我国地方政府融资模式研究

发布时间：2018-11-19 20:07

【摘要】：1994年,我国实行分税制改革,地方政府的财政收入与地方经济建设的资金需求之间缺口越来越大,地方政府融资问题一直备受关注。1992年,上海市政府组建上海市城市建设投资开发总公司,此后,多地政府竞相效仿,地方融资平台登上了地方融资的历史舞台。2008年下半年金融危机席卷全球,在金融危机的背景下,我国政府推出了4万亿元的刺激经济计划,这一计划对我国经济的影响十分深远。在宽松的宏观经济政策的刺激,与资金缺口扩大的压力下,地方政府融资需求十分迫切,融资手段层出不穷,迅猛攀升的银行贷款金额,急速膨胀的城投债发行规模,如雨后春笋般成立的地方政府平台公司,无一不昭示着地方政府融资已成为当前中国经济的一个重要问题。本文以公共产品理论和财政分权理论为理论基础,从历史沿革和发展现状研究研究我国地方政府融资模式。自1979年国家进行“拨改货”试点以来,我国地方政府经历了多个阶段的探索和实践,在《预算法》等相关法律的约束下,不断探寻新的融资渠道,融资金额高速增长,融资模式日渐成熟,逐步形成了以融资平台为载体,通过银行贷款、发行城投债筹借资金的融资模式。此外,我国正对地方自主发债进行探索,目前已有6个省市作为试点发行地方政府债券,但融资的规模和社会影响力都相对较小。在对地方政府融资现状的研究中,本文还特别选取了上海等较为典型的地区进行样板分析。他山之石可以攻玉,本文研究了发达国家的主要融资模式,以期对我国的模式革新有所借鉴。尽管具体做法各有不同,但这些国家的地方融资都具备优良的制度设计,完善的监管体系和法制管理体系,以财政作为主导,吸收私人部门参与到基础设施建设项目,提高投资运营效率。在现行融资模式下,地方政府募集资金,弥补了地方建设资金的不足,加快了城市公共基础设施的建设。但是存在的问题也不容忽视：融资平台不规范,、风险难以管控,对土地出让金过于依赖不可持续。对于平台融资,要从平台公司公司、地方政府和银行三个维度加以规范,完善法律法规,严控操作流程,建立监管体系。加大地方政府自行发债试点力度,逐步建立起规范的地方政府债券制度。此外,基础设施建设并不需要完全由政府包揽,在一些领域实践公私合作,引入私人资本,既能解决融资的难题,提高建设运营效率,又能为民间资本开拓新的投资渠道。一言以蔽之,我国地方融资短期应着眼于优化与规范平台融资公司,中长期则可推广市政债的发行,建立起完善的法律法规体系以支持PPP模式长期发展。
[Abstract]:In 1994, China carried out the tax sharing reform. The gap between the local government's financial revenue and the local economic construction fund demand is increasing. The financing problem of local government has been paid close attention to all the time. The Shanghai Municipal Government set up the Shanghai Urban Construction Investment and Development Corporation. Since then, many governments have followed suit, and local financing platforms have mounted the historical stage of local financing. In the second half of 2008, the financial crisis swept the world, and in the context of the financial crisis, Our government has launched a 4 trillion yuan stimulus plan, which has a profound impact on our economy. Under the stimulus of loose macroeconomic policies and the pressure of the widening of the funding gap, local governments are in urgent need of financing. Financing means are emerging in endlessly, the amount of bank loans rapidly rising, and the rapidly expanding size of city investment and bond issuance. The local government platform companies, which sprang up after a spring rain, all show that local government financing has become an important issue in the current Chinese economy. Based on the theory of public goods and the theory of fiscal decentralization, this paper studies the financing mode of local government in China from the historical evolution and present situation. Since 1979, when the country carried out the pilot project of "rationing and modifying goods", the local governments of our country have experienced many stages of exploration and practice. Under the constraints of the relevant laws such as the Budget Law, the local governments have been constantly exploring new financing channels and the amount of financing has increased at a high speed. The financing mode is maturing day by day, and the financing mode of financing platform is gradually formed, through bank loan, issuing city investment debt to raise funds. In addition, our country is exploring the local autonomous issuance of bonds. At present, six provinces and cities have issued local government bonds as pilot projects, but the scale of financing and social influence are relatively small. In the study of the current situation of local government financing, this paper also selected Shanghai and other typical regions for model analysis. This paper studies the main financing models of developed countries in order to learn from the innovation of our country. Although specific practices vary, local financing in these countries has excellent institutional design, sound regulatory and legal management systems, fiscal dominance and the involvement of the private sector in infrastructure projects. Improve the efficiency of investment operation. In the current financing mode, the local government raised funds, made up for the shortage of local construction funds, and accelerated the construction of urban public infrastructure. However, the existing problems can not be ignored: the financing platform is not standard, the risk is difficult to control, and the land transfer is too dependent on sustainability. For platform financing, we should standardize the three dimensions of platform company, local government and bank, perfect the laws and regulations, strictly control the operation flow, and establish the supervision system. Local governments should step up their efforts to issue bonds on a pilot basis and gradually establish a standardized local government bond system. In addition, the construction of infrastructure does not need to be taken over by the government. In some fields, the practice of public-private cooperation and the introduction of private capital can not only solve the problem of financing, improve the efficiency of construction and operation, but also open up new investment channels for private capital. In short, local financing in China should focus on optimizing and standardizing the platform financing companies in the short term, promoting the issuance of municipal debt in the medium and long term, and establishing a perfect legal and regulatory system to support the long-term development of the PPP model.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.7

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