论地方政府融资平台的法律治理

发布时间：2018-04-26 10:17

  本文选题：地方政府融资平台 + 财政体制　； 参考：《华东政法大学》2014年博士论文

【摘要】：自2010年以来,中央政府及监管部门对于地方政府融资平台的监管与治理力度不断加大,通过近年来多管齐下的规范与治理,地方政府融资平台负债规模迅猛膨胀的势头基本得到遏制,之前所积聚的巨量风险正在得到逐步缓释,总体可控已成为官方描述地方政府融资平台风险的普遍观点。从表面上看,地方政府融资平台风险有所缓解,但从深层次看,催生地方政府融资平台发展及地方债务恶性膨胀的体制性因素仍未根本根除,推高平台负债的影响因素依然有增无减,削弱地方政府融资平台还款来源的各类问题依然存在,地方政府融资平台的偿债高峰期也还将持续。在宏观经济金融形势下行的背景下,地方政府融资平台的风险防控之堤正不断受到冲击。特别是在2011年以来,宏观经济下行趋势明显,实体经济复苏缓慢,部分地区由于地价、房价涨幅回落,地方政府十分依赖的土地财政也正日益枯竭,地方财政收入增速下滑趋势难以抑制。从区域结构来看,部分中西部地区平台、低层级平台面临较大偿债压力,即便在东部沿海等传统发达地区,县级及以下财政靠负债运转的现象也不在少数。从整体来看,不仅地方政府融资平台的负债压力有增无减,其所面临的风险也正向金融系统传导,随着地方政府融资平台负债规模的持续增加,风险结构的日趋复杂,其对银行业的挑战也将日益显现。2014年8月,《预算法》修订案的四审稿已经全国人大审议通过,并将于2015年1月起实行。尽管在该次修订中,中央可赋予地方政府一定限度内的地方发债权限,但发债主体的准入门槛高,发债程序尤为严格,同时也有用途限制。可见,中央对地方政府发债的态度依然谨慎。而结合我国的现实状况,短期内,要使地方政府发债取代地方政府融资平台,也并不现实,对目前数量巨大的地方政府融资平台的存量债务的化解也更需时日。同时也应看到,《预算法》第四稿修订案对于地方政府发债仍有许多需要完善之处,关于如何通过完善地方政府发债体系来治理地方政府融资平台,依然需要开展进一步的研究。可见,地方政府融资平台在理论与实践中的各种问题,依然复杂;对于其治理,依然任重而道远。那么究竟应该如何认识融资平台在理论与实践中的各种问题,并针对这些问题,对其进行相应治理?围绕这些问题,本文展开了研究与讨论。在研究的过程中,本文以政府和市场的关系这一理论基点出发,以“政府—市场-社会中间层”的三元框架为依据,对地方政府融资平台的经济法主体定位问题进行了论证,对地方政府扩大负债规模,地方政府融资平台加大融资力度背后的行为动因,对地方政府融资平台在现实中的行为模式及其可能产生的风险进行了探究。以此为依据,本文尝试运用法律思维,探索治理地方政府融资平台的有效路径,围绕制度环境、监管机制以及微观治理等三个维度,从宏观、中观和微观三个视角,提出了对地方政府融资平台法律治理的建议与构想。在具体的论述中,本文从地方政府融资平台的主体研究入手,在第一部分,以政府与市场关系为理论基点,提出对地方政府融资平台的研究应适用“政府—社会中间层—市场”的三元框架,进而得出了地方政府融资平台在经济法主体定位上应属于类社会中间层主体的结论,并在此基础上,对地方政府融资平台法律治理的必要性展开论证。以此为延伸,在第二部分,本文进一步从实践入手,对地方政府融资平台的行为动因与行为机理进行分析。在行为动因上,以我国财政与税收体制视野,分析了影响并决定融资平台产生与迅猛发展的根源性因素,在行为模式上,从直接融资、间接融资和融资模式创新等三个维度,梳理探究了融资平台的行为模式与内在机理,并对其在实践中所可能带来的风险进行了剖析,引出了地方政府融资平台法律治理的路径问题。对于如何全面治理地方政府融资平台,本文围绕制度环境、监管机制以及微观治理等三个维度展开。在第三部分,以制度环境为视野,致力于从根源上找到融资平台治理的方法。针对地方政府融资平台产生发展的制度性动因,从进一步完善我国财政税收体制的分税制体系、放开地方政府自主发债以及强化财政预算阶段等方面,探究了如何对我国地方政府融资平台从法律源头开展治理。第四部分,从监管角度入手,探索构建一套疏堵结合的地方政府融资平台监管体系。基于当前的制度现实,以及可预见的制度变革,在对现行地方政府融资平台监管制度全面评析的基础上,重点从进一步完善立法、构建对地方政府融资平台的监管规范体系;进一步明确对地方政府融资平台的监管主体,设立专门监管主体予以专门监管;进一步厘清地方政府负债的管理模式;进一步健全对地方政府融资平台的监管机制等四个方面对强化地方政府融资平台中观治理提出建议,试图全面构建起一套针对地方政府融资平台的堵疏结合的监管体系。第五部分,在微观层面,着眼地方政府融资平台业日常运行中个公司治理问题与融资法律问题,致力于找到完善融资平台公司治理,规范平台公司融资运行有效路径。在此基础上,本文提出,完善融资平台公司治理,需要从内部,弱化地方政府在平台公司中的经营权,完善公司治理架构;从外部,引入银行监事制度,强化债权人在公司治理中的作用。在融资行为中,强化对融资平台的融资约束与制度规范,有效防控风险。在担保中,杜绝地方政府违规保证担保,强化物的担保力度,以审慎为原则,规范地方政府信用对平台公司的担保增信行为。本文的主要结论包括以下几点:一、就地方政府融资平台本质而言,其是制度下创新的产物。其产生是市场与政府双重失灵的结果,其发展是由我国现行财政体制所催生的。我国现行财政体制,特别是1994年所进行的分税制改革,以及预算法中对地方政府发债的限制,是地方政府融资平台大规模发展的根本动因。二、就地方政府融资平台的经济法主体定位而言,基于经济法学“政府—社会中间层—市场”的三元框架分析,其与市场主体外观上一致,但有实质差异;与社会中间层主体存在共性,但有本质区别,故应将其定位为类社会中间层主体。三、对于地方政府融资平台的治理,应以法律治理为主线。这既要求在对于地方政府融资平台治理的切入点应基于各类根本性的体制问题,也要求在对于地方政府融资平台的治理应强化法治手段,应重于机制的建设与完善。四、对于地方政府融资平台的治理应体现系统性与综合性,围绕制度环境、监管机制以及平台公司的微观运行等三个维度进行分析与梳理。制度环境治理关注于催生并助推地方政府融资平台迅猛发展的深层次原因,探索通过完善我国财政预算体制,从根本上解决我国地方政府融资平台的体制成因。监管机制建设着眼现实,以及可预见的监管变革,以现有地方政府融资平台的监管机制为重点,研究如何优化对地方政府融资平台监管。微观治理侧重市场主体本身及其融资行为,研究平台公司作为微观主体时的运行与管理问题。五、就完善地方政府融资平台的制度环境而言,在现阶段,既要坚定不移地推动完善分税制,推进地方政府债券发行放开等体制性变革,也要着力在规范中逐步使地方政府融资平台向公私合营模式过渡。六、对地方政府融资平台的监管,应着力完善对地方政府融资平台的监管规范体系,明确对地方政府融资平台的监管主体,厘清地方政府负债的管理模式,健全对地方政府融资平台的监管机制,并在政府外部,加快建立地方政府信用评级机制,在政府内部,加快建立地方财政风险预警机制,同时建立地方政府债务规模限额管理机制。七、对作为微观主体的地方政府融资平台公司,一方面要完善其公司治理,对内,着力弱化政府经营权;对外,通过引入银行监事等制度,进一步强化债权人在公司治理中的作用。另一方面,也要优化平台公司的融资管理机制。在融资领域,健全完善分类管理、严格准入、实时监控等风险防范机制;在担保环节,以审慎为原则,规范地方政府信用对平台公司的担保增信行为。综观全文,从选题、观点及方法论等三个方面,对地方政府融资平台的法律治理问题做了创新。在选题上,从法律视野出发,展开对我国地方政府融资平台基本问题的分析与研究,并同样从法律入手,提出对我国地方政府融资平台的治理思路与措施。在观点上,既有对传统观点的传承与发展,也提出了一些新视角。在方法论上,本文创新分析框架,紧扣法律治理的主线,着力提升分析论证的全面性与系统性,围绕制度环境的变革、监管机制的完善以及微观治理的规范,从宏观、中观、微观三个层面,提出了对地方政府融资平台法律治理的建议与构想,努力为地方政府融资平台治理的理论研究与实践工作进行了新的探索。
[Abstract]:Since 2010, the supervision and management of the local government financing platform has been continuously strengthened by the central government and the regulatory authorities. The momentum of the rapid expansion of the debt scale of the local government financing platform has been basically contained through the regulation and governance in recent years. On the surface, the risk of local government financing platform has been relieved, but from the deep point of view, the institutional factors that promote the development of local government financing platform and the malignant expansion of local debt have not been fundamentally eradicated, and the influence factors of the higher platform debt still increase unabated. In the context of the macro economic and financial situation, the dike of the risk prevention and control of the local government financing platform is being impacted. Especially since 2011, the macroeconomic downside trend is obvious, The recovery of the real economy is slow, the price of house prices has fallen down in some areas, the land finance which the local government is very dependent on is increasingly exhausted and the decline trend of local fiscal revenue growth is difficult to restrain. As a whole, not only is the debt pressure of the local government financing platform increasing, but also the risk to the financial system. With the continuous increase in the debt scale of the local government financing platform, the risk structure is increasingly complex, and its banking industry is to the banking industry. The challenge will also become increasingly apparent in August.2014. The four reviewers of the revised budget law have been approved by the National People's Congress and will be implemented in January 2015. Although in this revision, the central government can give local governments a certain limit of local debt rights, but the threshold of the subject of the issuance of debt is high, the debt issuance procedure is particularly strict, and it is also useful. It is clear that the central government's attitude to the local government's debt service is still cautious. In the light of the reality of our country, it is not realistic for the local government to replace the local government financing platform in the short term. It is also more time to dissolve the stock debt of the large local government financing platform. At the same time, we should also see the fourth draft of the budget law. The amendments to local government debt still have a lot of needs to improve, on how to improve local government debt system to control the local government financing platform, still need to carry out further research. It is clear that the local government financing platform in the theory and practice of various questions, is still complex; for its governance, still heavy and the way. How to understand the various problems in the theory and practice of the financing platform and to deal with these problems accordingly? Around these problems, this paper starts the research and discussion. In the process of research, this paper starts with the rationale of the relationship between the government and the market, with the "government market social middle level". On the basis of the three yuan framework, this paper demonstrates the subject orientation of the economic law of the local government financing platform, and explores the behavior motivation behind the expansion of the local government's debt scale and the financing platform of the local government financing platform, and explores the behavior patterns and possible risks of the local government financing platform in reality. On the basis of this, this article tries to use legal thinking to explore the effective way to govern the financing platform of local government and to put forward some suggestions and ideas about the legal governance of local government financing platform from the three dimensions of institutional environment, supervision mechanism and micro governance, from three perspectives of macro, medium and micro. The research on the main body of the local government financing platform, in the first part, taking the relationship between the government and the market as the theoretical basis, put forward that the research of the local government financing platform should be applied to the three yuan framework of "government - social middle level - market". Then it is concluded that the local government financing platform should belong to the middle of the society in the economic law. On the basis of this, the conclusion of the legal governance of the local government financing platform is demonstrated. In the second part, this paper further analyzes the behavior motivation and mechanism of the local government financing platform from the practice, and analyzes the behavior motivation and the view of the fiscal and tax system of our country. The factors that affect and determine the origin and rapid development of the financing platform are determined. In the behavior pattern, the behavior pattern and internal mechanism of the financing platform are combed and explored from three dimensions, such as direct financing, indirect financing and financing mode innovation, and the possible risk of the financing platform in practice is analyzed, which leads to the integration of the local government. In the third part, in the view of the system environment, we are devoted to finding the way to manage the financing platform from the root of the system environment. In the third part, the financing platform of the local government is made to produce the development of the financing platform of the local government. The institutional motivation of the exhibition is to explore how to manage the local government financing platform from the source of the law from the aspects of the further improvement of the tax system system of our fiscal and tax system, the release of local government's independent debt issuance and the strengthening of the financial budget stage. The fourth part, from the perspective of supervision, explores and constructs a set of obstruction and combination. The supervision system of local government financing platform. Based on the current system reality and the foreseeable institutional change, on the basis of the comprehensive evaluation of the current local government financing platform supervision system, the focus is to further improve the legislation and build a regulatory framework for the local government financing platform, and further clarify the local government financing platform. To further clarify the management mode of local government debt and further improve the supervision mechanism of local government financing platform, four aspects of strengthening local government financing platform medium view governance are proposed, and an attempt to build a set of local government financing platform is made. The fifth part, at the micro level, focuses on the problem of corporate governance and financing law in the daily operation of the local government financing platform industry. It is committed to improving the corporate governance of the financing platform and regulating the effective path of the financing operation of the platform. On this basis, this paper proposes to improve the corporate governance of the financing platform. It is necessary to weaken the management right of local government in the platform company, improve the corporate governance structure, introduce the bank supervisor system from the outside, strengthen the role of the creditor in the corporate governance. In the financing behavior, strengthen the financing constraints and institutional norms of the financing platform, effectively prevent and control the risk. In the guarantee, the local government rules and regulations are eliminated. The main conclusions of this article include the following points: first, in terms of the nature of the local government financing platform, it is the product of the innovation under the system. Its production is the result of the double failure of the market and the government, and its development is from me. The current financial system of the country has spawned. The current fiscal system in China, especially the reform of the tax sharing system carried out in 1994, and the restriction of the local government debt in the budget law, is the fundamental cause of the large-scale development of the local government financing platform. Two, on the basis of the economic law "government", the government of the local government financing platform is based on the economic law "government" The three element framework analysis of the social middle level market is consistent with the market subject, but there are substantial differences; there are common differences with the social middle level subject, but there are essential differences. Therefore, it should be located in the middle class of the social class. Three, the governance of the local government financing platform should be the main line of legal governance. The starting point for the governance of local government financing platform should be based on all kinds of fundamental institutional problems, and the rule of law means should be strengthened in the management of the local government financing platform, and the construction and improvement of the mechanism should be emphasized. Four, the governance of the local government financing platform should be embodied and integrated, and the regulatory mechanism surrounding the system environment and the regulatory mechanism should be embodied. Three dimensions, such as the micro operation of the platform company, are analyzed and combed. The institutional environment governance is concerned with the deep causes of the rapid development of the local government financing platform. Through the improvement of our country's financial budget system, the institutional cause of the local government financing platform is fundamentally solved. The reality, and the foreseeable regulatory change, focusing on the existing local government financing platform supervision mechanism, research how to optimize the supervision of the local government financing platform. Micro governance focuses on the market subject itself and its financing behavior, and studies the operation and management of the platform company as a micro body. Five, improving the financing of local government. In the system environment of the platform, at the present stage, we should not only unswervingly promote the improvement of the tax system, promote the release and release of local government bonds and other institutional changes, but also make efforts to gradually make the local government financing platform transition to the public private partnership mode. Six, the supervision of the local government financing platform should improve the integration of local government. The regulatory system of the management platform, clear the supervision body of the local government financing platform, clarify the management mode of local government debt, perfect the supervision mechanism of the local government financing platform, and accelerate the establishment of the local government credit rating mechanism outside the government, speed up the establishment of local financial risk early warning mechanism, and build the local financial risk early warning mechanism at the internal part of the government. Seven, the local government debt scale management mechanism. On the one hand, the local government financing platform companies, on the one hand, should improve their corporate governance, to weaken the government's management rights, and to further strengthen the role of the creditors in corporate governance by introducing bank supervisors. On the other hand, we should optimize the platform. The financing management mechanism of the company. In the field of financing, we should improve the classification management, strict access, real-time monitoring and other risk prevention mechanisms; in the guarantee link, in the principle of prudence, standardize the local government credit to the platform company's security enhancement behavior. A comprehensive view of the full text, from the topic selection, view point and methodology, and other three aspects of the local government financing platform. The problem of legal governance has been innovating. On the topic, from the perspective of the law, the basic problems of the local government financing platform in China are analyzed and studied, and the ideas and measures for the governance of the local government financing platform are also put forward from the law. In the view, there are some new ideas on the inheritance and development of the traditional views. In the methodology, in the methodology, this paper innovating analysis framework, focusing on the main line of legal governance, improving the comprehensiveness and systematicness of the analysis and argumentation, focusing on the reform of the institutional environment, the perfection of the regulatory mechanism and the standard of micro governance. From three aspects of macro, meso and microcosmic, the suggestions on the legal governance of the local government financing platform are put forward and the suggestions for the legal governance of the local government financing platform are put forward. The idea is to make a new exploration for the theoretical research and practical work of local government financing platform governance.

【学位授予单位】：华东政法大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：D922.1
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本文编号：1805618