1万亿元的地方政府专项债券发行已在路上。
8月14日，财政部在官网公布的《关于做好地方政府专项债券发行工作的意见》（下称“意见”）要求加快专项债券发行进度，今年地方政府债券发行进度不受季度均衡要求限制，各地至9月底累计完成新增专项债券发行比例原则上不得低于80%，剩余的发行额度应当主要放在10月份发行。
今年国务院安排地方政府专项债券额度是13500亿元，比上一年增加了5500亿元。今年上半年，全国只发行了3673亿元专项债，还有接近1万亿将在下半年发行。为了稳投资，财政部催促地方政府在今年10月底前应完成1.35万亿元地方政府专项债券发行，筹集资金用于重点领域和在建项目的建设。
多位专家在接受中国房地产报记者采访时均认为，专项债发行提速释放了宏观调控政策从去杠杆下的偏紧转向货币、财政政策全面适度宽松的信号。虽然之前有各种防止资金流入房地产行业的要求，但由于实体经济萎靡，融资和吸收资金能力有限，所以资金流向一般来说会是基建和房地产两个行业。
“财爸赶工” 万亿发债潮涌
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财政部副部长刘伟在近期的国务院政策例行吹风会上表示，财政政策和货币政策会协同联动配合，比如地方政府债券的发行，需要市场整个资金面的配合。
7月23日的国务院常务会议要求财政政策更加积极，其中之一正是加强相关方面衔接，加快今年1.35万亿元地方政府专项债券发行和使用进度，在推动在建基础设施项目上早见成效。
7月31日，中共中央政治局会议又提出要求下半年稳投资，尤其是加大基础设施投资领域补短板力度。
苏宁金融研究院研究员陶金认为，固定资产投资，尤其是政府、国有部门投资增速的下滑，中央政府对基建投资的更高预期，以及上半年地方政府债券较小的发行量，是此次专项债券发行提速的主要原因。今年上半年，固定资产投资一路下滑，1~7月份全社会固定资产投资增速降至5.5%。
下半年国有部门投资和基建投资有着一定的增速要求，而地方政府专项债券日益成为国有部门固定资产投资的重要资金来源，这对今年债券发行提出了一定的规模需求。
由于近1万亿元专项债券需要在10月份之前集中发行，因此上述意见称，今年地方政府债券发行进度不受季度均衡要求限制。
联讯证券董事总经理、首席宏观研究员李奇霖认为，今年上半年专项债券发行规模较小，基础设施投资增速下滑较快。下半年需要财政政策更加积极，财政部加快专项债券发行，希望在稳增长方面发挥积极作用。
据了解，专项地方债主要包括棚改债、土地债、轨道交通债、高速公路债等。根据有关法律和制度，我国地方政府举债采取政府债券方式，包括一般债券和专项债券。其中，没有收益的公益性事业发展确需政府举借一般债务的，由地方政府发行一般债券融资，主要以一般公共预算收入偿还；有一定收益的公益性事业发展确需政府举借专项债务的，由地方政府通过发行专项债券融资，以对应的政府性基金或专项收入偿还。
事实上，7月份以来地方政府专项债券发行明显提速，河北、黑龙江、上海等19个地区发行近2000亿元专项债券，较上半年月均612亿元的发行规模大幅上升。8月份以来，已有河南、天津、云南、山东、吉林、厦门等15个地区先后发债。
中国企业资本联盟副理事长柏文喜认为，专项债发行提速，对于缓解地方政府债务压力确实有一定的帮助，但如果操作不好，借机大量开工新项目，无节制地扩大建设规模，同样会加剧地方政府的负债风险。基建投资必然会导致部分资金经过各种渠道进入楼市，间接改善房地产的资金面。
棚改直接受益
记者采访了解到，眼下各地专项债券发行已经开始提速。
8月3日河南省财政厅披露，拟发行133.2187亿元土地储备专项债券及124.6067亿元棚户区改造专项债券，债券信用评级均为AAA。
8月15日，广东省财政厅发布公告招标发行432.9亿元人民币的棚改专项地方债、土地储备专项债，含341.9亿元的粤港澳大湾区土地储备专项债，期限均为五年。
随后，厦门、湖南、河南、河北等地也披露了即将发行的专项债计划。
专项债的加快发行，能让基建项目快速落地。“加快专项债券资金拨付，防范资金长期滞留国库，尽早发挥专项债券使用效益。”财政部的意见解释说。
2018年4月3日，财政部下发《试点发行地方政府棚户区改造专项债券管理办法》，对规范棚户区改造融资行为，遏制地方政府隐性债务增量，推进试点发行地方政府棚户区改造专项债券工作，探索建立棚户区改造专项债券与项目资产、收益相对应的制度具有深远意义。
6月20日，天津市棚户区改造专项债券在上交所成功发行，发行总额为15 亿元，期限为5年。此次公开发行的2018 年天津市红桥区棚户区改造专项债券标志着全国首单棚改专项债正式落地。
6月21日，安徽省财政厅下达阜阳市本级101.9亿元棚改专项债额度。
对于棚改专项债问世，国家发改委的表述是“加快补齐棚改短板”。
按照刘伟的介绍，今年新增地方政府专项债券1.35万亿元，比2017年增加了5500亿元，主要支持京津冀协同发展、长江经济带等重大战略以及精准扶贫、生态环保、棚户区改造等重点领域，优先用于在建项目平稳建设。
记者查阅地方政府官网获悉，当前，新疆、安徽、天津等地分别出台了棚改专项债相关文件，全力支持“棚改发债融资”。
棚改专项债已经成为棚改政策调整期的融资新途径。
陶金指出，专项债资金流入房地产市场的重要渠道为棚改项目，因为专项债中存在相当部分用于棚改，从需求端来看，若货币化安置继续进行，将对相关区域，尤其是三四线城市的房地产市场需求产生刺激。2018年全国棚改货币化总投资额预计为2万亿元，由此来看此次专项债发行中，将会有相当规模棚改专项债券。
鹏元资信评估有限公司研究发展部相关人士指出，棚改货币化安置对于三四线城市房地产市场去库存功不可没，但爆发式增长的货币化安置方式带来的诸多问题开始逐渐显现。棚改政策风向的转变和预期棚改资金的收紧对宏观经济的影响并非悲观。由于棚改专项债券自求平衡的属性，本息偿还由项目本身提供，在发行与存续的过程中，募投棚改项目的进展与运行情况将受到资本市场各方的密切关注，有助于促进棚改项目的高质量完成，提高资金使用效率。
“在此次专项债的提速中，棚改专项债的发行应该不受限制，会有借势提速之势。但土储专项债因涉及地方政府土地财政的问题以及续建项目的资金来源、政府债务偿付压力，所以应该还会稳步推进，只是在节奏和操作环节会有更多的具体措施，以配合国家控制房地产行业不能快速上涨的大势。”柏文喜说。
自2017年6月开始发行土储专项债以来，共有14个省份累计发行土储专项债约1553亿元，约占2018年专项债发行整体限额的12%，规模依然有提升空间。同样，棚改专项债受到试点管控的影响，发行规模较小，根据下半年的专项债发行提速计划安排，棚改专项债券发行很可能进一步增加。
“如果不能直接进入房地产行业，总会绕道或者借助其他主体进入房地产业。所以专项债的安排需要注重轻重缓急，发挥四两拨千斤的作用，严防扩大基建投资引发楼市新一轮的反弹。”业内人士指出。
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