地方政府融资平台形成的动因与负债风险研究

发布时间：2018-11-07 13:55

【摘要】：随着中国经济的快速发展和城市化进程的不断加快，为突破城市基础设施建设的资金瓶颈和国家禁止地方政府债务融资的法律障碍，一些地方政府融资平台式的公司陆续出现。尤其近年来，伴随着国际金融危机的影响和冲击，地方政府融资平台迅猛扩张，，在防止经济过快下滑、支持经济回升的同时，其蕴藏的债务风险以及连带的财政金融风险，也引发各方的高度关注与疑虑。各种类型级次的融资平台雨后春笋般地纷纷亮相，地方政府融资平台在数量和债务总量上实现了迅猛扩张。融资平台的出现，拓宽了地方政府债务融资的渠道，缓解了资金紧张的矛盾，极大地推动了地方基础设施建设的蓬勃发展，为防止经济过快下滑，保持经济社会平稳较快发展，做出了积极贡献。但与此同时，也出现了一些亟需高度关注和解决的问题，主要是地方政府债务规模迅速膨胀、偿债风险日益加大，融资平台公司举债融资运作不够规范，银行业金融机构对融资平台公司放贷管理存在风险隐患等。这些问题如不尽快采取有效措施加以解决，势必造成财政和金融风险，影响经济社会持续健康发展和社会稳定。本论文在结构上分为六个部分。第一部分是绪论，介绍了选题背景和意义，研究思路及方法。第二部分是地方政府融资平台概述。通过对地方政府融资平台定义、主要方式、作用的阐述，引出了论文研究的主要内容。第三部分是地方政府融资平台形成的动因分析。从分税制的财政体制以及中国特殊的政府和银行关系等四个方面对地方政府融资平台产生的动因进行了分析。第四部分是地方政府融资平台风险机理与传导机制分析。通过对地方政府融资平台运营模式的现状分析及存在的问题找出地方政府融资平台可能引发的各种风险。第五部分是地方政府融资平台负债的情景分析，利用情景分析法对地方政府融资平台信贷风险及债务规模进行测算，结果显示:融资平台贷款风险总体上处于可控状态，债务规模处于地方承受范围以内。第六部分为政策建议，从政府、银行和各监管部门等角度，提出对融资平台健康、有序发展富有针对性的全方位的政策建议。
[Abstract]:With the rapid development of Chinese economy and the accelerating process of urbanization, in order to break through the capital bottleneck of urban infrastructure construction and the legal obstacle that the state forbids the financing of local government debt, some local government financing companies have appeared one after another. Especially in recent years, with the impact and impact of the international financial crisis, local government financing platforms have expanded rapidly. While preventing the economy from falling too fast and supporting the recovery of the economy, the local governments' debt risks and associated fiscal and financial risks are also contained. Also arouse the high concern and doubt of all sides. Various types of financing platforms have sprung up one after another, and local government financing platforms have achieved rapid expansion in terms of quantity and total debt. The emergence of the financing platform has widened the channels for local government debt financing, alleviated the contradiction of capital tension, greatly promoted the vigorous development of local infrastructure construction, and in order to prevent the economy from sliding too fast and maintain the steady and rapid development of the economy and society, Has made a positive contribution. But at the same time, there are also some problems that need to be paid close attention to and solved. The main problems are that the scale of local government debt is expanding rapidly, the risk of debt servicing is increasing day by day, and the financing operation of financing platform companies is not standard enough. Banking financial institutions on financing platform companies lending management risks and so on. If we do not take effective measures to solve these problems as soon as possible, it will inevitably cause financial and financial risks, and affect the sustained and healthy development of economic and social stability. The structure of this thesis is divided into six parts. The first part is the introduction, introduces the background and significance of the topic, research ideas and methods. The second part is the overview of local government financing platform. Through the definition, main way and function of local government financing platform, the main content of this paper is introduced. The third part is the motivation analysis of the formation of local government financing platform. This paper analyzes the causes of the local government financing platform from four aspects: the fiscal system of the tax distribution system and the special relationship between the government and the bank in China. The fourth part is the analysis of risk mechanism and transmission mechanism of local government financing platform. By analyzing the current situation and existing problems of local government financing platform, we find out the various risks that local government financing platform may cause. The fifth part is the local government financing platform debt scenario analysis, using scenario analysis to calculate the local government financing platform credit risk and debt scale, the results show that the financing platform loan risk is generally in a controllable state. The size of the debt is within the local range. The sixth part is the policy recommendations, from the government, banks and regulatory departments and other angles, put forward to the financing platform healthy, orderly development of the full range of targeted policy recommendations.
【学位授予单位】：湖南科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4

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