文章归纳了美国市政债券运行管理的主要经验,对比分析中国和美国地方一般债券和专项债券的各自特点与彼此差异。研究认为,应立足我国国情,从建立健全法律约束、完善信息披露制度、打破传统限额管理、实行发行主体和偿债主体统一、引入债券保险和项目破产机制、推行利率差异化市场机制、丰富发行品种和期限结构等方面,为我国专项债券制度的构建和完善提供政策建议。
This essay summarizes the main experience of operation and management of municipal bonds in the United States, and analyzes the differences between subnational governments’ general bonds and special bonds and their characteristics in China and the United States. Based on the actual conditions in China and the market-oriented reform direction, this essay puts forward a series of suggestions for the construction and improvements of special bonds management in China: establishing and perfecting laws and regulations, improving information disclosure system; removing traditional debt ceiling management; aligning the entities of bond insurance with the entities of repayment; introducing bond insurance and project bankrupt mechanism; implementing differentiated market mechanism for interest rates; enriching bond insurance variety and maturity structure.
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