地方政府专项债：问题与对策

Local Government Special Bonds: Problems and Countermeasures

摘要: 2014年《预算法》将地方政府发行债券合法化后，专项债规模迅速扩大，但实践中出现项目违规、收益不及预期、资金使用效率低下等问题，部分项目无法按期偿还本息，偿债风险增加。主要原因在于发行制度不合理、责任规则不清晰及地方政府软预算约束不足。为化解专项债困境，应从发行、管理和偿还三个环节着手：完善法律与审批机制、强化收益评估与信息披露、明确责任主体；建立全周期风险管理与责任追究机制，提升自我约束力；引入协商和解机制，实现风险出清而不损害政府信用。通过制度化设计和责任约束，可有效降低风险、保障投资者权益、维护公共利益，促进专项债在稳民生、促经济中的作用。

Abstract: Since the 2014 Budget Law legalized the issuance of bonds by local governments, the scale of special bonds has expanded rapidly. However, in practice, problems such as project irregularities, underperformance, and low capital use efficiency have emerged, with some projects failing to repay principal and interest on time, increasing repayment risks. The main causes lie in unreasonable issuance mechanisms, unclear responsibility rules, and insufficient soft budget constraints on local governments. To address these challenges, measures should be taken across three stages: issuance, management, and repayment. Specifically, legal and approval mechanisms should be improved, project performance evaluation and information disclosure strengthened, and responsibility of relevant parties clarified; a full-cycle risk management and accountability system should be established to enhance self-discipline; and a negotiated settlement mechanism should be introduced to clear risks without undermining government credit. Through institutional design and accountability, risks can be effectively reduced, investor rights protected, public interests safeguarded, and special bonds can better fulfill their role in stabilizing livelihoods and promoting economic development.