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题名 建立和发展西部地方政府债券市场问题研究
姓名 胡春兰
院系 经济学院
专业 政治经济学
学位名称 经济学硕士
外文题名 Study on Establishing and Developing Local Government Bond Market in Western China
第一导师姓名 成学真
关键词 西部地方政府债券市场;必要性;可行性;公共产品
外文关键词 Local bond market in western China;Necessity;Feasibility;Public goods
学科 经济学
摘要 世界上很多发达国家和发展中国家都曾有过发债融资的实践,债券融资是这些国家的地方政府筹集资金的重要渠道,也是进行基础设施建设和进行落后地区开发的重要资金来源。由于我国现行法律禁止地方政府发行债券,所以地方政府债券市场在我国尚未真正建立。但是我国面临着城市化进程中融资瓶颈的制约,资本市场非均衡发展,西部大开发要求大量的资金投入等等问题,这些问题的解决有赖于地方政府债券市场的启动。随着社会主义市场经济体制改革的深入推进,地方政府债券市场的启动必将提到议事日程上来。 本文首先从理论方面揭示了地方政府发行债券的依据,尔后考察了世界上极具特色的美国和日本的地方政府债券市场。在理论总结和经验借鉴的基础上,结合了我国国情和西部地区经济社会发展的现实情况,从一般性和特殊性两个不同的层次对建立和发展西部地方政府债券市场的必要性与可行性进行了分析和论证;并且探索性地对西部地方政府债券市场进行了构想,论述了建立和发展西部地方政府债券市场的基本原则,从发行市场和流通市场两个方面设计了西部地方政府债券市场的框架,研究了市场的风险防范与控制措施以及配套措施。
外文摘要 Bond publication by local government is allowed in most countries and has been carried out for fundraising in many developed and developing countries. Financing through issuing bond is an important approach to collect money by local government in these countries, and also is a main source of fund used for infrastructure construction and developing of undeveloped regions. However, real local bond market has not been established in China as bond publication by local government is prohibited by the current laws. Currently, many problems related to financing are coming forth. For example, citifying is hampered by scarcity of funds; capital market is being developed in a disequilibrium way; a great deal of fund is being demanded in the grand western development program. Resolution to these problems in part depends on the opening of local bond market. With the increasingly deepening reform in socialist market economy, opening of local bond market will be considered in the near future. The theoretical bases of bond publication by local government and the operating experiences of developing local bond market in the United States and Japan are present. Based on the practical experiences of the local bond market in the United States and Japan and theoretical bases, as well as the specific national conditions of China and the actual social and economic conditions in western China, the necessity of establishing and developing local bond market in western China is analyzed both in general perspective and in special perspective of promoting regional economic development in a balanced way. It is analyzed that our country at present stage has general conditions of establishing and developing local bond market. Then the feasibility of establishing and developing local bond market in western cities is demonstrated in perspectives of the ability of investors to pay bonds, the possibility of paying debts by western governments, as well as the economic conditions, the ability to manage debts, and technical conditions of western cities. Finally, local bond market in western China is conceived exploringly. The basic principles of establishing and developing local bond market in western China is proposed. Furthermore, the frameworks of the local bond market are suggested in perspectives of publishing market and current market. Finally, the risk-guard of bond market and associated countermeasures are discussed in detail.
研究领域 中国宏观经济运行研究
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