可持续发展视角下的北京市政府投融资研究

发布时间：2018-08-19 21:05

【摘要】：作为世界上最大的发展中国家,中国在取得巨大经济成就的同时,经济社会发展过程中不平衡、不协调和不可持续的问题依然存在,集中表现为中国社会贫富差距还在进一步扩大,资源环境矛盾相对突出。特别是,旧有经济体制僵化问题已成为制约中国经济社会进步的主要问题。原有的只强调效率而忽视发展质量的道路已经难以为继,经济体制必须要改革。除了经济体制因素,各地方经济发展和民生建设还要受到本地自然条件和文化等多方面因素的制约。在多重困境压力之下,在体制机制尚未作出必要的调整或者是正在经历调整、适配、再调整的关键阶段,肩负着在本地区全面建设小康社会、加快地区现代化建设重任的地方政府必须要保持社会的稳定,必须要兼顾经济发展和民生保障。因此,在现有体制机制框架内,通过微观方法的创新去解决一些地方经济发展和民生保障中的实际问题和困难,这具有重大的现实意义。经济结构调整和发展方式转变将是中国今后一段时期内经济工作的重点。经济建设要更重视质量而不再过分强调速度,不能再继续鼓励依靠投资来拉动经济增长,要转移到依靠消费和技术进步上来。这就需要地方政府加大科技研发、社会保障等公共产品的提供力度。另一方面,未来一个时期国家执行的是稳健的货币政策,可能在相当长的一个时期内全社会资金供给都处于紧张的状态,融资的成本和难度会加大。在此前提下,北京市政府如何能够在资金相对和绝对短缺并存的情况下,保持公共领域产品的提供力度,从而保障首都人民享受发展成果,促进人民生活水平不断提高,这对于北京市的管理者来说是一个严峻的挑战。这就需要北京市政府通过投融资手段,充分发挥有限财政资金的引导作用,广泛吸引社会资金,为基础设施等公共服务的关键领域开辟稳定筹资渠道。然而,北京市的政府投融资本身还存在诸多问题。如何站在可持续发展的角度去看待北京市政府投融资问题,并利用投融资模式上的创新或者是投融资需求供给管理的优化来为北京市长期可持续发展服务,是本文要解决的主要问题。本文在解决问题的时候,采用的是标本兼治的思路,不仅仅是就事论事。因而,本文的重点不是去探讨北京市政府投融资体制机制本身如何变革,而是试图在现有体制机制框架内,站在整体的高度,基于可持续发展这个视角,以金融和财政相结合的手段按“有保有压”的方针,去解决中短期内北京市政府在公共领域的投融资问题。同时,利用政府投融资这一手段为促进地方经济社会的可持续发展服务。这对于其他省市地方政府也具有借鉴意义。本文沿着“理论分析——实证分析——政策分析”的思路,以经济理论和管理理论为基础,以发展为背景,重点关注了在“十二五”规划目标背景下北京市实现可持续发展的地方政府投融资问题。在文献综述部分,本文回顾了地方政府投融资的理论背景和现实原因,包括：地方财权事权不匹配、地方考核激励制度不完善、区域发展不平衡等,并分析了地方政府投融资可能造成的负面效果。随后从制度经济学等角度探讨了地方政府投融资的理论基础,以及与可持续发展之间的关系。最后,对包括北京市在内的地方政府投融资的主要模式和外国经验做了梳理。在实证部分,本文综合运用案例研究和计量分析等实证分析方法,分析了北京市政府所面临的资金短缺现状,试图从可持续发展视角寻找一种中短期的非体制改革的解决办法。本文提出：从需求角度,北京市政府必须“有保有压”抓重点保证地方重点领域的投融资需求；从供给角度,必须创新投融资模式挖潜力,利用有限的财政资金为引导,吸引社会力量和资源,以期能保证在体制机制变革时期,满足北京市地方经济社会发展的需要。实现发展经济与保障民生的平衡,最终实现社会经济可持续发展。本文还对北京市政府可能面临的融资风险做了简单探讨。在政策分析部分,本文从融资模式优化、财政政策和金融政策以及相关配套措施等几个方面为北京市提出了政策建议。本文在理论分析和实证分析部分得到的主要结论有：第一,地方政府投融资冲动的现实背景是地方政府财力不足,体制机制背景是地方官员考核激励机制不完善,而地方政府对国有银行过度利用也是投融资冲动的主要原因之一。上述原因所造成的地方政府投融资冲动带来了很多风险,包括：因为债务违约可能造成的地方政府信用风险和道德风险,融资规模过大可能引起的财政风险,地方金融风险和宏观经济风险等。第二,政府投融资行为是一个有多方参与的委托代理行为,人民群众委托中央政府和地方政府治理国家,中央政府委托地方政府管理地方事务。地方政府通过建立投融资平台来缓解提供公共产品的资金压力。但是在实践中地方政府投融资过度依赖投融资平台,融资平台的资金来源渠道又过度倚重银行贷款,这些都造成融资成本高而资金使用效率不高。所以,地方政府必须创新融资方式,在分析每一领域公共产品的公共性和盈利性等特征的基础上,利用不同的投融资模式吸引民间资本,从而为社会提供更多更有效率的公共产品。第三,外国政府的投融资体制机制相对灵活多样,但是都是结合本国的国情特点逐步确立的。其中,美国的特色模式是市政债券模式,德国的特色模式是融资租赁模式,法国的特色模式是公共事业特许经营模式。中国各个地区之间的投融资模式也有差别。如与上海投融资模式相比,重庆模式的市场化程度相对较低,主要原因是西部地区基础设施建设项目造价高,回收周期长,盈利水平低,民营资本较少参与。天津模式大体上介于上海和重庆之间。北京市在融资模式创新上进行了许多有益尝试,但是模式创新所占的比重还较低,这导致了一些不可持续的问题。第四,北京市政府投融资不可持续的主要问题包括以下几个方面：一是,政府越位与市场缺位并存,体制机制还有待于进一步完善。二是,投资总量不足与投资主体单一,北京市的有限财政资金,显然不能满足庞大的社会公共需求相。三是,融资渠道单一与创新不足,过度倚重银行贷款等融资渠道,融资成本较高。第五,根据北京市“十二五”规划的目标,在资金约束条件下,北京市为实现可持续发展,应该“有保有压”抓重点,保证重点领域的投融资资金来源,并且从可持续发展的角度去选择投融资的重点领域。同时,重点领域的融资模式必须可持续,以市场化融资为基础,在公共领域充分发挥社会资金的积极性,完善对于北京市重点领域投融资的保障。第六,北京市“十二五”规划发展目标可以被认为是北京市可持续发展的中短期战略目标,所以投融资重点领域的选取必须紧紧围绕北京市“十二五”规划发展的目标和北京市已进入后工业化发展阶段这个实际情况来开展。要按照公共产品理论区别不同领域的公共属性和盈利属性,对照各种融资方式的风险、成本和可得性指标,分别有针对性的为重点领域设计融资方案。同时,要充分对各资金渠道作挖潜,调动一切可以调动的力量来为北京市的经济建设和社会发展服务,最终目标是实现“两个可持续”,即北京市投融资资金及模式的可持续和北京市经济社会的可持续发展。第七,北京市融资渠道的市场化程度不足,民间资本进入公共领域还存在政策性门槛。因此,北京市一方面要大力引入“PPP”等创新方式优化政府投融资模式,另一方面还要积极推进“阳光融资”,充分挖掘民间资本参与北京市建设和公共产品提供的潜能。此外,要积极营造良好的金融生态环境,健全风险管理与监控体系,防范北京市政府融资的风险。
[Abstract]:As the largest developing country in the world, while China has made great economic achievements, problems of imbalance, disharmony and unsustainability still exist in the process of economic and social development. These problems are mainly manifested in the widening gap between the rich and the poor in China's society and the relatively prominent contradiction between resources and environment. In addition to economic system factors, local economic development and livelihood construction are also subject to local natural conditions and cultural constraints. Under pressure, the local government, which is responsible for building a well-off society in an all-round way and speeding up the modernization of the region, must maintain social stability and take into account economic development and livelihood security. Within the framework of institutional mechanisms, it is of great practical significance to solve the practical problems and difficulties in the economic development and livelihood security of some localities through the innovation of micro-methods.
Economic restructuring and transformation of the mode of economic development will be the focus of China's economic work for a period of time to come. Economic construction should attach more importance to quality rather than speed. We should not continue to encourage economic growth by relying on investment, but shift to relying on consumption and technological progress. On the other hand, in the future, the state will implement a sound monetary policy, and the whole society may be in a tight state of fund supply for a long period of time. The cost and difficulty of financing will increase. On this premise, how can the Beijing Municipal Government make the funds relatively and absolutely short? It is a severe challenge for the managers of Beijing to maintain the supply of public goods so as to ensure that the people of the capital can enjoy the fruits of development and improve their living standards. However, there are still many problems in Beijing's government investment and financing. How to look at Beijing's government investment and financing from the perspective of sustainable development, and make use of the innovation of investment and financing mode or the supply of investment and financing demand? The optimization of management to serve the long-term sustainable development of Beijing is the main problem to be solved in this paper.
Therefore, the focus of this paper is not to discuss how to reform the investment and financing mechanism of the Beijing Municipal Government itself, but to try to stand on the whole within the framework of the existing institutional mechanism, based on the perspective of sustainable development, to finance and finance. The combination of means in accordance with the principle of "retaining pressure" to solve the problem of investment and financing in the public sphere in the short and medium term. At the same time, the use of government investment and financing means to promote the sustainable development of local economy and society.
Following the idea of "theoretical Analysis-Empirical analysis-policy analysis", based on economic theory and management theory, and with the background of development, this paper focuses on the investment and financing of local governments for sustainable development in Beijing under the background of the 12th Five-Year Plan. The theoretical background and practical reasons of investment and financing include: the mismatch of local financial rights and powers, the imperfection of local assessment and incentive system, the imbalance of regional development, and so on. Finally, the paper combs the main modes of investment and financing of local governments including Beijing and foreign experience. In the empirical part, this paper analyzes the present situation of capital shortage faced by the Beijing municipal government by using case studies and quantitative analysis, trying to find a sustainable development perspective. From the demand point of view, the Beijing Municipal Government must "keep pressure" to ensure the investment and financing needs of key local areas; from the supply point of view, it must innovate the mode of investment and financing to tap the potential, make use of limited financial funds as a guide to attract social forces and resources in order to ensure that In the period of institutional reform, the securities system meets the needs of local economic and social development in Beijing, realizes the balance between economic development and people's livelihood, and finally realizes the sustainable development of social economy. And financial policy and related supporting measures, and put forward policy recommendations for Beijing.
The main conclusions obtained in theoretical analysis and empirical analysis are as follows:
Firstly, the realistic background of the local government's investment and financing impulse is that the local government's financial resources are insufficient, the system and mechanism background is that the local officials'evaluation and incentive mechanism is imperfect, and the excessive use of state-owned banks by the local government is also one of the main reasons for the impulse. These include: local government credit risk and moral risk caused by debt default, financial risk caused by excessive financing scale, local financial risk and macroeconomic risk.
Second, government investment and financing behavior is a multi-party principal-agent behavior, the people entrust the central government and local government to govern the country, the central government entrusts local government to manage local affairs. The excessive dependence of capital on investment and financing platforms and the excessive reliance on bank loans have resulted in high financing costs and inefficient use of funds. Therefore, local governments must innovate financing methods and make use of different investment and financing methods on the basis of analyzing the public and profitability characteristics of public goods in each field. The mode attracts private capital and provides more efficient public products for the society.
Thirdly, the investment and financing systems of foreign governments are relatively flexible and diversified, but they are gradually established in accordance with the characteristics of their own countries. For example, compared with Shanghai investment and financing mode, Chongqing mode has a relatively low degree of marketization. The main reasons are the high cost of infrastructure construction projects, long recovery cycle, low profit level and less participation of private capital in the western region. Many beneficial attempts have been made, but the proportion of model innovation is still low, which leads to some unsustainable problems.
Fourthly, the main problems of unsustainable investment and financing in Beijing include the following aspects: firstly, the coexistence of government offside and market vacancy, and the system and mechanism need to be further improved; secondly, the total amount of investment is insufficient and the investor is single; the limited financial funds in Beijing obviously can not meet the huge public demand. The financing channels are single and lack of innovation. They rely heavily on financing channels such as bank loans and so on.
Fifthly, according to the objectives of the 12th Five-Year Plan of Beijing, in order to achieve sustainable development under capital constraints, Beijing should "keep pressure" to focus on key areas, ensure the source of investment and financing funds in key areas, and select key areas of investment and financing from the perspective of sustainable development. On the basis of market-oriented financing, we should give full play to the enthusiasm of social funds in the public sphere and improve the guarantee of investment and financing in key areas of Beijing.
Sixthly, Beijing's 12th Five-Year Plan and Development Goals can be regarded as the medium-term and short-term strategic goals of Beijing's sustainable development, so the selection of key areas of investment and financing must be closely around the goals of Beijing's 12th Five-Year Plan and the actual situation that Beijing has entered the stage of post-industrial development. Public goods theory differentiates public attributes and profit attributes in different fields, and designs financing schemes for key areas according to the risk, cost and availability indicators of various financing methods. The ultimate goal of developing services is to achieve "two sustainability", namely, the sustainability of investment and financing funds and modes in Beijing and the sustainability of economic and social development in Beijing.
Seventh, the degree of marketization of financing channels in Beijing is insufficient, and there are still policy barriers for private capital to enter the public sphere. Therefore, on the one hand, Beijing should vigorously introduce "PPP" and other innovative ways to optimize government investment and financing mode, on the other hand, it should actively promote "sunshine financing" and fully tap private capital to participate in Beijing's construction and financing. In addition, we should actively create a good financial ecological environment, improve the risk management and monitoring system, and guard against the risks of Beijing government financing.
【学位授予单位】：财政部财政科学研究所
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.4

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