地方政府財政重整與債務重組中的司法權

地方政府債務困境須進行財政重整與債務重組。在根據《預算法》所建立的地方政府債務風險應急處置機制中，行政權（行政處置）發揮應急、救急與整頓追責之功；制度設計者卻遺忘司法權，忽略司法權在地方政府債務困境事後處置體系中的應有角色與積極功能。行政權和司法權各有其比較優勢。中國地方政府債務風險事後處置機制應增加司法權維度，行政權和司法權協同分工、共同發力，建立行政權—司法權協同的混合模式。它是制度比較優勢的結合，符合中國制度改革的路徑依賴和制度資源，且司法權維度的事後機制將產生積極的事前效果，特別是強化事前的預算約束，強化中央不救助的可信承諾和破解道德風險。司法權維度的引入遵循行政—司法分權的憲政原則，實行有限司法權原則；司法權在制度空間發揮自由裁量權，有力地反制地方政府債務困境的發生。司法權的功能運作具體表現在司法重整程序的全流程上，包括受理條件的司法審查、重整計劃草案的批准與重整計劃實施的司法監督。

Local governments in debt distress should undergo fiscal adjustment and debt restructuring. In the emergency response mechanism for local governments' debt risks established in accordance with the Budget Law, the executive power (administrative disposition) plays an important role in emergency response and rescue, but the institution designers forget the judicial power and neglect the role and active function of judicial power in the ex-post response system for local governments' debt distress. The executive power and the judicial power have their respective comparative advantages. The ex-post disposal mechanism for debt risks of Chinese local governments shall introduce the dimension of judicial power. The executive power and the judicial power shall be divided in a synergistic manner to work together, so as to establish a mixed and synergistic model of executive power and judicial power. This model is the organic combination of the comparative advantages of the two systems, which is also in line with the path dependence and institutional resources of China's institutional reform. Meanwhile, the dimension of judicial power will produce positive effects ex ante, such as strengthening the hard budget restraint, reinforcing the central government's credible commitment of ''NO Bailout'' and dissolving the moral hazard. The introduction of judicial power should follow the constitutional principle of the separation of executive power and judicial power and abide by the principle of the limited judicial power. The judicial system would have the great power of discretion to counter the occurrence of the local government debt crisis. The function of judicial power is embodied in the whole process of the judicial reorganization procedure, including the judicial review of acceptance conditions, the approval of the reorganization draft plan and the judicial supervision of its implementation.