分权视角下的地方政府性债务问题研究

发布时间：2018-02-07 15:19

本文关键词： 地方政府性债务财政分权行政集权融资软约束　出处：《财政部财政科学研究所》2013年硕士论文　论文类型：学位论文

【摘要】：本文基于财政分权的视角研究财政政策扩张背景下的中国地方政府性债务问题。分权是本文研究的逻辑起点,并致力于通过“财政分权-地方政府行为-地方政府性债务”的逻辑轨迹分析中国地方政府性债务的制度性根源和对宏观经济风险的影响。金融危机后,地方政府性债务风险逐渐成为经济学界和市场关注的焦点,也是经济转型过程中的重要课题。地方政府性债务大规模出现的基本背景是中国的财政分权改革和经济赶超过程中地方政府承担了大量的资本性支出。而其特殊的经济周期背景则是我国为应对金融危机而出台的4万亿经济刺激计划。针对地方政府性债务的成因,学界提出了多种解释,本文认为,地方政府性债务是多种因素共同作用的结果。本文尝试构建了“财政分权-行政集权-融资软约束”的三因素框架以解释地方政府性债务问题产生的制度性根源。财政分权是规范政府间财政关系的重要制度设计,但它也造成了地方政府财权事权的不匹配,地方政府可支配财政资源长期不足,同时财政分权还唤醒了地方政府的自我利益意识；行政集权是中国特色的政治体制,它提供了地方政府竞争的内在激励机制,地方官员为仕途晋升考虑而过分关注GDP增长,而政府主导的经济增长必然是投资驱动型；融资软约束则为地方政府创造了融资扩张的空间,一方面来自中央政府的预算软约束使得债权人相信中央政府会为地方政府背书,另一方面银行间的竞争压力和国有银行本身的软预算约束促成了地方政府与银行的信贷共谋,其结果就是财政风险的金融化。在详细研究地方政府性债务理论的基础上,本文首先辨析了政府债务与地方政府性债务的概念,明确了中国地方政府性债务的统计口径,并阐释了财政分权与地方政府融资需求的理论机理。随后本文根据搜集的相关资料,估测了当前地方政府性债务的规模,并对地方政府性债务的现状和特点做了说明。在此基础上,本文提出了“财政分权-行政集权-融资软约束”的分析框架,分别分析了以上三因素对地方政府性债务的影响,并认为三因素的共同作用构成了地方政府性债务产生的制度根源。最后,本文分析了地方政府性债务对宏观经济风险的影响,并针对构建规范的地方政府债务融资制度提出了相关政策建议。
[Abstract]:Based on the perspective of fiscal decentralization, this paper studies the problem of Chinese local government debt under the background of fiscal policy expansion. Decentralization is the logical starting point of this paper. It is also committed to analyze the institutional causes of Chinese local government debt and its impact on macroeconomic risks through the logical trajectory of "fiscal decentralization-local government behavior-local government debt". After the financial crisis, the local government debt risk has gradually become the focus of attention of the economic circles and the market. It is also an important subject in the process of economic transformation. The basic background of the large-scale emergence of local government debt is that the local government undertakes a large amount of capital expenditure in the process of fiscal decentralization reform and economic catch-up in China. The background of our country's economic cycle is the 4 tillion economic stimulus package that China issued in response to the financial crisis. It aims at the causes of local government debt. Scholars have put forward a variety of explanations. Local government debt is the result of multiple factors. This paper attempts to construct a three-factor framework of "fiscal decentralization, administrative centralization-soft financing constraint" to explain the institutional root of the local government debt problem. Fiscal decentralization is an important institutional design for regulating intergovernmental fiscal relations. But it also causes the mismatch of the local government's financial power and power, the local government's financial resources are insufficient for a long time, and the fiscal decentralization also awakens the local government's self-interest consciousness, and the administrative centralization is the political system with Chinese characteristics. It provides the internal incentive mechanism of local government competition, local officials pay too much attention to GDP growth for the sake of career promotion, and the government-led economic growth must be investment-driven; Soft financing constraints create space for local governments to expand their financing. On the one hand, soft budgetary constraints from the central government make creditors believe that the central government will endorse local governments. On the other hand, the competitive pressure between banks and the soft budget constraints of state-owned banks promote the collusion of credit between local governments and banks, and the result is the financialization of fiscal risk. Based on the detailed study of the theory of local government debt, this paper first analyzes the concepts of government debt and local government debt, and clarifies the statistical criteria of Chinese local government debt. The paper also explains the theoretical mechanism of fiscal decentralization and local government financing needs. Then, according to the relevant data collected, this paper estimates the scale of current local government debt. On the basis of this, this paper puts forward the analytical framework of "fiscal decentralization-administrative centralization-soft constraint of financing", and analyzes the influence of the above three factors on the local government debt. Finally, this paper analyzes the influence of local government debt on macroeconomic risk. And put forward the relevant policy suggestions to construct the standard local government debt financing system.
【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】：2013
【分类号】：F812.5

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