我国新型城镇化的金融支持体系研究

发布时间：2018-04-22 14:28

本文选题：新型城镇化 + 金融支持体系　；参考：《天津财经大学》2015年博士论文

【摘要】：受国内外经济形势持续低迷的影响,中国经济下行压力不断加大,新型城镇化建设日益成为保证投资、稳定增长的主要载体。新型城镇化的投资内容既包含传统的市政基础设施,也囊括社保民生等领域,融资需求巨大。现有金融支持主要来源于地方政府和银行贷款,他们为原有城镇化提供了巨额资金支持,但也形成了超过十万亿的地方政府性债务。地方政府承担了大部分城镇化投融资职责,留存的财政收入却远远不足,只能依赖卖地和举债来支撑。同时,在以GDP增速为主的政绩考核压力下,各地普遍"大干快上"建设基础设施,城镇化投资规模、速度超出地方财政的承受能力。地方政府大多无力偿还巨额城镇化债务,往往通过借新还旧或债券置换等方式展期。在此背景下,政府和银行难以为新型城镇化提供增量融资支持,现有金融支持蕴含较大的流动性风险。因此,无论是站在推动新型城镇化建设,还是从防控金融风险的角度,研究新型城镇化的金融支持问题都具有现实紧迫性。基于此,本文首先反思了现有金融支持的不可持续性,指出造成这一问题的根源是其缺乏系统性。随后,本文遵循功能金融理论"目标-环境-功能-结构"的研究路线,在借鉴国内外实践经验基础上,构建起新型城镇化的金融支持体系,并进一步从金融支持体系的长度、宽度和深度三个维度出发展开理论分析。其中,"长度"指金融支持体系在时间上的可持续性,"宽度"指资金来源的广泛性,"深度"则是指金融支持体系的基础和可靠性。本文通过理论研究发现:(1)金融支持体系要保持可持续性,首先要优化相关制度安排。具体而言,政府应减少对经济的直接干预,在加强财政收支监管的同时,打破城乡二元的产权和户籍制度安排;(2)政府应根据资金性质的不同,明确各类金融机构之间及其与社会资金之间的职能分工,这是拓宽融资渠道的关键。政策性金融应侧重于为非经营性城镇化项目提供更多金融支持,商业金融则侧重于服务实体经济和部分经营性城镇化项目。社会资金应当更多提供股权融资支持,改善城镇化融资结构;(3)政府强化财政引导作用的关键是发展实体产业、提高财政收入留存的比例,并提升投融资效率。为验证理论分析结论,本文采用层次分析法研究三维金融支持体系与新型城镇化均衡发展目标的相关性。论文首先结合对长、宽、深三个维度的理论分析,从中提炼出各层次指标,构建指标体系,并确定相应权重。而后依次从长、宽、深三维指标体系中选取最核心的行政案件收案率、社会融资比例和财政自给率三个指标作为自变量,利用历史数据检验他们与新型城镇化均衡发展水平(也即城乡居民收入差距)的相关性。结果表明,政府公权力扩张将阻碍新型城镇化的均衡发展,而社会融资比例提高将促进新型城镇化的均衡发展,地方财政自给率与新型城镇化的均衡发展正相关。实证结果支持了理论分析部分的结论,长、宽、深三个维度对新型城镇化均衡发展目标均存在显著影响,且影响程度依次递减。
[Abstract]:Under the influence of the economic situation at home and abroad, the downward pressure of China's economy is increasing. The new urbanization construction has become the main carrier to ensure the investment and stable growth. The new urbanization includes both the traditional municipal infrastructure and the social security and people's livelihood. The financing needs are huge. The main financial support is the main financial support. From local government and bank loans, they have provided huge financial support for the original urbanization, but also formed more than ten trillion of local government debt. The local government has undertaken most of the urban investment and financing responsibilities, but the remaining financial revenue is far short. It can only be supported by the land and the debt. At the same time, the growth rate of the local government is at the GDP growth rate. Under the pressure of the performance appraisal of the main government, the infrastructure of the construction of "big dry and fast" is generally built, and the scale of urbanization investment is beyond the capacity of the local finance. Most of the local governments are unable to repay the huge amount of urbanization debt, often by means of new old or bond replacement. In this context, the government and the bank are difficult to make a new urbanization. In order to provide incremental financing support, existing financial support contains greater liquidity risk. Therefore, it is urgent to study the financial support problem of new urbanization, whether it is to promote the construction of new urbanization, or from the perspective of financial risk prevention and control. Based on this, this paper first reflects on the unsustainability of existing financial support, which means that the financial support is not sustainable. The root of this problem is its lack of systematicness. Following the research route of the functional financial theory "target environment function structure", this paper builds a new financial support system for urbanization on the basis of practical experience at home and abroad, and further develops from the three dimensions of the length, width and depth of the financial support system. "Length" refers to the sustainability of financial support system in time. "Width" refers to the breadth of funds. "Depth" refers to the basis and reliability of the financial support system. Through theoretical research, this paper finds that (1) the financial support system should maintain sustainability, first of all, to optimize the relevant institutional arrangements. Specifically, the government is concerned. The government should reduce direct economic intervention, strengthen the supervision of fiscal revenue and expenditure, and break the property rights and household registration system of two yuan in urban and rural areas. (2) the government should make clear the division of labor between various financial institutions and their social funds according to the different nature of the funds. This is the key to widening the financing channels. More financial support is provided for non operational urbanization projects, and commercial finance focuses on the service entity economy and some operational urbanization projects. Social funds should provide more equity financing support and improve the financing structure of urbanization. (3) the key to the government's strengthening financial guidance is to develop the real industry and improve the retention of fiscal revenue. In order to verify the conclusion of the theoretical analysis, this paper studies the correlation between the three dimensional financial support system and the balanced development goal of the new urbanization in order to verify the conclusion of the theoretical analysis. Firstly, the thesis combines the theoretical analysis of three dimensions of long, wide and deep, from which each level index is extracted, the index system is constructed and the corresponding weight is determined. Then we choose the most core administrative case collection rate in the long, wide and deep three-dimensional index system, the proportion of social financing and the three indexes of financial self-sufficiency rate as independent variables, and use the historical data to test the correlation between them and the balanced development level of the new urbanization (namely the income difference between urban and rural residents). The result shows that the government power expansion will be expanded. The balanced development of the new urbanization will be hindered, and the increase in the proportion of social financing will promote the balanced development of the new urbanization. The self-sufficiency rate of local finance is positively related to the balanced development of the new urbanization. The empirical results support the conclusion of the theoretical analysis, and the three dimensions of long, wide and deep have significant influence on the balanced development goal of the new urbanization. And the degree of influence decreased in turn.

【学位授予单位】：天津财经大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：F299.21;F832

【参考文献】