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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。
In the framework of providing local intergenerational public goods with debt financing, this paper demonstrates that the size of debt financing will be restrained by the land market when the revenue of local governments depends mainly on the rent of urban land. The different ways in which local governments learn the rent of land form different self-regulatory mechanisms for debt financing. Compared with the current local government financing platform that uses land transfer income as the main source of debt-service financing, the debt financing model that uses land-based land tax or land annual rent as the source of legal debt service can effectively reduce the moral hazard of local government borrowing , Control the over-expansion of debt scale, stabilize the local land market, and at the same time improve the allocation of local public goods space and realize the fair and inter-generational sharing of debt costs. Tax base constraints on the sources of debt servicing have important policy implications. The acquisition of autonomous claims by local governments must be premised on the reconstruction of the local land tax system.