摘要
2015年以来,随着中国地方政府专项债券发行规模的迅速扩大,其发行价格形成机制的不合理和相应的债务风险问题日益显露。本文论述了目前我国地方政府专项债券发行价格面临的主要问题,即专项债券价格不能准确反映项目管理和信息披露差异。研究建立专项债券定价模型,并提出两个假说:一是专项债券价格能够体现项目管理差异;二是专项债券价格能够体现信息披露差异。并以2019年地方政府专项债券为样本,实证分析验证两个假说。在此基础上,提出了以下政策建议:构建以国债价格为指导,项目收益为主要标的,地方政府主体信用为参考的价格形成机制;完善项目管理,坚守项目融资与收益平衡底线,构建地方政府专项债券价格形成的基础;继续完善信息披露制度,使专项债券价格真实反映其市场价值。
Since 2015,with the rapid expansion of China’s special local government bond issuance scale,the irrationality of its issuance price formation mechanism and the corresponding debt risks have become increasingly apparent.This paper discusses the main problems in the current formation mechanism of special local government bond price in our country,that is,the price of special bonds cannot accurately reflect differences in project management and information disclosure.The paper establishes a special bond pricing model and puts forward two hypotheses:one is that the price of special bonds can reflect differences in project management;the other is that price of special bonds can reflect differences in information disclosure.And empirical analysis was carried out to verify the two hypotheses by using the 2019 special local government bonds as a sample.On this basis,the paper puts forward the following policy recommendations:Firstly,to construct a price formation mechanism guided by the price of national bonds,with project income as the main target and the credit of local government entities as a reference;Secondly,to improve project management by adhering to the bottom line of project financing and income balance and building the foundation for the formation of local government special bond price;Thirdly,to improve the information disclosure system so that the price of special bonds truly reflect their market value.
作者
温来成
徐磊
Wen Laicheng;Xu Lei
出处
《财政研究》
CSSCI
北大核心
2021年第3期70-83,共14页
Public Finance Research
基金
国家社会科学基金一般项目“公私合作特许经营项目全生命周期财政风险监管技术研究”(项目编号:15B22058)
关键词
专项债券
价格机制
项目收益
信息披露
Special Bonds
Price Mechanism
Project Income
Information Disclosure
