Optimization Of Lifecycle Management System Of Local Government Special Bonds

As the only legal channel for local government debt financing,local government bonds play an important role in the process of local governments exerting fiscal funds to effectively promote local investment and expand domestic demand.Local government special bonds,as an important part of local government bonds,are an important means of local government debt financing.Since the official issuance of special bonds in 2015,the scale has grown rapidly,and under the impact of the epidemic,its importance as an active fiscal tool to promote investment,make up for shortcomings and stabilize growth has increased,and its role in supporting the macroeconomy has been further highlighted.At the same time,in order to standardize the management of special bonds,China has issued a number of policy documents to strengthen the management of local government debt,from special bond project declaration,performance,budget management and other aspects.However,China’s special bond management is still in the development.In recent years,with the increase in the scale of local government debt,the pace of special bond issuance has advanced,so some special bond projects have problems such as idle funds,adjustment of capital use,and slow project construction due to insufficient preliminary preparation and low project quality,which affects the role of special bonds in promoting financial investment.Local governments need to further improve the local government financing mechanism and the whole life cycle management of special bonds "borrowing,using,managing and repaying",in order to prevent local government debt risks,guide local governments to make good use of special bond funds,and promote investment and infrastructure construction.In order to make a further discussion on the management of local government special bonds,this paper selects the livable pension city project in P county,Sichuan Province for case analysis.The article analyzes the management of special bonds in the borrowing,use,management and repayment stages according to the management of special bonds in Sichuan Province,and calculates the cash flow in the stage of principal and interest repayment of the project based on the current operation of the project,and predicts its situation in the special bond repayment stage.Combined with the analysis of fiscal decentralization and public risk theory,this paper argues that the preliminary planning and preparation of the livable pension city project in P County is sufficient,the scheme design is reasonable,the overall cash flow of the project is more sufficient,and the principal and interest of special bonds can be better covered.However,the project is put into operation late,the cash flow in the early stage of operation is small,and the amount of principal repayment in the later stage of operation is large,which may have a negative impact on the repayment of the principal and interest of the bond in the year,so it faces certain debt repayment pressure.Based on this situation,this paper argues that in the management of special bonds,government departments and relevant units should do a good job in project reserves,strengthen early planning,introduce professional talents,improve the scientificity and rationality of early project demonstration.At the same time,local governments should pay attention to the progress of project construction in performance management,set up flexible repayment methods for projects with higher returns,smooth the debt repayment pressure during the duration of the bond,and reduce the pressure of interest payment.It is hoped that the research can provide other perspectives for improving the whole life cycle management of special bonds.