摘 要 地方政府债券融资：模式与规制 2009 年中国成功应对国际金融危机，其中地方政府投融资平台带动的基础设施投资起到了积极作用，但由此地方政府债务负担迅速加重，截至 2010 年底，经审计署审计的地方政府债务余额共计 10.7 万亿元。本文认为缓解地方财政压力的途径是发行地方政府债券，地方政府债券融资在解决地方基础设施和公共事业建设资金困难的同时也可以缓解中央政府宏观调控的压力。 本文通过研究地方政府债券相关基础理论和文献阅读，在纵向梳理我国地方政府债券融资发展历程和横向比较国外地方政府债券融资经验的基础上，论证了我国发行地方政府债券的必要性和可行性。本文将债券融资模式总结为：中央代发、平台代发、自行发行和自主发行四种模式，认为现阶段我国可以采取行政手段控制的自行发行模式，由点到面通过试点发行扩大到全国范围，待条件成熟后再由自行发行模式转变为自主模式。并从发行制度、定价制度、流通制度、偿还制度和监管制度等方面提出了一套适合我国国情的地方政府债券市场的制度体系，基于期权思想提出改进的 KMV 模型来度量市政债券信用风险，根据地方财政收支计算市政债券的理论违约概率和安全发债规模。 本文属于地方政府债券的应用性理论研究，定性和定量分析的结合使得本文内容具有较强的实践意义，为我国地方政府债券融资，缓解地方财政压力，防范地方财政风险提供了重要的参考。 关键词： 地方政府，债券，融资，模式，规制 Abstract Local Government Bond Finance: Mode and Regulation In 2009, China successfully coped with the international financial crisis, during that time ,the infrastructure investment driven by local government financing platform has played a positive role , but it cause the local government debt burden increase rapidly. By the end of 2010, the audit by the Audit Commission, the local government debt totaled 10.7 trillion yuan. This paper holds that the way to ease the local financial pressure is to issue local government bond, it can also solve the difficulties of local infrastructure and public utilities construction funds to ease the pressure of the central governments macro-control. Through studies the local government bonds related basic theory and literature reading. The paper longitudinally comb the development course of local government bond financing and horizontally compare to the foreign local government bond experience, on this basis demonstrates the necessity and feasibility of issuing local government bonds. This article summarizes the bond financing model: central agent issue mode, platform agent issue mode, self-distribute model, autonomous mode. This paper argues that at this stage our country can take administrative means to control their own issue mode, extended nationwide through pilot issue from the point to the surface, and when conditions are ripe and then transfer from self-distribute model into autonomous mode. The paper propose a set of institutional arrangement suitable for Chinas national conditions of the local government bond market about the distribution system, pricing system, circulation system, the reimbursement system and regulatory regime. Based on the option ideas improve the KMV model to measure the credit risk of municipal bonds, according to the local fiscal revenue calculate the theory of the theoretical probability of default and security issuance size. This paper belongs to local government bond applied theoretical study, the combination of qualitative and quantitative analysis makes this article has strong practical significance, and it provides important reference to the local government bond financing, ease local financial pressure and prevent local finance risk. Keywords: Local government, bonds, financing, mode, regulation 目 录 第 1 章 绪论 .1 1.1 选题背景 .1 1.2 选题意义 .2 1.3 研究对象 .2 1.3.1 地方政府债务 .2 1.3.2 地方政府债券 .3 1.4 研究思路与方法 .4 1.4.1 研究思路 .4 1.4.2 研究方法 .5 1.5 创新点与难点 .5 第 2 章 相关文献综述 .1 2.1 地方政府债券融资的相关基础理论 .1 2.1.1 公共产品理论 .1 2.1.2 财政分权理论 .1 2.2 地方政府债券融资的研究综述 .2 2.2.1 地方政府债券融资的必要性与可行性研究 .2 2.2.2 对国外地方政府债券融资的借鉴研究 .3 2.2.3 地方政府债券融资的风险控制研究 .4 第 3 章 现阶段我国地方政府债券融资必要性与可行性 .1 3.1 我国地方政府债券融资的产生与发展历程 .1 3.1.1 一般性债券的产生与发展历程 .1 3.1.2 “城投债”的产生与发展历程 .2 3.2 现阶段我国地方政府债券融资的必要性 .2 3.2.1 完善分税权财政体制的需要 .3 3.2.2 弥补地方政府财政赤字的需要 .5 3.2.3 规范地方政府融资行为的需要 .