来源:网络整理    作者:留学生活网    发布时间:2019-05-06 16:14    阅读: 次    文章分类:范文参考


  For many emerging market countries,including China,the exploration of municipal bond issuance can pave the way for the sunshine and marketization of local government financing.In foreign countries,especially in highly developed capital markets of the United States,has been running for a number of municipal bond issuance and management,therefore,how to draw lessons from international experience,establish management specification,run efficient mechanism of debt financing of local government and local government investment and financing system,and establish the corresponding risk prevention and control system,is worth our discussion.
  Municipal bonds,also known as local government bonds,are issued by local governments or their authorized agencies.The funds raised are mainly used for urban or local infrastructure construction,and sometimes to make up for the seasonal or temporary imbalance between municipal expenses and tax revenues.Allowing local governments to issue bonds is a common practice in countries with separate tax and fiscal systems.
  When local governments'tax revenue cannot meet their fiscal expenditure needs,they can issue bonds to finance infrastructure construction and public goods,such as the UK,the us,Germany and Japan.Local government bonds play an important role in their fiscal revenue and bond market system.At present,the development of local bond market has also become the policy focus of newly industrialized countries,emerging market countries in transition and some other developing countries.
  Since the mid-1990s,there has been a clear trend in the global market to supplement the bank-dominated financial system with the accelerated development of financial markets,and the proportion of local or municipal bond markets in the global market generally shows a rapid development momentum.
  In developing countries,urbanization,decentralization of central and local governments,and reduction of fiscal deficits are three important components that affect the basic trend of economic development.The investment and financing and credit system of local governments are closely related to the above basic trend,and thus become the most basic factors in the development strategy.
  While investment demand growth,investment and financing responsibility should be more from the central government to local governments,local governments must improve the efficiency of resource utilization,strengthen the budget management of local government,to guide the private sector investment in public services and infrastructure investment,and the use of local government bond markets,and promote the development of local government bond market is very important.
  The United States is the country with the earliest and largest development of municipal bonds,and municipal bonds account for about 20%of government debt.Its market-oriented development model and regulatory system have been relatively perfect.
  From the perspective of risk monitoring framework system to establish,in order to prevent and control the debt risk of local government,the United States gradually formed on the basis of laws and regulations,with the core of information disclosure and scale control,credit rating and dissolve the risk early warning,crisis as the means of risk monitoring framework system,at the government level provides effective municipal bonds to prevent systemic risk source sex.
  The scale control indicators of the above systems mainly include debt ratio,debt bearing ratio and asset-liability ratio,etc.In terms of credit rating,rating agencies mainly consider the following factors:the issuer's overall debt agency;The ability of the issuer to maintain a prudent budget policy;The fiscal revenue position of the issuer,including the relevant tax situation and the dependence of local budgets on specific revenue;The overall socio-economic development of the place where the issuer is located;Local government risk early warning indicator system and financial monitoring plan to timely judge whether the local government is in a financial emergency;The crisis resolution mechanism includes the federal government's emergency financial assistance program,in which the ministry of finance helps local governments facing debt repayment crisis pay off debts to resolve the crisis.At the same time,when the local government enters the financial emergency,it can increase the government revenue by raising taxes and fees and guarantee the debt payment to solve the crisis.
  It is worth mentioning that the United States did not establish a sound municipal bond risk management system at the beginning,but gradually established and improved in the long-term development and practice process.
  From the emergence of municipal bonds in the United States in the 19th century to 1975,the municipal bond market was basically in a blank stage.The securities act of 1933 exempted the government as the main body of municipal bonds from complying with the relevant regulations on the issuance of corporate bonds by enterprises,and the issuance and transaction of municipal bonds were only subject to the anti-fraud provisions.In 1975,the municipal bond default in New York state promoted the establishment of the regulatory system.Congress created the municipal securities rule making committee to manage the underwriting and trading of municipal bonds,and brought the brokers and dealers in the municipal bond market under the supervision of the securities exchange act of 1934.As an industry self-regulatory body,MSRB specializes in drafting regulatory proposals,which have been reviewed by the SEC and become law.
  After 1989,the supervision of municipal bonds in the United States was more focused on information disclosure.The SEC issued relevant regulations,requiring continuous disclosure of financial status and issuer information.The market self-regulatory organization--securities dealers association was responsible for the supervision and regulation of municipal bond dealers and proprietary trading departments.In 2007,NASD merged with the New York stock exchange regulatory commission to create finra with specific functions.The crisis in 2008 forced the federal government to legislate to strengthen the regulation of municipal bonds in the 2010 dodd-frank act.Self-regulatory groups have also laid down rules for disclosure,including the American association of municipal bond analysts and the American association of government finance officials.
  The above multi-level market supervision system,which is composed of government administration departments and industry self-regulatory organizations,is worth learning from.As far as China is concerned,the more urgent problem is to improve the risk management system of municipal bonds.
  Domestic currently focus on the debt risk of local government financing platform,and the credit risk and financial risk guarantee,should draw experiences and lessons from the foreign debt risk management and crisis management,establish a multi-level index system of the government debt risk early warning and crisis resolution mechanism,transformation of local government debt risk to the financial risk and financial risk of the transmission chain and even the trigger condition of the debt crisis in-depth discussion and attention.We will control the hidden and overall debt of local governments and reduce the risk of default on local government bonds.Should determine the government debt risk threshold is a complicated system engineering,should be based on such as economic structure,economic growth and benefit index,residents'income distribution and consumption level,the market system development degree,the degree of financial deepening,the Treasury bond market development situation,the financial revenue and expenditure situation,the government management efficiency,the cost of debt structure and benefit situation,fiscal and monetary policy objectives into account.
  In local government bonds on the threshold of development,must improve the local government debt risk management mechanism,Suggestions from municipal bonds issue pricing,trading,repay and supervision each link strict rules,including for the control and issuance of creditor's rights,market access restrictions,the credit rating system,the construction of information disclosure system,management and evaluation of investment projects,the establishment of the market liquidity to reduce investment risk,regulatory coordination as well as the improvement of the legal framework.
  With the development of municipal bond market and the continuous innovation of financing tools,it is certain to promote the establishment of a multi-level capital market system,give full play to the multiplier effect of investment,and reduce local fiscal and financial risks through the improvement of the debt paying ability of debt issuing subjects and the improvement of relevant legal supervision system.
  It should be said that the coordinated development of multi-level government bond markets will be meet the requirements of fiscal financing,the lower bank system risk concentration at the same time,dispersion and absorb the impact of the financial crisis,as fiscal policy and monetary policy coordination has provided a broad platform,to improve fiscal transparency and elasticity of the financial system,maintaining financial stability has a far-reaching influence.


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