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AbstractSinceChinabegantoimplementthebudgetapprovedbythecentralgovernment,localgovernmentshavebeenresponsibleforthecompletionofthesystemofover-expenditure,over-expenditure,surplusretention,andbalancingbetweenlocalgovernments.Withtheincreasingroleplayedbythemarket,thesystemhasgraduallyexposeditsdisadvantages,suchasthelowabilityoftaxregulation,thedecentralizationofnationalfinancialresourcesandthedecliningproportionofthecentralfiscalrevenue.Forregulatingtherelationshipbetweenthecentralandlocalfiscal,graduallyhascarriedonthesystemreforminourcountry,thetaxreform"powers"downgradually,thelocalgovernmenthasbecomethemainburdenoflocaldevelopmentandconstruction,andthetaxreform"financial"downgradually,makestherapidgrowthofthecentralfiscalrevenueratioismorethantheproportionoflocalfiscalrevenue.Duetothestrictrestrictionsoftheoldbudgetlawonthefinancingofbondsissuedbylocalgovernments,facedwiththehugegapbetweenfiscalrevenueandexpenditure,localgovernmentshavetofindanotherwayout,andsetupalocalfinancingplatform,namelyurbaninvestmentcompany,tofinanceandissuebondswiththehelpofurbaninvestmentcompany,thusformingurbaninvestmentbonds.Withtherapiddevelopmentunderthe"4trillionyuaneconomicstimulusplan"in2008andtherepaymentpeakin2018,therisklevelofurbaninvestmentbonds(ucib)hasbeencontinuouslyimproved.Despitethegovernment'scontroloverucib,theeffectisnotsatisfactory.Therefore,theissueofucibshouldbepaidattentionto.Thispaperhasintroducedtheconceptandattributesofurbaninvestment,generationandexpansion,currentsituationandproblems,andthenanalyzesdifferentproblems,putforwardimprovementmeasures,andinthelastpartofthearticleonthedevelopmenttrendofurbaninvestmentinChina.Keywords:Cityinvestmentbond；PPPmode；Strategy目录第1章引言.........................................................11.1研究背景及意义...............................................11.1.1研究背景...............................................11.1.2研究意义...............................................21.2国内外文献综述...............................................21.2.1国内文献综述...........................................21.2.2国外文献综述...........................................41.3研究思路与研究方法...........................................51.3.1研究思路...............................................51.3.2研究方法...............................................51.4创新与不足之处................
