| 从分业到融合：地方债务风险治理范式的转型及实现路径 |
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| 引用本文：曹振1,2.从分业到融合：地方债务风险治理范式的转型及实现路径[J].财经理论与实践,2025,(3):85-92 |
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| 中文摘要:中国形成了财政与金融分业监管的地方债务治理格局，但财政监管因其严苛性限制了地方举债诉求，金融监管措施与货币政策又因其非规范性存在短期调控缺陷，二者共同导致了地方债务风险。为此，基于地方债务风险生成的财政金融逻辑，认为分业监管并非治理地方债务风险的长效机制，而应当采取地方债务风险融合治理范式，以回应地方债务多重监管权配置、举债权利与行为能力赋予、市场化法治化治理等诉求。因此，应当明确“党委+人大+政府”的监管权配置机制，强化财政、金融与货币政策的功能协同性，通过完善金融集权的地方债务市场控制机制与构建配套的“地方官员+地方法人”的法律责任体系，系统提升地方债务风险的治理效能。 |
| 中文关键词:地方债务 财政金融融合 治理范式 货币金融政策 |
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| From Separation to Integration: Transformation of Local Debt Risk Governance Paradigm and the Path to Realization |
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| Abstract:China has formed a pattern of local debt governance based on the separation of fiscal and financial regulation, but the strictness of the fiscal regulation restricts the local borrowing demand, while the financial regulatory measures and monetary policy have short-term control deficiencies due to non-standardization, which together lead to the local debt risk. Based on the fiscal and financial logic of local debt risk generation, sectoral supervision is not a long-term mechanism to manage local debt risk, but should adopt the integration of local debt risk management paradigm, in order to respond to the allocation of multiple regulatory powers of local debt, the right to raise debt and the ability to give the right to act, and the marketization of the rule of law governance and other demands. To this end, it should clarify the “Party Committee + National People’s Congress + Government” regulatory power allocation mechanism, strengthen the functional synergies of fiscal, financial and monetary policies, and improve the financial centralized local debt market control mechanism and the construction of supporting “local officials + local legal person” legal responsibility system, and systematically improve the local debt risk management system. |
| keywords:local debt fiscal and financial integration governance paradigm monetary and financial policies |
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