CAJ | 학술논문

本文在债务融资提供地方代际公共产品的框架内,论证了当地方政府收入主要依赖于城市土地租金时,债务融资规模将受到土地市场的约束。地方政府汲取土地租金方式的不同会形成不同的债务融资自律机制。与现行以土地出让收入为主要偿债资金来源的地方政府融资平台模式相比,以存量土地税收或土地年租作为法定偿债资金来源的债务融资模式更能有效抑制地方政府举债行为的道德风险,控制债务规模的过度扩张,稳定地方土地市场,同时可改善地方公共品空间配置,实现债务成本的公平代际分担。偿债资金来源的税基约束具有重要的政策含义。地方政府自主举债权的获得必须以地方土地租税体系的重构为前提。
본문재채무융자제공지방대제공공산품적광가내,론증료당지방정부수입주요의뢰우성시토지조금시,채무융자규모장수도토지시장적약속。지방정부급취토지조금방식적불동회형성불동적채무융자자률궤제。여현행이토지출양수입위주요상채자금래원적지방정부융자평태모식상비,이존량토지세수혹토지년조작위법정상채자금래원적채무융자모식경능유효억제지방정부거채행위적도덕풍험,공제채무규모적과도확장,은정지방토지시장,동시가개선지방공공품공간배치,실현채무성본적공평대제분담。상채자금래원적세기약속구유중요적정책함의。지방정부자주거채권적획득필수이지방토지조세체계적중구위전제。
This paper argues that local debt issuance will be restrained by local land market when land rent is the critical revenue source for local government within the framework of Provision of IPGs with debt financing. However,the self-control mechanism of local debt financing depends on the method to grab land rents. Compared to the model of Local Government Financing Vehicles which repay the debt with future land transfer revenues,models of repaying the debt with land tax or annual rent are better choices which can refrain the moral hazard of debt issuance,stabilize local land market,optimize spatial allocation of public goods,and achieve just intergenerational cost sharing. It is of great policy importance to restrict the tax base to refund debts. The reform of local land-based revenue system is the prerequisite to authorize local governments to issue public debts autonomously.