论文部分内容阅读
分税制改革之后,财政压力和发展经济的强烈动机促使各级地方政府通过各种途径借款以保障财政的可持续性和经济发展的资金来源。但是,借款过程中的监管机制缺失和不完善,大大刺激了地方政府的债务扩张动机、增加了债务负担,并因此累积了巨大的财政风险。因此,应当借鉴发达国家和新兴市场经济国家有益经验,有效整合财政借款的监管要素,探索一条解决我国大量隐性地方债务的途径,构建一个行之有效的地方政府借款监管框架和体系。
After the tax-sharing reform, the strong motivation of fiscal pressure and economic development has prompted local governments at all levels to borrow money through various channels to ensure the financial sustainability and financial resources for economic development. However, the absence and imperfection of the supervisory mechanism in the process of borrowing have greatly stimulated the local government’s motive for debt expansion, increased the debt burden, and thus accumulated tremendous financial risks. Therefore, we should learn from the useful experience of developed countries and emerging market economy countries, effectively integrate the regulatory elements of financial borrowing, and explore a solution to a large number of hidden local debt in order to establish an effective regulatory framework and system for local government borrowing.