城市基础设施投融资平台结构性风险分析

发布时间：2018-04-11 08:16

本文选题：基础设施 + 投融资平台　；参考：《天津大学》2012年硕士论文

【摘要】：现阶段，我国城市基础设施投融资平台面临严峻形势，普遍存在：设立和运作不规范，，投资资本金不足，负债过高等问题。为保证其健康可持续发展，2010年我国政府与发改委、财政部、人民银行以及银监会四部委联合颁布一系列投融资平台清理政策，欲清整管理城市基础设施投融资平台的债务问题。目前，地方投融资平台存在的危机如下：我国基础设施建设总体水平低，严重滞后于西方经济发达的地区发展；财政资金供应不足，负债压力沉重；缺乏体系化的投融资管理决策工具；对城市基础设施的功能认识不到位，项目公益性与市场化区分不科学等问题。文章试图解决如何匹配这类因融资方式的多元化与项目类型的多样化造成的结构性风险问题。论文首先通过政策梳理以及现状分析，归纳了基础设施投融资平台发展的历程，并结合数据分析，提出平台面临的问题，进一步分析研究结构性风险的必要性，并对基础设施投融资平台结构性风险进行了界定和描述。其次文章通过文献综述和案例分析等方式，识别出基础设施投融资平台结构性风险影响因素清单，并通过专家访谈方法进一步确定了3级指标清单，包括2个1级指标，7个2级指标，23个3级指标。涵盖了文献所列出的以及根据专家经验给出的具有研究价值的指标。再次通过设计调查问卷并回收，对问卷结果进行了重要度分析，聚类分析和判别分析多种数量方法结合分析。研究结果发现，前期识别出的基础设施投融资平台结构性风险影响因素可以根据其发生的概率以及产生后果的严重性进行进一步划分，对原有风险清单进行调整后，将基础设施投融资平台结构性风险因素划分为4个1级指标、13个2级指标及若干3级指标。此次划分是在文献分析、专家经验以及数量分析的基础上提出的，具有较强的可信度和实用性。通过划分发现，政府行为因素是综合影响最大的因素，这与业界普遍认识相吻合。论文最后，通过文献分析以及实践总结的基础上，结合上海城投公司的发展经验，提出了我国城市基础设施投融资平台对于结构性风险的控制手段和规避方法，强调了政府的主导地位。
[Abstract]:At present, the urban infrastructure investment and financing platform in our country is faced with severe situation, such as the establishment and operation is not standardized, the investment capital is insufficient, the debt is too high, and so on.In order to ensure its healthy and sustainable development, our government, the Development and Reform Commission, the Ministry of Finance, the people's Bank of China and the Banking Regulatory Commission jointly issued a series of investment and financing platform clean-up policies in 2010, in order to clean up the debt problem of managing the urban infrastructure investment and financing platform.At present, the crisis of local investment and financing platform is as follows: the overall level of infrastructure construction in our country is low, which lags behind the development of the developed region in the west, the financial fund supply is insufficient, and the debt pressure is heavy;Lack of systematic investment and financing management decision-making tools, lack of understanding of the functions of urban infrastructure, the public welfare of projects and the unscientific distinction between marketization and so on.This paper tries to solve the problem of how to match the structural risks caused by the diversification of financing and project types.Firstly, the paper summarizes the development course of infrastructure investment and financing platform through policy combing and current situation analysis, and puts forward the problems faced by the platform, and further analyzes the necessity of studying structural risk.The structural risk of infrastructure investment and financing platform is defined and described.Secondly, through literature review and case analysis, the paper identifies the list of factors affecting the structural risk of infrastructure investment and financing platform, and further determines the list of three levels of indicators through the method of expert interview.It includes 2 grade 1 index, 7 2 level index and 23 3 level index.It covers the research indicators listed in the literature and based on the experience of experts.Thirdly, by designing the questionnaire and recovering it, the importance of the questionnaire results is analyzed, and the cluster analysis and discriminant analysis are combined with a variety of quantitative methods.The results show that the structural risk factors of infrastructure investment and financing platform can be further divided according to the probability of occurrence and the severity of the consequences, and the original risk list can be adjusted.The structural risk factors of infrastructure investment and financing platform are divided into 4 grade 1 index, 13 2 level index and several 3 level index.This division is based on literature analysis, expert experience and quantitative analysis, and has strong credibility and practicability.It is found that the government behavior factor is the most important factor, which is consistent with the general understanding of the industry.Finally, on the basis of literature analysis and practice summary, combined with the development experience of Shanghai City Investment Corporation, the paper puts forward the control measures and evading methods for structural risks of the urban infrastructure investment and financing platform in China.The dominant position of the government was emphasized.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F299.24;F832.4

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