摘要自从我国财政开始实施预算经中央核定后，地方政府负责完成、超支不补、结余留用、地方自求平衡的“包干”体制以来，随着市场所发挥的作用不断增加，该体制逐渐暴露出税收调节能力低下、国家财力分散，中央财政收入比重不断下降等弊端。为了调节中央与地方的财政关系，我国逐渐进行了分税制改革，分税制改革使“事权”逐渐下移，地方政府成为了地方发展建设的主要负担者，而分税制改革使“财权”逐渐下移，使得中央财政收入比例快速增长并超过了地方财政收入比重。由于旧预算法对地方政府发行债券融资的严格限制，面对财政收入和支出的巨大缺口，地方政府不得不另寻出路，出资设立了地方融资平台即城投公司，借助城投公司进行融资，发行债券，从而形成了城投债。在 2008 年“4 万亿经济刺激计划”下的高速发展，再到 2018 年所面临的到期偿还高峰，城投债的风险等级不断提升，虽然政府对城投债进行了管控，但效果并不理想，因此，城投债问题需要引起重视。本文先后介绍了城投的概念，发展历程，目前现状和问题，然后针对不同的问题进行分析，提出了改进措施，并在文章最后一部分对我国城投债进行了总结与展望。关键词：城投债；PPP 模式；对策AbstractSince China began to implement the budget approved by the central government, local governments have been responsible for the completion of the system of over-expenditure, over-expenditure, surplus retention, and balancing between local governments.With the increasing role played by the market, the system has gradually exposed its disadvantages, such as the low ability of tax regulation, the decentralization of national financial resources and the declining proportion of the central fiscal revenue.For regulating the relationship between the central and local fiscal, gradually has carried on the system reform in our country, the tax reform "powers" down gradually, the local government has become the main burden of local development and construction, and the tax reform "financial" down gradually, makes the rapid growth of the central fiscal revenue ratio is more than the ...
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