地方政府融资平台风险分析与改革转型研究

发布时间：2018-02-09 15:15

本文关键词： 地方政府融资平台风险管理市场化转型改革　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：现阶段我国正处于城镇化建设的关键时期,再加之1997年亚洲金融危机以及2008年由美国次贷危机造成的全球性金融危机对我国经济的影响,中国的中央政府持续实施了扩张性财政货币政策,进行了大规模的基础性投资,地方政府配套资金缺口巨大。为此,各级地方政府积极采用负债的方式刺激经济发展,并绕开原《预算法》的举债限制,大量利用融资平台公司进行融资以弥补地方财政资金缺口。地方政府融资平台的建立和发展具有浓重的时代特征,并取得了积极的效果,但由于其与生俱来的变通性和非规范性,在运行中也累积了诸多问题和风险。地方政府融资平台作为我国政府融资体系的重要组成部分,一旦出现偿债违约和资金流断裂,因其在财政金融和经济运行系统中的传导性和扩散性,对地方财政的可持续性和整个国家经济的负面影响不容小觑。虽然目前地方政府性债务的各项指标仍处于通用标准参考值范围以内,风险总体可控,但国家层面已经开始未雨绸缪,着手解决地方政府融资过程中的隐患与风险。近年来,中央政府层面密集出台相关政策及文件,对地方政府融资平台进行清理和转型改革,不允许地方政府再搞融资平台,并着手剥离地方政府对融资平台的偿债义务和在公共服务领域推广PPP(public-private partnership)模式替代融资平台的融资功能,然而实际进展并不如意,且由于地方政府对PPP的不规范运用,使得其在一定程度上成为了另一种变相的政府融资平台。有效推进地方政府融资平台转型改革迫在眉睫,其既是防范和化解财政金融风险的必要举措,也是维护经济安全和社会稳定亟待研究的重大课题。在此背景下,本文以市场增进论、政府金融资源配置、政府金融风险管理等相关理论为基础,具体分析了地方融资平台的特点及其存在的问题与风险,系统考察了地方政府融资平台问题及风险产生的原因。在此基础上,结合中央政府的相关政策精神,参考国际上部分发达国家地方政府融资模式与经验及2014年后融资平台转型改革出现的新问题,提出和阐述了推进地方政府融资平台转型改革的对策和配套措施。主要包括政企分离,分类定位;公平竞争,优胜劣汰,向市场化转型;实行公司化改革,优化资本结构,适当增信;进一步明确公益性项目、半公益性项目的具体范围完善相关法律体系;加强地方政府投融资监督体系建设;继续深化财税体制改革,夯实地方政府财力基础;规范商业银行等金融机构的贷款行为;规范地方政府实施PPP模式等。
[Abstract]:At the present stage, China is in the crucial period of urbanization construction, coupled with the impact of the Asian financial crisis in 1997 and the global financial crisis caused by the subprime mortgage crisis in the United States on China's economy in 2008. China's central government has continued to implement an expansionary fiscal and monetary policy, has made large-scale basic investment, and there is a huge funding gap for local governments. For this reason, local governments at all levels have actively adopted the method of debt to stimulate economic development. In order to make up for the gap of local finance funds, the establishment and development of local government financing platforms have strong characteristics of the times and have achieved positive results, so as to avoid the borrowing restrictions of the original Budget Law and to make up for the gap of local financial funds by a large number of financing platform companies. However, due to its inherent flexibility and non-standardization, there are many problems and risks accumulated in the operation. As an important part of our government financing system, the local government financing platform once occurs default of debt service and break of capital flow. Because of its conductivity and diffusivity in the financial, financial and economic operating systems, The negative impact on the sustainability of local finance and the national economy as a whole is not to be underestimated. Although the indicators of local government debt are still within the general standard reference value, the risks are generally manageable. However, the national level has begun to plan ahead to tackle the hidden dangers and risks in the process of local government financing. In recent years, the central government has intensively issued relevant policies and documents to clean up and reform local government financing platforms. Local governments are not allowed to re-engage in financing platforms and begin to divest local governments of their debt service obligations to financing platforms and to promote the PPP(public-private partnership model in the public service sector to replace the financing functions of financing platforms, but the actual progress has not been satisfactory. Due to the non-standard use of PPP by local governments, it has become another kind of government financing platform in disguise to some extent. It is urgent to effectively promote the transformation and reform of local government financing platforms. It is not only a necessary measure to prevent and resolve financial and financial risks, but also an important subject to be studied urgently to maintain economic security and social stability. Based on the theory of government financial risk management and so on, this paper analyzes the characteristics of local financing platform, its problems and risks, and systematically investigates the problems of local government financing platform and the causes of the risks. Combined with the relevant policy spirit of the central government, referring to the financing mode and experience of local governments in some developed countries and the new problems that appeared in the transformation and reform of financing platform after 2014, This paper puts forward and expounds the countermeasures and supporting measures to promote the transformation and reform of local government financing platform. It mainly includes the separation of government and enterprise, the classification orientation, the fair competition, the survival of the fittest and the marketization, the implementation of corporatization reform, and the optimization of capital structure. To improve trust; to further clarify the specific scope of public welfare projects and semi-public welfare projects to improve the relevant legal system; to strengthen the construction of local government investment and financing supervision system; to continue to deepen the reform of the fiscal and taxation system; to consolidate the financial base of local governments; Standardize the loan behavior of commercial banks and other financial institutions, and standardize the implementation of PPP model by local governments.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39

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