“土地财政”内在生成逻辑、棘轮效应与自主债融资架构

伴随分税制改革,在财政扩张的驱使下,"土地财政"发展成为地方政府财政资金的重要来源。但是,"土地财政"内在的棘轮效应带来一系列发展问题,具有不可持续性,并倒逼地方政府减少对"土地财政"的依赖程度,寻求融资机制的创新。财政部试行的地方政府自行发债举措,为地方政府未来的融资方式创新提供了方向性导引,地方政府应该在自主债融资框架下积极探索新的融资机制,改善财政资金的结构比例。

The Inherent Logic, Ratchet Effect and Independent Debt Financing Structure of "Land finance"

With the reform of tax system,"Land finance" had become an important fund source of local governments driven by fiscal expansion.But,the internal ratchet effects of "Land finance" has brought a series of problems in the development,which are unsustainable,and force the local governments to reduce the dependence on "land finance" through innovations of financing mechanisms.The trial of Ministry of Finance that the local governments can initiate treasury bonds on their own provides a directional guidance for the future financing innovation of local governments.Local governments should positively explore new financing mechanisms in the framework of self-debt financing,to improve the mix of financial resources.