我國中央政府債務基金績效之研究

Abstract

本研究之目的，在以我國中央政府債務基金歷年執行結果之相關數據，透過績效衡量指標之計算，分析與評判債務基金績效之良窳，並研提具體改進建議。 本研究發現，我國中央政府債務基金自設立以來，在紓解政府財政壓力方面確有具體貢獻。在債務負擔方面，亦有平滑化趨勢。至代際負擔公平化、債息負擔最小化、投資收益最大化方面，則有待提升。本研究建議，我國中央政府宜改按政府資產平均效益年限，計算提撥債務基金之強制還本財源；將歲計賸餘及國營事業釋股收入一定比率撥充債務基金，累積償債資金；建立債務管理財務預警機制及可提前贖回公債之彈性作法。 本研究囿於研究主題不宜過大及篇幅不宜過多之限制，對於如何藉由債務基金定期適量發行公債，健全債券市場，較少觸及，冀期未來之研究者，就此方面，繼續研究。

The purpose of this study is to analyze and evaluate the performance of the Taiwan government’s debt service fund by subjecting the data accumulated over the years of its operation to calculation according to performance assessment indicators. Recommendations for improvement are made on the basis of our findings. The research found that since its inception, the debt service fund has made a concrete contribution to easing the financial pressures on the government, and that it tends to have a smoothing effect on the burden of debt. With respect, however, to its performance in harmonizing the intergenerational burden of debt, minimizing interest costs and maximizing returns on investment, further improvement is desirable. The authors recommend: that calculations of mandatory funding for repayment of debt service fund principal should be based on the average benefit period of government capital assets; that a fixed proportion of revenue from the annual budget surplus and proceeds from sales of shares in state-owned enterprises are allocated to the fund to accumulate as debt service capital; that debt management features be instituted that include a warning system and flexible approaches to early redemption of public debt. As this study is limited in its scope through strict definitions of its themes and range, it does not go deeply into the question of how the bond market might be strengthened by the regular issuance, in judicious amounts, of government bonds through the debt service fund. It is hoped that future researchers will address this issue.