论文部分内容阅读
依据布坎南的“俱乐部理论”和蒂伯特模型,城镇基础设施和社会公共服务等地方性公共品理应由地方政府提供,地方政府需要为此筹措长期建设资金。本文全面、深入地分析了市政债券的特点与城镇化建设相关投资的特点,认为市政债券在城镇化建设融资中具有良好的适应能力,能够在融资安排和风险防范上有所作为,在城镇化发展过程中担当融资主体。由此可见,市政债券这一债务融资工具的特点能很好地匹配、适应和耦合城镇基础设施建设资金需求的特点,避免其他融资方式或融资工具可能存在的期限错配,这是适合城镇化建设融资、有助于建立多元化的城镇化建设融资体系与可持续的城镇化建设融资机制、从而积极稳妥地推进城镇化的有效融资工具。
According to Buchanan’s “club theory” and the Tibbert model, local public facilities such as urban infrastructure and social public services should be provided by local governments, and local governments need to raise long-term construction funds for this purpose. In this paper, a comprehensive and in-depth analysis of the characteristics of municipal bonds and the characteristics of investment related to urbanization suggest that municipal bonds have a good adaptability in the financing of urbanization and can make a difference in financing arrangement and risk prevention. Play the financing of the development process. It can be seen from this that the features of the municipal bond, a debt financing instrument, can be well matched to meet the characteristics of urban infrastructure construction funds needs and avoid possible maturity mismatch of other financing methods or financing instruments, which is suitable for urbanization Construction financing helps to establish a diversified urbanization financing system and a sustainable urbanization financing mechanism so as to proactively and steadily promote effective urban financing tools.