基于DEA模型的地方政府融资平台投资效率分析

发布时间：2018-07-20 17:28

【摘要】：近年来,为了促进地方经济发展,加快推进城市化进程,地方政府通过设立各种融资平台以支持地方基础设施建设,为我国积极扩大内需提供了良好的资金通道。尤其是2008年金融危机之后,地方政府配合中央出台的“四万亿”计划,扩大融资需求,融资平台得以快速发展。融资平台在满足政府投融资需要、主导项目进程、提供公共服务的同时,也暴露出了一系列问题。当前对融资平台的研究多以债务风险为切入点,从融资角度看问题,找对策。但是作为企业法人的融资平台,融资之后必然通过投资去实现其企业目标和政府意志,所以本文另辟蹊径,重点研究地方政府融资平台的投资效率,科学选取评价指标,构建规范的效率评价模型,通过实证回归分析影响效益异同的因素。本文结构如下：第1章前言,介绍文章研究的背景和意义,对地方政府融资平台的概念进行界定,并介绍了本文的研究方法、内容、创新和不足。第2章从理论角度分析了地方政府融资平台产生的合理性和必要性,总结了融资平台在经济发展过程中所发挥的作用。随后本章梳理了我国融资平台的发展历史,总结了发展现状及几种代表性的城投公司模式,最后指出了当前存在的问题。第3章是融资平台投资效率的理论模型,首先界定了经济学上“效率”的概念,然后对有关公共物品提供方式的理论文献进行综述,在此基础上对效率评价方法的研究成果进行综述。在评价方法部分,本章先对有关政府投资效率的研究进行综述,在此基础上进一步对承担部分政府职能的融资平台的效率研究进行综述,并重点借鉴了梁邦海(2010)研究过程中的指标体系,为实证模型的构建和结果输出奠定了理论基础。第4章是效率评价指标和体系的构建,由于本文选用的是较为成熟的DEA模型进行效率打分,所以指标的选择异常重要,本章详细介绍了指标选择过程中的原则,指标分类和数据来源,并对数据进行取对数处理后的结果进行了简要分析。第5章分为两部分。首先构建DEA模型,通过最优线性规划得到六家城投公司五年的相对投资效率,其中,沈阳水务一直处在DEA模型中的效率值边界,其他五家公司的投资效率呈现不断提高的趋势,而珠海水务公司的相对效率最低。第一部分中模型的投资效率得分将是下一部分模型中的被解释变量。第二部分中,通过随机效应、固定和Tobit模型识别了影响融资平台投资效率的因素,其中既包括公司财务指标(资产负债率、长短期债务比),又包括地方政府经济和财政指标(新增固定资产投资、政府规模、GDP增速)。实证结果显示,新增固定资产投资和政府规模对融资平台投资效率的影响结果显著,而公司资产负债率和长短期债务比仅在固定模型中显著,GDP增速则对投资效率几无影响。结合其他学者研究成果,本文简要分析了这些因素影响地方政府融资平台投资效率的机制。最后一章是政策启示部分,梳理了若干条有关改善融资平台投资效率和降低地方债务风险的的建议。文章最后对将来有关政府融资平台研究内容的建议和展望。本文通过建立融资平台的效率评价指标和体系,为合理评价其投资效率提供了科学的理论依据。文章根据模型评价得分和影响因素分析结果,提出了提升政府融资平台投资效率的建议,即转变政府职能、理顺政企关系,推进地方政府融资平台的市场化,吸引民间资本进入公共基础服务领域,引导融资平台资金流向,强化融资平台债务约束,完善地方政府融资平台信息披露机制,并加快地方政府融资平台的整合等。从而为政府融资平台如何提高自身运作效率,实现健康、可持续发展提供了现实指导。
[Abstract]:In recent years, in order to promote the development of local economy and accelerate the process of urbanization, the local government has provided a good capital channel for our country to actively expand domestic demand by setting up various financing platforms, especially after the 2008 financial crisis, the local government has expanded the "four trillion" plan in conjunction with the central government. The financing platform is developing rapidly. The financing platform also exposes a series of problems while meeting the needs of the government investment and financing, leading the project process and providing public service. The current research on financing platform is mainly based on the debt risk, looking at the problems from the financing point of view, looking for Countermeasures. After financing, it is bound to realize its enterprise goals and government will through investment, so this article is a new way to study the investment efficiency of the local government financing platform, select the evaluation index scientifically, construct the standard efficiency evaluation model, and analyze the factors that affect the difference and the similarities and differences through empirical regression analysis.
The structure of this article is as follows:
The preface of the first chapter introduces the background and significance of the study, defines the concept of the local government financing platform, and introduces the research methods, contents, innovation and deficiency of this paper.
The second chapter analyzes the rationality and necessity of the local government financing platform from the theoretical point of view, and summarizes the role played by the financing platform in the process of economic development. Then this chapter combs the history of the development of the financing platform in China, summarizes the development status and several representative model of the city investment company, and points out the existing questions at the end of this chapter. Question.
The third chapter is the theoretical model of the investment efficiency of the financing platform. First, the concept of "efficiency" in economics is defined, and then the theoretical literature on the provision of public goods is reviewed. On this basis, the research results of the efficiency evaluation method are summarized. In the evaluation method part, this chapter first studies the government investment efficiency. On the basis of this, it summarizes the efficiency of the financing platform that bears some government functions, and focuses on the index system in the study of Liang Banghai (2010), which lays a theoretical foundation for the construction of the empirical model and the output of the results.
The fourth chapter is the construction of efficiency evaluation index and system. Since this article selects the more mature DEA model for efficiency score, the selection of index is very important. This chapter introduces the principle, index classification and data source in the process of index selection in detail, and gives a brief analysis of the results after data entry and log processing.
The fifth chapter is divided into two parts. First, the DEA model is constructed, and the relative investment efficiency of six city investment companies for five years is obtained through the optimal linear programming. Among them, Shenyang water affairs have been in the DEA model's efficiency boundary, the other five companies are increasing the investment efficiency, while the relative efficiency of the Zhuhai Water Service Company is the lowest. The investment efficiency score of the model will be the explanatory variable in the next part of the model. In the second part, the factors that affect the investment efficiency of the financing platform are identified by the random effect, the fixed and Tobit model, including the corporate financial index (asset liability ratio, the long and short term debt ratio), and the local government's economic and financial indicators (newly added) Fixed assets investment, government scale, GDP growth rate). The empirical results show that the effect of new fixed assets investment and government scale on investment efficiency of financing platform is significant, while the company's asset liability ratio and the long and short term debt ratio are only in the fixed model, and the GDP growth rate has no effect on the investment efficiency. This paper briefly analyzes the mechanism that these factors affect the investment efficiency of the local government financing platform.
The last chapter is a part of policy inspiration. Some suggestions on improving the investment efficiency of financing platform and reducing the risk of local debt are combed. Finally, some suggestions and prospects for future research on the government financing platform are given.
By establishing the evaluation index and system of the efficiency of the financing platform, this paper provides a scientific theoretical basis for the rational evaluation of its investment efficiency. According to the results of the evaluation and the analysis of the factors affecting the investment, the paper puts forward some suggestions to improve the investment efficiency of the government financing platform, namely, to change the function of government government, to straighten out the relationship between government and enterprise, and to promote the integration of local government. The marketization of the capital platform attracts the private capital into the field of public basic service, guides the flow of financing platform, strengthens the debt constraint of the financing platform, consummate the information disclosure mechanism of the local government financing platform, and quicken the integration of the local government financing platform, so as to improve the efficiency and realize the health of the government financing platform. The sustainable development provides practical guidance.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F224

【参考文献】