地方政府债券发行与国库现金管理协调配合的实证研究

近年来，我国地方政府债券发行与国库现金管理工作获得了快速推进，二者作为 财政资金筹措和使用的两个方面，互为依存、密不可分，但目前我国对二者之间的有效协调配 合尚缺乏充实的理论研究和成熟的操作经验支撑。随着我国经济增速下探，地方政府债务风险 不断累积，财政收支压力加剧，加强地方政府债券发行与国库现金管理的协调配合研究，对于 优化政府债务结构，提高国库资金使用效率和收益，确保财政资金流动性安全，具有重要价值 和现实意义。本文从我国地方政府债券发行与国库现金管理发展现状入手，探析二者协调配合 中存在的主要问题，运用平衡控制模型，以实证分析的方式，从技术层面提出解决意见，同时 就优化二者协调配合操作方式和政策路径选择提出了建议，以期有所启发和帮助。

Empirical Research on Coordination of Local Government Bond Issuance and Treasury Cash management

Recent years, the local government bond issuance and the state treasury cash management have been advanced rapidly. They are two interdependent and inseparable aspects of fiscal funds raising and spending, but there is a shortage of theoretical research and mature operating experience on effective coordination between the two aspects. Along with the slowing down of our economic growth, local government debt risk is accumulating and the fiscal pressure is intensified. Researches on coordination between local government bond issuance and the state treasury cash management have practical significance on optimizing government debt structure, increasing service efficiency and ensuring financial liquidity and safety. Based on the present situation of local government bond issuance and state treasury cash management, this paper analyses the main problems of their coordination, provides technical solutions using dynamic balance model and empirical analysis and offers suggestions on optimizing coordination and policy path selection.