市政债券是发达国家地方政府融资的主要途径 ,在地方经济发展中发挥着非常重要的作用。但市政债券在我国是禁止发行的。为缓解市政建设资金短缺的局面 ,我国一些省市以企业债券的形式发行市政债券 ,创造了“准市政债券”这一中国特有的债券融资方式。作者认为 ,从短期看 ,准市政债券在我国有较好地发展前景 ,但它只能是我国现行经济环境和制度框架下的一种过渡性金融产品 ;从长远看 ,我国应借鉴国际经验允许地方政府发行市政债券。 Municipal bonds are the main way for local government financing in developed countries and play a very important role in the development of local economy. However, municipal bonds are forbidden in our country. In order to alleviate the shortage of funds for municipal construction, some provinces and cities in our country issue municipal bonds in the form of corporate bonds, creating a “quasi-municipal bond” that is unique to China. The author believes that in the short run, quasi-municipal bonds have a good development prospect in our country, but it can only be a transitional financial product under the current economic environment and institutional framework in our country. In the long run, our country should learn from international experience Local government issues municipal bonds.