政府担保条件下银行参与地方政府投融资平台公司治理的效应研究

发布时间：2018-01-08 01:21

本文关键词：政府担保条件下银行参与地方政府投融资平台公司治理的效应研究　出处：《重庆大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，我国地方政府投融资平台发展迅速，不仅缓解了地方财力不足，，突破了地方建设资金短缺的发展瓶颈，还在一定程度上活跃了市场，带动了企业投资，有力地推动了各地城市化建设和公共基础设施建设，为促民生、保增长、调结构、扩内需，以及在扭转因国际金融危机而带来的经济下滑趋势中发挥了重要作用。但与此同时，也出现了如地方政府投融资平台举债规模巨大，债务负担较重，平台层次良莠不齐，法人治理结构不完善、责任主体不清晰等一些亟须高度关注的问题。因此深入分析银行参与我国地方政府投融资平台公司治理的影响机理，对于规范投融资平台投、融资行为，防范银行的贷款风险，促进地方政府投融资平台持续、健康发展具有重要的理论和现实意义。本文的研究成果主要体现在以下几个方面：第一，通过对地方政府投融资平台数据的收集，从投融资平台数量，资金项目运营状况以及贷款规模，债务结构等方面全面分析了我国地方政府投融资平台的发展现状。分析发现，银行贷款是我国地方政府投融资平台最主要的融资渠道，近两年来我国地方政府投融资平台管理不断规范，银行对投融资平台的约束作用有所加强。第二，在结合前人研究成果和我国地方政府投融资平台实际发展情况的基础上，建立数学理论模型，研究了政府担保条件下我国银行参与地方政府投融资平台公司治理的机制。其研究结果表明：银行对投融资平台的监督力度和投融资平台付出的努力水平都与银行贷款数量正相关，与政府担保履约率负相关；较高的政府担保履约率对银行监督力度和投融资平台努力水平产生的负向影响抵消了贷款数量对银行监督力度和投融资平台努力水平产生的正向影响，致使银行对投融资平台的监督力度和投融资平台付出的努力水平处于较低水平。第三，结合上述理论研究结果，进行进一步的实证研究。实证结果研究表明：银行贷款对投融资平台公司绩效提高和公司治理完善的作用并不明显；银行长期贷款对投融资平台代理成本有一定的抑制作用；虽然目前我国银行对投融资平台的贷款数量较多，但其贷款监督力度并没有相应提高。这与当前我国银行风险防范体系、地方政府投融资平台项目及经营状况有关，同时也反映了政府和相关部门出台的各项政策措施还需要一定时间落实，才能显现成效。最后，基于以上研究结论，提出了完善地方政府投融资平台公司治理机制的各项政策措施。
[Abstract]:In recent years, China's local government investment and financing platform for rapid development, not only to alleviate the lack of local financial resources, break through the bottleneck of the development of local shortage of construction funds, but also to some extent active in the market, driven by investment, a strong impetus to the local city construction and public infrastructure construction, to promote the people's livelihood, growth adjust the structure, expand domestic demand, and in turn due to the international financial crisis brought about the trend of the economic downturn has played an important role. But at the same time, also appeared such as investment and financing platform of local government debt is huge, heavy debt burden, platform level uneven in quality, corporate governance structure is not perfect, the main responsibility is not clear, some urgent need pay close attention to the problem. Therefore the analysis of banks involved in the influence mechanism of China's local government financing platform for the company governance, for investment, investment and financing platform to standardize the financing behavior, prevention It is of great theoretical and practical significance to promote the loan risk of the bank and promote the sustainable development of the local government investment and financing platform.
The research results of this paper are mainly reflected in the following aspects:
First, through the investment and financing platform of local government data collection, the number of funds from the investment and financing platform, project operation status and the size of the loan, the debt structure of a comprehensive analysis of the current development of China's local government financing platform. The analysis shows that the bank loan is China's local government financing platform the main financing channels in recent years China's local government investment and financing platform to standardize management, the bank has strengthened constraint on the investment and financing platform.
Second, based on the actual development situation of combining the results of previous studies and our local government investment and financing platform, the establishment of mathematical model, we study the mechanism of government guarantee under the condition of China's banks to participate in the local government financing platform for the company governance. The research results showed that the number of banks on the supervision of investment and financing platform for investment and financing the platform's effort level and bank loans are positively correlated, negatively correlated with government guarantee rate; high performance rate of government guaranteed bank supervision and financing platform to the level of the negative effect of counteracting the positive influence the number of loans on bank supervision and financing platform to level, resulting in a bank the low level of supervision of investment and financing platform for investment and financing platform efforts.
Third, the combination of the above theoretical results, for further empirical research. Empirical results show that: bank loans to improve the governance performance to improve the investment and financing platform for the company and the company's role is not obvious; long-term bank loans have a certain inhibitory effect on the financing platform of agency cost; although China's Bank for financing platform loans more, but the loan supervision is not improved. This is the current system of risk prevention of China's banks, local government financing platform projects and operating conditions, but also reflects the various policy measures the government and relevant departments of the implementation will take some time, in order to show the effectiveness.
Finally, based on the above research conclusions, the policies and measures to improve the corporate governance mechanism of the local government investment and financing platform are put forward.

【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.2

【参考文献】