CAJ | 학술논문

伴随分税制改革，在财政扩张的驱使下，“土地财政”发展成为地方政府财政资金的重要来源。但是，“土地财政”内在的棘轮效应带来一系列发展问题，具有不可持续性，并倒逼地方政府减少对“土地财政”的依赖程度，寻求融资机制的创新。财政部试行的地方政府自行发债举措，为地方政府未来的融资方式创新提供了方向性导引，地方政府应该在自主债融资框架下积极探索新的融资机制，改善财政资金的结构比例。
반수분세제개혁，재재정확장적구사하，“토지재정”발전성위지방정부재정자금적중요래원。단시，“토지재정”내재적극륜효응대래일계렬발전문제，구유불가지속성，병도핍지방정부감소대“토지재정”적의뢰정도，심구융자궤제적창신。재정부시행적지방정부자행발채거조，위지방정부미래적융자방식창신제공료방향성도인，지방정부응해재자주채융자광가하적겁탐색신적융자궤제，개선재정자금적결구비례。
With the reform of tax system, "Land finance" had become an important fund source of local govern- ments driven by fiscal expansion. But, the internal ratchet effects of "Land finance" has brought a series of problems in the development, which are unsustainable, and force the local governments to reduce the dependence on "land fi- nance" through innovations of financing mechanisms. The trial of Ministry of Finance that the local governments can initiate treasury bonds on their own provides a directional guidance for the future financing innovation of local govern- ments. Local governments should positively explore new financing mechanisms in the framework of self-debt finan- cing, to improve the mix of financial resources.