摘要
随着地方债务管理机制改革的推进,地方债券在规范地方举债融资方面的作用日益彰显。虽然经过"三年置换期",地方政府的利息负担已大为改善,但理论与实务界对地方债券是否存在整体偿债风险这一问题,仍存有歧见。为此,有必要对地方债券偿债风险进行定量与定性的判断。在文本梳理和类型提炼的基础上,从政府经济社会义务、宪政分权的视角对规制偿债风险行为进行法理反思。本文提出,只有建构起以宪法为核心的立体化法律体系,对相关法律规范予以适当调适,才能最终实现偿债风险的合理防控,推动公债权力的规范行使,达至公民财产权与国家财政权的和谐共在。
As the reform of local governments＇ debt management moves forward, tile function of municipal bonds to regulate local governments＇ borrowing money is increasingly clear. Municipal bonds have been issued to replace outstanding debt in the last three years, thereby lessening the local government debt. But there are different views on the issue that municipal bonds are risky in the realm of theory and industry. Therefore, it is necessary to use qualitative and quantitative methods to analyze the risks posed by municipal bonds. By analyzing the texts and behavior types of risk prevention, we manage to reflect the effort to prevent the risks of municipal bonds from the angles of power-separation of state and government responsibility for the economy and society. Only after we have established a set of legal system centering on the constitution can we prevent risks posed by local government bonds, and regulate the exercise of debt financing to ensure the harmonious relationship between the individual property rights and the financial power.
出处
《证券市场导报》
CSSCI
北大核心
2018年第7期57-64,69,共9页
Securities Market Herald
基金
教育部哲学社会科学研究重大课题攻关项目"我国债券市场建立市场化法制化风险防范体系研究"(批准号:14JZD008)的阶段性成果
关键词
地方债券
偿债风险
法理反思
财政收入
municipal bonds
debt risks
legal principle reflection
revenue
