作　者：李永友
关键词：专项债；极限规模；稳妥规模
摘　要：

专项债是我国在财政调控中极具中国特色的创新实践，对我国经济的高质量 发展，尤其是近年来的经济稳增长发挥了积极作用。为充分发挥专项债作用，无论是其限额、所投资项目，还是其用途都在不断扩大范围。在此情形下，统筹好发展与安全、防范专项债扩围的潜在风险尤为重要。专项债扩围潜存着两类风险，一是规模过快增长的支付风险， 二是削弱市场的资源配置决定性作用风险。为有效防范专项债扩围风险，我国应在现有管理制度基础上尽快建立专项债使用规则，硬化专项债规则约束，建立专项债全过程信息披露和风险闭环追责机制。

 

Risk Management and Scale Control Of Special-purpose Local Government Bonds

Li Yongyou（Wuhan University）

Abstract As an innovative fiscal regulation practice with distinctive Chinese characteristics, special- purpose bonds have contributed significantly to China's high-quality development, especially in stabilizing economic growth in recent years. To fully leverage the role of special bonds, both their limits, investment projects and usage are constantly expanding. Given this situation, it is particularly important to coordinate development and security and remain vigilant against potential risks with expanding special bonds. Two types of risks may come with the expansion of special bonds; one is the payment risk of rapid scale growth, and  the other the risk of weakening the market’s decisive role in resource allocation. To effectively prevent the risk of special bonds expansion, China should promptly establish regulations governing the usage of special bonds based on the current management framework, tighten the constraints on special bond rules, and set up a comprehensive mechanism for full process information disclosure and risk closed-loop accountability of special bonds.

Key words special-purpose bonds; extreme scale; prudent scale

 

■作者简介 李永友，经济学博士，武汉大学经济与管理学院教授、博士生导师；湖北 武汉 430072。

 

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