中国地方融资平台管理研究

发布时间：2018-01-01 04:11

本文关键词：中国地方融资平台管理研究　出处：《华中师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：1994年分税制改革以来,中央和地方的财政分配体系出现了财权上移和事权下移的分配格局。面对中国快速的城镇化进程,地方政府在基础设施建设方面的资金存在较大缺口。根据国家《预算法》的规定,各级地方政府不得随意发行债券,因此地方政府为了获得建设资金,不得不开辟新的融资渠道,地方政府融资平台也在这样的背景下应运而生。为了抵御金融危机对我国经济的负面影响,中央政府出台了4万亿的投资计划,其中70%的配套资金需要由地方政府提供。在这种背景下,地方融资平台得到了跨越式发展,有效的缓解了金融危机对我国经济的负面影响,促进了我国经济走向复苏。与此同时,地方政府融资平台数量大量增加,融资规模不断扩张,运作不规范,地方政府变相提供担保等现象引起了中央政府和社会广泛的关注,融资平台的偿贷能力令人堪忧。一旦融资平台出现债务危机,隐形债务必将显性化,给地方财政带来巨大压力,甚至威胁到中央财政的安全。同时,一旦地方融资平台不能偿还债务,银行将产生大量的不良贷款,影响我国金融安全。地方融资平台问题的爆发出现于金融危机后,但是问题由来已久,只是没有引起广泛关注。所以,为了引导地方融资平台的良性发展,我们不能仅仅只是关注于眼前巨额的债务问题。同时还要找出地方融资平台问题存在的关键症结所在,对症下药,以期望对于地方融资平台的治理达到一劳永逸的效果。基于此,本文重点分析了影响地方融资平台过度融资风险的相关因素。经过分析我们发现预算软约束和低下的金融市场效率是导致地方融资平台过度融资风险的最主要因素。针对上述两项主要因素构建了一个风险管理的模型,提出了对于不同的地区应当采取差别化的对待治理措施。另外,地方融资平台健康的运行也离不开自身效率的提高。地方融资平台的有效运行可以提高自身的债务偿还能力,减少自身对于地方政府的依赖。基于此,本文运用DEA-Tobit两阶段模型研究了影响融资平台效率的因素。最后,本文综合对于风险和效率影响因素的分析提出了促进地方融资平台健康发展的相关建议。本文第一部分对地方融资平台进了简要的概述。本部分首先介绍了地方融资平台的相关定义以及特点及目前的状况。然后肯定了地方融资平台在城市建设中的作用。最后指出管理地方融资平台应从化解地方融资平台风险和提高地方融资平台的效率两个方向入手。本文第二部分主要研究了地方融资平台过度风险的影响因素。本部分首先从供需的角度分析了地方融资平台风险产生的现实动因。指出除了城市化进程,地方融资平台的扩张都与不完善的财政体制以及金融市场治理的效率低下有关。然后从加强预算管理和市场约束的角度入手,建立了一个管理地方融资平台风险的模型。本文第三部分主要研究了地方融资平台的效率及其影响因素。本部分首先分析了地方融资平台经营存在的问题。然后运用DEA的方法测算出地方融资平台的技术效率。接着分析了预算软约束、金融市场化程度和代理成本对地方融资平台效率的影响。本文第四部分分别从地方政府、金融市场及融资平台的角度提出了引导地方政府健康发展的相关建议。
[Abstract]:Since the 1994 tax reform, the financial allocation system of the central and local distribution pattern appeared and property up powers down. The face of urbanization Chinese fast, there is a big gap in local government funds in infrastructure construction. According to the national budget law provisions of < >, the local governments at all levels shall not issue bonds, so the local government in order to obtain the construction funds, to open up new channels of financing, local government financing platform also emerged in this context. In order to resist the financial crisis negative impact on China's economy, the central government introduced 4 trillion investment plan, of which 70% of the funds provided by the local government. In this context, local financing platform has great leap forward development, effectively alleviate the negative impact of the financial crisis on China's economy, promoting China's economic recovery and the trend. At the same time, the number of local government financing platform for financing a substantial increase in the scale expansion, the operation is not standardized, the local government in the provision of guarantees and other phenomena caused by the central government and social attention, the ability to repay the loan financing platform is worrying. Once the financing platform debt crisis, invisible debts will bring great pressure to the dominance of local finance, and even threaten the safety of the central government. At the same time, once the local financing platform can not repay the debt, the bank will have a large number of non-performing loans, the impact of China's financial security. The outbreak of local financing platform problems appeared in the financial crisis, but not only is a long-standing problem, has aroused widespread concern. Therefore, in order to guide the sound development of local the financing platform, we can't just focus on the huge debt problems at the moment. At the same time to find local financing platform are the key to ask The crux of the problem, hoping for an antidote against the disease, the governance of local financing platform to achieve the effect of once. Based on this, this paper focuses on the analysis of factors related to local financing platform financing risk. Through the analysis we found that the soft budget constraint and the low efficiency of financial market are the main factors leading to excessive risk of local financing platform financing. In view of the above the two main factors to build up a risk management model is proposed for different regions should adopt different treatment measures. In addition, the operation of local financing platform of health also cannot do without improve its efficiency. The effective operation of local financing platform can improve their ability to repay debt, reduce their dependence on local the government. Based on this, this paper uses DEA-Tobit two factor model to study the effect of stage financing platform efficiency. Finally, this paper On the basis of the analysis of the factors affecting the risk and efficiency, some suggestions are put forward to promote the healthy development of the local financing platform.
In the first part of local financing platform into a brief overview. This part firstly introduces the definition of local financing platform and the characteristics and present situation. Then the local financing platform in city construction. Finally, it points out that the management of local financing platform should be Conghua local financing platform risk and improve the efficiency of local financing platform in two aspects.
The second part mainly studies the influencing factors of local financing platform of excessive risk. Firstly, from the view of supply and demand analysis of practical motivation of local financing platform risk. Besides the city process, the low efficiency of local financing platform expansion and the imperfect financial system and financial market governance. Then starting from strengthening budget management and market constraints, the establishment of a management model of the risk of local financing platform.
The third part of this paper mainly studies the efficiency and influencing factors of local financing platform. This part first analyzes the existing local financing platform of business problems. Then use to calculate the technical efficiency of local financing platform of the DEA method. And then analyzes the soft budget constraint, the impact of financial liberalization and the agency cost of local financing platform efficiency.
The fourth part of this paper, from the point of view of local government, financial market and financing platform, puts forward some suggestions to guide the healthy development of local government.

【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F812.7;F832.48

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