法学院知识库

        地方债是地方政府为缓解财政压力而采用的一种融资工具，它可以为地方政府防范和化解债务风险，缓解地方基础设施投资压力，推进地方公共项目建设。而地方政府专项债券作为其中的一个具体类别，逐步成为我国近年来重要的一项创新型财政工具。这三年，新冠疫情肆虐全球，面对经济下行的巨大压力，专项债券的发行规模不断扩大，所占份额逐步提升，在保证各地经济稳步发展、保障各地就业环境稳定有序、促进各类投资项目持续开展等方面发挥了重要作用。然而，过快的发展节奏也让地方政府专项债券暴露出各类风险问题，若监管不力，极易出现财政风险。所以监管部门应提升对专项债券的风险防范意识，逐步完善专项债券的监管方案。

        在本文中，主要运用了文献分析法、比较分析法、交叉学科分析法等研究方法，主要分为绪论、正文、结语三个部分，在正文中主要从五个部分进行论述。首先，文章对地方政府专项债券的基本概念、债券分类、发行期限和所应用的基础理论进行了论述；其次，对专项债券正式发行以来的相关监管制度进行整理，对其市场发展情况进行数据梳理和详细分析，发现专项债券在地方债中所占的份额在逐年增加，重要程度也在不断提升；其次，对专项债券在发展和监管过程中出现的发行主体单一、信息披露机制不完善、风险意识薄弱等问题进行探讨；再次，文章选取美国和日本两个地方债发展时间较长，经验较为丰富的域外国家，对它们的地方债监管制度进行介绍，得出了有利于我国专项债券监管的经验启示；最后，提出完善我国专项债券法律监管的建议，主要从完善专项债券的立法体系，完善监管举措等方面进行了细致的阐述。

     Local debt is a financing tool adopted by local governments to relieve financial pressure. It can prevent and defuse debt risks for local governments, relieve the pressure of local infrastructure investment and promote the construction of local public projects. As one of the specific categories, local government special bond has become an important innovative financial tool in recent years. In the past three years, in the face of the great pressure of the economic downturn, the scale of the issuance of special bonds has been constantly expanding and their share has gradually increased. They have played an important role in ensuring the steady economic development of various regions, ensuring the stable and orderly employment environment of various regions, and promoting the continuous investment of various types. However, the fast pace of development also exposes various risks to local government special bonds, which are prone to financial risks if not properly supervised. Therefore, the supervision department should enhance the risk prevention awareness of special bonds and gradually improve the supervision plan of special bonds.

   In this paper, the main use of literature analysis, comparative analysis, interdisciplinary analysis and other research methods, mainly divided into the introduction, the body, the conclusion of three parts, in the text mainly from five parts to discuss. First of all, the paper discusses the basic concept of local government special bonds, bond classification, issuing period and the basic theory applied. Secondly, after sorting out the relevant regulatory system since the official issuance of special bonds and conducting data combing and detailed analysis of the market development, it is found that the share of special bonds in local bonds is increasing year by year, and the importance is also increasing. Secondly, in the process of development and supervision of special bonds, the issue of a single subject, information disclosure mechanism is not perfect, weak risk awareness and other problems are discussed. Thirdly, this article selected two foreign countries with long development history and rich experience, the United States and Japan, and introduced their local bond supervision systems, which is conducive to the special bond supervision in our country. Finally, this paper puts forward some suggestions to improve the legal supervision of special bond, and mainly expounds the legislative system of special bond and regulatory measures.