郑联盛,白云凯,王波.特别国债:中国实践、抗疫应用与制度优化[J].西部论坛,2020,30(6):101-112
特别国债:中国实践、抗疫应用与制度优化
Special Treasury Bond: China’s Practice and Its Response to COVID-19 and Institutional Optimization
  
DOI:
中文关键词:  特别国债  财政资金缺口  新冠肺炎疫情  市场流动性  国债收益率  公开招标发行
英文关键词:special treasury bond  financial capital deficiency  Covid-19 epidemic  market liquidity  national bond return rate  public bidding issuance
基金项目:
作者单位
郑联盛,白云凯,王波 1. 中国社会科学院 a.金融研究所
b.研究生院
北京 1000282. 潍坊学院 经济管理学院山东 潍坊 261061 
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中文摘要:
      特别国债是针对特殊事项而专门发行的国债产品,与一般国债相比,其审批和发行更为便捷,资金募集更为迅速,预算管理更具弹性,资金投向也更为明确,有利于快速弥补财政资金缺口,有效应对突发危机或处理特殊事项,但也存在冲击市场流动性、增加国家债务偿付风险以及破坏债券定价机制等潜在风险。改革开放以来,中国发行的前三次特别国债主要是为国有金融机构注资,发行方式从单期发行向多期发行、从定向发行向定向发行与公开发行相结合演进。抗疫特别国债是为应对重大公共卫生危机全额公开发行的特别国债,其政策框架整体审慎,资金投向明确,有利于更有效地防控疫情和快速恢复经济;同时,在较短时间内完成1万亿元特别国债的全额公开发行,也对金融市场流动性造成了一定的冲击,国债收益率短期内较大幅度上升。特别国债政策的应用,应注意财政政策与货币政策的协调和配合,稳定短期流动性,引导中长期利率,匹配总量性与结构性,统筹常规政策的有效性边界与非常规政策的应急性适用,以维护金融市场的稳定和健康发展;同时,特别国债资金的投放应体现时效性、针对性和结构性,要加大风险管控力度,完善资金投放监督管理机制,提高资金使用效率,以充分发挥特别国债资金的乘数效应。
英文摘要:
      Due to its particularities in application, the approval and issuance of special treasury bond are more convenient and fast, are more rapid in money collection, are more elastic in budget management, and more clear in money investment direction, which are conducive to rapidly make up for the deficiency of financial capital, and to effectively deal with emergency crisis and special affairs, however, the issuance of special treasury bonds may have the potential risks such as pushing up the level of government debt to a certain extent, and adversely affecting market liquidity and increasing national bonds compensation risk and breaking bonds pricing mechanism and so on. Since the reform and opening up, the first three special national bonds of China aim to invest in state-owned financial agencies and their issuance evolves from single-term to multi-term and from directional issuance to the combination of directional issuance and public issuance. The special national bond for the response to COVID-19 is the bond for dealing with big public crisis, its policy framework is prudent as a whole, funds investment direction is clear, which is more helpful to more effectively deal with the epidemic and to rapidly recover the economy. Meanwhile, the accomplishment of the issuance of one trillion RMB yuan in short term may have a shock to financial market to some extent, the national bond return rate rises rapidly in short term. The application of special national bond policy should pay attention to the coordination of financial policy and monetary policy, stabilize short-term liquidity, guide middle-term and long-term interest rate, match the quantity with structure, overall rationalize the effective boundary of general policies and emergency adaptability of non-general policies to maintain the stability and healthy development of financial market, meanwhile, the investment of the money of the special national bond should embody real time, direction and structure, enlarge risk control power, perfect the supervising mechanism for the funds investment, and raise the using efficiency of the funds so as to bring the multiplier effect of the special national bond into fully play.
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