我国地方政府融资平台债务风险研究

发布时间：2018-11-22 11:07

【摘要】：我国地方政府融资平台为促进城市基础设施建设和公用事业发展筹集资金发挥了积极的作用。2008年11月,为应对国际金融危机,我国政府实施了积极的财政政策,地方政府融资平台得到了较大发展,为保增长、扩内需、调结构、促民生,以及迅速扭转经济下滑趋势发挥了重要作用。然而在其高速发展的同时,也出现了平台债务规模增长过快、运作不够规范、债务风险激增等问题。为有效防范财政金融风险,保持经济持续健康发展和社会稳定,加强对地方政府融资平台的债务风险进行研究和治理已经成为一项紧迫的任务。论文旨在通过调查和整理相关数据,对当前地方政府融资平台的债务规模、债务结构及债务风险状况有一个更加清晰、明确的认识。建立评估地方政府融资平台债务运行状态的指标体系和测评模型,运用统计分析方法对当前地方政府融资平台蕴藏的债务风险做出客观的实证性评估,以实证分析结果为依据,完成对地方政府融资平台债务风险的预警,从多维的角度对其深刻成因进行深入剖析。提出近期以控制风险爆发为重点,远期以制度建设为主,对地方政府融资平台债务风险进行治理。本研究对地方政府投融资平台债务风险的度量与控制有一定的参考价值,有助于政府尽快出台风险治理措施,有效防范和解决地方政府投融资平台的债务风险问题。研究的创新之处主要体现在以下两个方面：第一,充分利用金融市场公开数据,从地方政府融资平台融资渠道的角度入手,对融资平台的债务结构及其风险特点进行了深入研究,并对债务规模进行了较为科学、可信的估算,能够更真实、准确地反映地方政府融资平台债务风险的现实状况和发展趋势。第二,充分利用债券市场公开文件,对地方政府融资平台的经营特点、投资项目、与地方政府的关系、偿债资金来源等与债务风险密切相关的重要内容进行了实证研究。
[Abstract]:The local government financing platform of our country has played an active role in raising funds for promoting the construction of urban infrastructure and the development of public utilities. In November 2008, in response to the international financial crisis, our government implemented an active fiscal policy. The local government financing platform has been greatly developed, which plays an important role in maintaining growth, expanding domestic demand, adjusting structure, promoting people's livelihood, and rapidly reversing the downward trend of the economy. However, with the rapid development of the platform debt, the scale of platform debt increases too fast, the operation is not standardized, and the debt risk surges. In order to effectively prevent financial and financial risks, maintain sustainable and healthy economic development and social stability, strengthen the research and management of debt risk of local government financing platform has become an urgent task. The purpose of this paper is to make a clear and clear understanding of the debt scale, debt structure and debt risk of the local government financing platform through the investigation and collation of relevant data. This paper establishes an index system and an evaluation model to evaluate the operating state of local government financing platform debt, and makes an objective and empirical evaluation of the debt risk of the current local government financing platform by using the statistical analysis method, which is based on the results of the empirical analysis. This paper analyzes the causes of debt risk of local government financing platform from the perspective of multidimensional analysis. It is proposed that the key point is to control the risk outbreak in the near future, and the system construction should be the main part in the long run to deal with the debt risk of the local government financing platform. This research has certain reference value to the local government investment and financing platform debt risk measurement and control, and helps the government to issue the risk management measures as soon as possible, and effectively prevent and solve the local government investment and financing platform debt risk problem. The innovation of the research is mainly reflected in the following two aspects: first, make full use of financial market open data, from the perspective of financing channels of local government financing platform, The debt structure and risk characteristics of the financing platform are deeply studied, and the scale of the debt is estimated scientifically and reliably, which can be more true. Accurately reflect the local government financing platform debt risk situation and development trend. Secondly, the paper makes full use of the open documents of the bond market to make an empirical study on the operating characteristics of the local government financing platform, the investment project, the relationship between the local government and the local government, and the sources of debt repayment funds, which are closely related to the debt risk.
【学位授予单位】：天津财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F812.5

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