地方政府基础设施建设投融资平台债务问题研究

发布时间：2018-02-07 15:22

本文关键词： 基础设施投融资平台分税制债务风险土地财政　出处：《南开大学》2014年博士论文　论文类型：学位论文

【摘要】：近几年来,缘起美国的国际金融危机对全球经济发展产生了深远影响,为应对金融危机带来的影响,各国都实施了积极的财政政策和量化宽松的货币政策,以期拉动经济增长。国际金融危机爆发后,我国政府于2008年11月9日出台了4万亿元经济刺激计划,其中1.18万亿元由中央政府提供,其余则由地方政府进行资金配套,基于我国现阶段依靠基础设施投资拉动的经济增长模式,4万亿元的主要投资方向为基建项目,且资金主要通过地方政府基础设施投融资平台进行基础设施建设投入。此外,为应对国际金融危机,2009年3月18日,人民银行与中国银行业监督管理委员会联合下发了《关于进一步加强信贷结构调整促进国民经济平稳较快发展的指导意见》(银发[2009]92号文件)。根据文件精神,各金融机构要积极响应国家号召,扩大信贷规模,尤其要支持地方基础设施投融资平台的信贷业务,此举确实在应对金融危机过程中发挥了积极作用。在此时期,各地基础设施投融资平台如雨后春笋般迅速扩张,甚至连一些乡镇都成立了投融资平台。在此背景下,基础设施投融资平台的举债规模迅速膨胀,并存在一定程度的运作不规范问题；部分地方政府违规或变相为融资平台举债提供各种担保,由地方基础设施投融资平台债务引发的债务风险不断加剧；基于政府信用的隐性担保,部分金融机构对融资平台的债务风险不够重视,对融资平台的信贷管理机制不够完善。随着融资平台债务问题的不断凸显,我国地方政府在基础设施投融资平台债务风险防范上也呈明显加强趋势。对此,本文以我国地方政府基础设施投融资平台债务为切入点,重点分析了基础设施投融资平台债务的成因、对经济的各项影响、以及债务风险的传导与防范等问题。本文具体研究内容为：第一部分包括第一章和第二章,主要介绍论文的选题背景、研究目的及意义、研究方法、主要创新点以及论文的结构安排,并对基础设施投融资平台及其债务的相关研究文献进行了回顾和梳理。第二部分是第三章至第四章,主要分析了基础设施投融资发展历程。其中,第三章对我国基础设施投融资的历史变迁过程进行了回顾与总结,并指出个阶段的存在的问题与经验；第四章对世界各国基础设施建设投融资模式的发展历程进行了回顾,将其分为政府主导型与市场主导型两种模式,针对两种模式的特点进行对比分析,最后讨论了我国基础设施投融资模式可借鉴的相关经验；第三部分包括第五章与第六章,主要论述基础设施投融资平台的债务相关理论以及债务对经济产生的各方面影响。其中,第五章从理论角度出发,分别从财政分权理论、公共选择理论和委托代理理论三个方面进行了分析；第六章分析了基础设施投融资平台债务对我国经济产生的各方面影响,具体包括对基础设施建设的促进作用、对经济增长的贡献、对宏观调控政策的影响、对资源配置的影响以及对银行绩效产生的影响五个方面。第四部分为第七章,利用2008-2012年我国30个省市及自治区的960家平台企业为研究样本,使用面板回归模型对融资平台债务风险进行了实证分析,并利用灰色新陈代谢模型对债务可持续规模进行了预测分析。第五部分是第八章,介绍本文研究结论及未来研究展望。本文主要在以下方面拟有所创新：(1)目前鲜有学者对我国基础设施投融资平台的债务风险及可持续债务规模进行系统性分析,本文从分税制改革为切入点,从理论上分析了融资平台债务规模迅速扩张的成因,并对融资平台债务对经济产生的各项影响进行了分析,手动搜集数据对融资平台债务风险进行了实证分析,从而对融资平台债务进行了理论及实证方面的系统分析。(2)手动搜集我国2008-2012年全国30个省市及自治区的960家融资平台数据,从实证角度来研究我国基础设施投融资平台的债务风险问题,从而对已有研究文献进行了发展和创新。(3)以我国2008-2012年全国30个省市及自治区的960家基础设施投融资平台数据为研究样本,利用新陈代谢模型GM(1,1)对我国基础设施投融资平台债务的可持续区间进行了测算,从而对基础设施投融资平台的债务风险研究文献进行了补充和完善。
[Abstract]:In recent years, the origin of the international financial crisis has exerted far-reaching influence on the development of global economy, in response to the impact of the financial crisis, all countries in the implementation of the proactive fiscal policy and a quantitative easing monetary policy to stimulate economic growth. The international financial crisis, the Chinese government has issued 4 trillion yuan economic stimulus in November 9, 2008, of which 1 trillion and 180 billion yuan provided by the central government and the rest by the local government matching funds, the present stage of our country rely on infrastructure investment led economic growth model based on the main direction of investment of 4 trillion yuan for infrastructure projects, and funds mainly through local government infrastructure investment and financing platform for infrastructure investment in addition., to tackle the international financial crisis, in March 18, 2009, the people's Bank and China Banking Regulatory Commission jointly issued the "on further Guidance on strengthening the adjustment of credit structure to promote steady and rapid development of the national economy (silver [2009]92). According to the spirit of the document, all financial institutions should actively respond to national call, expand the scale of credit, especially to support local infrastructure investment and financing platform for credit business, it does play a positive role in tackling the financial crisis. During this period, such as the rapid expansion of investment and financing platform like bamboo shoots after a spring rain around the infrastructure, even some towns have set up investment and financing platform.
Under this background, infrastructure investment and financing platform of debt to the rapid expansion of the scale, and there is a certain degree of operational irregularities; illegal or disguised as part of the local government debt financing platform to provide all kinds of guarantees by local infrastructure investment and financing platform debt caused by the debt risk increasing; implicit government guarantee based on the credit risk of financial the mechanism of debt financing platform do not pay enough attention to the financing platform credit management mechanism is not perfect. With the debt financing platform issues continue to highlight China's local government in infrastructure investment and financing platform debt risk prevention was also significantly strengthened the trend. In this regard, the local government infrastructure of China's investment and debt financing platform as a breakthrough the key point, analyzes the causes of infrastructure investment and debt financing platform, the impact on the economy, and the transfer and guide the debt risk Prevention and other problems.
The contents of this paper are as follows: the first part includes the first chapter and the second chapter mainly introduces the background, purpose and significance, research methods, main innovation points and the structure of the paper, the related research and investment and financing platform for infrastructure and debt offering are reviewed. The second part is the third chapter to the fourth chapter, mainly analyzes the development of infrastructure investment and financing. The third chapter reviewed and summarized China's infrastructure investment and financing in the process of historical change, and points out the stage problems and experience; development of the fourth chapter on financing mode of infrastructure construction of all countries in the world are reviewed that will be divided into the government oriented and market oriented two models were compared and analyzed according to the characteristics of the two modes, finally discusses the reference mode of investment and financing of infrastructure in China The third part includes the relevant experience; the fifth chapter and the sixth chapter mainly discusses the various aspects of the impact of infrastructure investment and financing platform of debt related theory and the debt on the economy. Among them, the fifth chapter from the theoretical point of view, from the theory of fiscal decentralization, public choice theory and principal agent theory three aspects are analyzed; the sixth chapter analyzes the various aspects of the impact of infrastructure investment and debt financing platform for China's economy, including infrastructure construction to promote, the contribution to economic growth, the impact of macro-control policies, the impact of the five aspects of resource allocation and the influence on the performance of the bank. The fourth part is the seventh chapter 960, use platform for enterprises in China in 2008-2012 years in 30 provinces and autonomous regions as the research sample, using panel regression model of debt financing platform risk analyses The grey scale metabolism model is used to predict and analyze the sustainable debt scale. The fifth part is the eighth chapter, which introduces the research conclusions and future research prospects.
This paper intends to make innovations in the following aspects: (1) systematic analysis at present few scholars in China's infrastructure investment and financing platform debt risk and sustainable debt scale, the reform of the tax system as the starting point, from the theoretical analysis of the causes of the debt financing platform of the rapid expansion of the scale, and the impact of debt financing the platform of economic analysis, collecting data manually on debt financing platform risk by empirical analysis, in order to debt financing platform for the analysis system of the theoretical and empirical aspects. (2) data of 960 financing platform in China 2008-2012 years of the 30 provinces and autonomous regions in manual searching, debt risk from the perspective of empirical study of China's infrastructure investment and financing platform, and the development and innovation of the existing research literature. (3) in the 2008-2012 years of our country 30 provinces and the autonomous city 960 infrastructure investment and financing platform for the study sample data, using the model of GM (1,1) The new supersedes the old. interval of sustainable debt financing platform for China's infrastructure was calculated, and the investment and financing platform for infrastructure debt risk research literature to supplement and perfect.

【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F812.5;F283

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