地方政府投融资平台现状、问题与政策建议

发布时间：2019-05-07 14:08

【摘要】：各级地方政府为加快推进城市建设和经济发展,财政支出规模迅速扩大,在原来地方政府财权与事权就不相匹配的情况下,形成了巨大的财政资金缺口。为绕开各级地方政府不得作为融资主体的法律约束,“合法”地筹集大量资金,各地纷纷发展各类地方政府投融资平台。然而,由于融资规模大、监管不到位以及其他体制机制因素影响,地方政府投融资平台在发挥应有作用的同时,也产生了一系列负面问题。因此,地方政府投融资平台成为学界和政府都关注的研究热点。本文研究认为,地方政府投融资平台作为名义上的市场经济主体,与其他经营性的以营利为目的的经济主体是有本质区别的,属于特定目的公司的范畴。地方政府投融资平台之所以在较短时间内大量出现,有其各方面的背景因素。经济增长过度依赖投资驱动、城市化进程加快推进、大量货币沉积以及经济环境恶化、巨额国有资产的存在等构成了投融资平台出现的经济背景。同时,财政分权与地方政府竞争以及软约束的预算制度形成了制度背景。《预算法》、《担保法》等法律法规在法律层面上对政府主体的一系列约束形成了催生投融资平台产生的法律背景。全国各地在发展地方政府投融资平台的过程中,相继探索建立了各类典型模式,并积累了成功经验。本文简要讨论了上海、重庆、天津等地的地方政府投融资平台运行模式,同时对平台存在的主要问题进行了分析。本文认为,由于地方政府投融资平台存在的各种问题,以及其本身出现所带有的不得已性,其快速发展也必然带来诸多负面影响。随着投融资平台的扩张以及债务规模的扩大,必然带来资产泡沫加剧与通货膨胀风险,抑制民营经济发展活力,不利于完善市场经济体制和我国经济转型升级,同时间接推高房价造成民生压力,最后还挑战法律权威。在地方政府投融资平台的发展过程中,中央政府的态度几经转折,很大程度上影响了平台的发展或停滞。本文对中央政府历年来对地方投融资平台的宏观政策进行了总结分析,并提出了政策述评。在其基础上,本文对规范地方政府投融资平台发展提出了政策建议。本文认为,短期来看,应该尽快清理投融资平台及其债务,完善投融资平台管理体系,建立健全法人治理结构,完善地方政府投融资活动相关立法。长期来看,要着力改变经济增长方式,推进财税体制改革和投融资体制改革,建立更加科学合理的党政领导考核体系,并重建政府融资体系。
[Abstract]:In order to speed up urban construction and economic development, local governments at all levels have expanded the scale of fiscal expenditure rapidly. Under the circumstances that the original financial and administrative powers of local governments do not match, there is a huge gap in financial funds. In order to avoid the legal restriction that local governments at all levels cannot act as the main body of financing and raise a large amount of funds legally, various localities have developed various investment and financing platforms of local governments. However, due to the large scale of financing, inadequate supervision and other institutional and institutional factors, local government investment and financing platform not only play its due role, but also produce a series of negative problems. Therefore, local government investment and financing platform has become the focus of academic and government research. This paper argues that local government investment and financing platform, as a nominally market economy subject, is essentially different from other profit-making economic subjects, and belongs to the category of specific purpose company. Local government investment and financing platform in a relatively short period of time, there are various background factors. The economic background of investment and financing platform is the excessive dependence of economic growth on investment, the acceleration of urbanization, the deposition of a large amount of money and the deterioration of economic environment, and the existence of huge state-owned assets. At the same time, the budget system of fiscal decentralization and local government competition as well as soft constraints formed the institutional background. The legal background of the emergence of investment and financing platform is formed by a series of restrictions on the government subject by laws and regulations, such as the Law of guarantee and other laws and regulations on the legal level. In the process of developing local government investment and financing platform all over the country, various typical models have been explored and established one after another, and successful experiences have been accumulated. This paper briefly discusses the operation mode of local government investment and financing platform in Shanghai, Chongqing and Tianjin, and analyzes the main problems existing in the platform. This paper argues that the rapid development of local government investment and financing platform is bound to bring a lot of negative effects due to the various problems existing in the investment and financing platform of local government as well as the necessity of its own appearance. With the expansion of the investment and financing platform and the expansion of the debt scale, the asset bubble will inevitably increase and the risk of inflation will be increased, and the vitality of the private economy will be restrained. At the same time indirectly pushing up housing prices cause pressure on people's livelihood, and finally challenge the legal authority. In the process of the development of local government investment and financing platform, the attitude of the central government has changed several times, which greatly affected the development or stagnation of the platform. This paper summarizes and analyzes the macro-policies of the central government over the years to the local investment and financing platform, and puts forward a review of the policies. On the basis of it, this paper puts forward some policy suggestions to standardize the development of local government investment and financing platform. In the short term, we should clean up the investment and financing platform and its debt as soon as possible, perfect the management system of the investment and financing platform, establish and perfect the corporate governance structure, and perfect the relevant legislation of local government investment and financing activities. In the long run, we should make great efforts to change the way of economic growth, promote the reform of the fiscal and taxation system and the system of investment and financing, establish a more scientific and rational system of party and government leadership and assessment, and rebuild the system of government financing.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.7

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