of special bonds,it is highly expected by all sectors of society.On the surface,the characteristics of market-oriented issuance of special bonds are obvious,and there are various forms such as public bidding,information disclosure and credit rating.Substantively,there is a structural imbalance between fiscal power and capital rights,and the market is not yet strong enough to determine the final pricing of special bonds and guide the allocation of capital resources.It can be seen that the market-oriented issuance of special bonds is actually similar in form but not in spirit,failing to promote the realization of high-quality development goals.Therefore,it is necessary to balance fiscal power and capital rights conceptually,and strengthen the decisive role of market forces in the pricing of special bonds.It's imperative to implement market-oriented pricing,realize risk disclosure,optimize market competition,and strengthen market self-discipline.
关键词
专项债券/市场化发行/外观/实质/均衡
Key words
special bonds/market-oriented issuance/surface/substantively/balance
维普
万方数据