| Contracting a loan is the major way for local governments to raise funds to cover expenditures.With appropriate debt scale and proper use of debt funds,local governments could optimize resource allocation,improve the financial ecological environment,promote local economic development,and smooth out economic cycle fluctuation.However,debt risks,which would not only undermine the sustainability of finance,financial security,macro economy and even social stability,also accumulate during this process and are growing into a potential threat to the healthy development of China's economy and society.Resolving local government debt risks is not only a market issue,but also a social issue.The legal system controls or mitigates risks through the formation of order.In this sense,the resolution of local government debt risks is also a legal issue.Emergency responds on local government debt risks will play a great part in resolving the local government debt risks.With the further intensified contradiction between local government revenue and expenditure,the key to defuse local government debt risks in China is to see whether local governments have the ability to manage local government debt risks,especially whether local governments deal with local government debt risk emergencies effectively.It is inseparable from the strong and orderly legal guarantee.Therefore,it is necessary to carry out a long-term and panoramic law design around the emergency responds on local government debt risk,and adhere to the rule of law in thinking,concept and approach for emergency responds on local government debt risks.Taking China's legal system of emergency responds on local government debt risks as the research object,this paper follows the idea of "what--why--What is the current situation in China--how to learn from overseas experience and lessons--how to solve existing problems in China".The main research contents of this paper are as follows:The first chapter is the introduction.This paper introduces the research background,research significance,research status at home and abroad,the content and methods of this study,as well as the innovation and shortcomings of this study,providing a foundation for the research of this paper.The second chapter is the general interpretation of the legal system of emergency responds on local government debt risks,answering the question of what the research object is and how to get it.Firstly,it defines the basic concept of the legal system of emergency responds on local government debt risks in China.Secondly,through the analysis of the connotation of the legal system of emergency responds on local government debt risks and the comparison of relevant concepts,the definition and the five main characteristics of legal system of emergence responds of local government debt risks in China will be clarified and summarized.Thirdly,sort out the historical evolution of the legal system of emergency responds on local government debt risks in China.The historical evolution of the legal system of emergency responds on local government debt risks in China is divided into the budding stage,the formation stage and the completion stage.By analyzing the main performances of the legal system of emergency responds on local government debt risks in China at each stage,we fully understand the development and limitations of the legal system of emergency responds on local government debt risks in China.Fourthly,by summarizing the main legal provisions of the legal system of emergency responds on local government debt risks in China and constructing the main framework of the legal system of emergency responds on local government debt risks,the main content of the legal system of emergency responds on local government debt risks in China is outlined.Finally,the legal system of emergency responds on local government debt risks in China has important functions of preventing systemic risks caused by local government debt risks,realizing the balance of interests in emergency management of local government debt risks,facilitating the construction of the rule of law in intergovernmental fiscal relations and promoting the modernization of national governance system and governance capacity.The third chapter is the theoretical basis of the legal system of emergency responds on local government debt risks in China.It tries to demonstrate why it is necessary to establish the legal system of emergency responds on local government debt risks in China and solve it.From the perspective of many disciplines,this paper explores the theoretical basis of the legal system of emergency responds on local government debt risks from the perspectives of risk management theory,the principle of financial stability and security,power restriction theory,government rule of law theory and national governance theory.First of all,emergency responds on local government debt risks is an integral part of local government debt risks management,risk management theory is the foundation of the management theory of the legal system of emergency responds on local government debt risks.Secondly,local government debt is one way of getting public property.The legal system of emergency responds on local government debt risks has great significance of budget security,financial security,economic security and national security.The principle of financial stability and security provides a solid theoretical basis of financial law for the legal system of emergency responds on local government debt risks.Thirdly,Emergency responds on local government debt risks is a process in which emergency response organs of local government debt risks exercise state power,the power restriction theory provides the foundation of political theory for emergency responds on local government debt risks in China.Fourthly,emergency responds on local government debt risks is essentially an administrative act of local governments.The theory of government legalization is the legal theoretical basis of the legal system of emergency responds on local government debt risks in China.Finally,one of the characteristics of the legal system of emergency responds on local government debt risks is taking the national emergency responds mechanism as a path and the theory of national governance also constitutes one of the theoretical foundations of the legal system of emergency responds on local government debt risks in China.The fourth chapter is about the current situation and deficiency of the legal system of emergency responds on local government debt risks and answer how the current situation in China is.Through the analysis of the current situation of legal system of emergency responds on local government debt risks in China and the practical investigation of emergency responds on local government debt risk,it is found that the legal system of emergency responds on local government debt risks in China mainly has the following deficiencies: First of all,the legal system of emergency responds on local government debt risks lacks effective binding force due to the low level of legislation,unclear core concepts,empty value goals and the lack of legal norms.Secondly,the unclear power orientation,unreasonable organizational form and unclear power and responsibility allocation of the local government debt risk emergency response organs lead to the unscientific functional allocation of the local government debt risk emergency response bodies in China.Thirdly,the absence of principles for the implementation of emergency responds on local government debt risks and the absence of important contents and due procedures in the legal system of emergency responds on local government debt risks lead to the fragmentation of the implementation system of emergency responds on local government debt risks in China.Fourthly,due to the limited subject,insufficient strength and ineffective feedback of the local government debt risk emergency responds power supervision result in insufficient supervision of the local government debt risk emergency responds power.Finally,the legal liability for the emergency responds on local government debt risk is imperfect,the type of responsibility is single,the form of responsibility is incomplete,the distribution of responsibility is difficult,the principle of imprecation is unreasonable and the procedure of liability investigation is vague,which leads to the incompleteness of the legal liability for the emergency responds on local government debt risk in China.The fifth chapter is the legal system of emergency responds on local government debt risks in the United States,Japan and Brazil and their enlightenment,aiming at drawing lessons from experience outside the region.First of all,by summarizing the main legal provisions of the emergency responds on local government debt risk in the United States,this paper takes the default of WPPSS as an example to analyze the default risk emergency responds mechanism of municipal income bonds in the United States,and takes the bankruptcy of Detroit as an example to analyze the bankruptcy mechanism of local government in the United States,and investigates the legal system of the emergency responds on local government debt risk in the United States.Secondly,by analyzing the main legal provisions of Japan's local government debt risk emergency responds and taking Yubari City's financial reconstruction as an example,this paper analyzes the financial reconstruction mechanism of Japan's local government and investigates the legal system of Japan's local government debt risk emergency responds.Thirdly,by summarizing the main legal provisions of emergency management of local government debt risk in Brazil and analyzing the three main measures of local government debt restructuring in Brazil,this paper investigates the legal system of emergency responds on local government debt risk in Brazil.Finally,points out that the legalization degree of the local government is improved,the advantage of system is turned fully into the governance efficiency,the responsibility of local government debt risk emergency responds with is clear,but the introduction of the bankruptcy system of local government is not suitable in our country.This is our country's enlightenment from the legal systems of the United States,Japan and Brazil's local government debt risk emergency responds.The sixth chapter is the reflection of perfecting the legal system of emergency responds on local government debt risks and answers how to solve the existing problems in China.In view of the deficiencies of the legal system of emergency responds on local government debt risks,suggestions for perfection are as follows.First of all,improve the binding force of local government debt risk emergency responds legislation in China by enhancing the legislative level of local government debt risk emergency responds,clarifying the core concept of legislation,establishing legislative value goals and improving the legal norms system.Secondly,the function allocation of the local government debt risk emergency responds bodies in China should be optimized by clarifying the power orientation,improving the organizational form,and clarifying the allocation of rights and responsibilities of the local government debt risk emergency responds organs.Thirdly,by clarifying the implementation principles of emergency responds on local government debt risks,improving the implementation contents and procedures,the integrity of the implementation system of emergency responds on local government debt risks in China is realized.Fourthly,the adequacy of the power supervision of the emergency responds on local government debt risks in China can be improved by diversifying the supervising subjects of the power of the emergency responds on local government debt risks,strengthening the power supervision and paying attention to the feedback of the power supervision effect.Finally,the legal liability system for emergency responds on local government debt risks in China should be improved by clarifying the subject of responsibility,broadening the types of responsibility,perfecting the forms of responsibility,determining the distribution of responsibility,revising the principle of imputation,and improving the accountability procedures.The seventh chapter is the concluding part.This paper summarizes the six main conclusions,and demonstrates that it is a long-term and challenging task to improve the legal system of emergency responds on local government debt risks in China. |
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