完善地方自发自还债券制度体系建设的思考

财政部于2014年5月正式推出地方政府自发自还债券试点。自发自还债券试点可谓地方政府市场化融资的标志性事件，试点省市将成为独立的举债主体，须主动适应市场规则，接受市场检验，此次试点具有里程碑意义。但同时也要看到，目前包括自发自还债券融资在内的地方政府各类举债行为，还欠缺完善的制度保障。文章回顾了地方政府债券市场融资的模式变迁，在梳理地方政府融资现有制度的基础上，分析了地方政府融资相关制度存在的问题，就构建并完善我国地方政府债券的制度体系提出相关建议。

A Study on improving local government bond financing management system

The Ministry of Finance launched the pilot program for local government bond financing self-management system in May 2014. The pilot program signifies the local government market-oriented financing in which the pilot provinces and cities will become independent debtors to proactively follow market rules and go through market tests. This pilot run is of milestone significance. However, there is a lack of institutional support for local government financing including bond financing. The article reviews the changes of the local government bond financing models, analyzes the existing system of the local government financing and the relevant problems, and makes suggestions on establishing and improving the local government bond system.