Research ArticleOpen AccessGoogle Scholar indexed
Problems and Thoughts of Issuing Municipal Bond to Fiscal Revenue
Department of Accounting, Business School, Hohai University, Nanjing, China
Department of Accounting, Business School, Hohai University, Nanjing, China
Department of Accounting, Business School, Hohai University, Nanjing, China
- 1 Department of Accounting, Business School, Hohai University, Nanjing, China
- 2 Department of Accounting, Business School, Hohai University, Nanjing, China
- 3 Department of Accounting, Business School, Hohai University, Nanjing, China
Copy link · social · email
Abstract
Since the declaration of new Budget Law makes issuing municipal bond possible, many local governments deem it as an important way to get fiscal revenue. There is no doubt that issuing municipal bond along with tax revenue, nontax revenue and transfer revenue has become a significant source of fiscal revenue. However, it also brings local government heavy financial burden, backward areas especially. Few new bonds were used to carry out regional construction. And the rest of them usually were issued for the paybacks of former loans. This paper is aimed to analyze the influence of issuing Municipal bond to fiscal revenue and the problems and get the conclusions.
KeywordsMunicipal BondFiscal RevenueInsolvency RiskCredit Risk
- Cheng, F., & Wang, H. C. (2013). Research on Local Government Debt under the Framework of Fiscal Decentralization. Journal of Socialist Theory Guide, 3, 83-85.
- Dou, L. J. (2016). The Predicament and the Way out of the Local Government Bond Financing in China under the View of the Rule of Law. Economic Law Review, 1, 77-102.
- Gu, Q. M., & Qiu, Y. (2014). Research on Credit Risk Measurement of Local Government Bonds in China. Collected Essays on Finance and Economics, 7, 25-30.
- Jiang, C. Q. (2010). A Historical Investigation of the Issuance of Local Bonds in China Three Times—From the Perspective of Changes in Fiscal System. Financial Theory & Practice, 4, 20-33.
- Li, H. X. (2017). Local Government Debt Risk and Prevention under the New Situation. Sub National Fiscal Research, 6, 82-88.
- Song, L. (2005). International Comparison and Enlightenment of Local Public Institutional Bond Financing System—Taking American Municipal Bonds and Japanese Local Bonds as Examples. Comparative Economic and Social Systems, 3, 76-83.
- Xie, Q. (2013). Future Local Bond Issuance Model Proposal in China. Review of Economic Research, 42, 15-16.
- Yue, B. (2016). Suggestions on the Improvement of China’s Local Government Bond System. Financial Theory & Practice, 4, 60-62.
- Zhang, L. L. (2013). The Enlightenment of American and Japanese Local Debt Issuing Experiences to China. South China Finance, 5, 43-52.
- Zhang, Y. R. (2016). Legal Thinking on Local Bonds Resolving Local Government Debt Structure Risk. Jianghuai Tribune, 1, 98-104.