我国地方投融资平台债务风险研究

发布时间：2018-11-22 16:09

【摘要】：我国的地方投融资平台萌芽于20世纪80年代,在80年代末正式产生,开始担负起其历史使命。首先,满足了地方建设基础设施和公共设施的巨大资金需求,促进了地方经济的快速发展,也推动了我国的城市化和工业化进程。其次,加强了对政府投资的有效监督和管理,提高了政府的投资效率。最后,建立和完善了政府投资与国有资产经营管理体系,有利于实现国有资产的保值增值。经过二十几年的发展壮大,2008年为地方投融资平台入主政府投资领域提供了绝佳契机。由于美国爆发次贷危机,全球经济受到波及,我国经济亦未能幸免。在此背景下,中央政府实施积极财政政策,推出总额达四万亿的综合投资计划,但要求地方政府实施配合措施,共同刺激经济增长。为规避现行法律对地方债务融资的限制,地方政府纷纷设立融资公司,由此我国地方投融资平台蓬勃发展。但是在快速发展的同时,也逐渐显现出一系列问题,包括“先天性不足”以及“后天发育不全”。若不及时进行防范和治理,后果严重。因此,对于地方投融资平台进行研究治理,刻不容缓。本文系统阐述了地方投融资平台生存发展的理论依据,并根据调查和收集数据,仔细分析了我国的地方投融资平台债务的现状,并从投融资平台自身、地方政府以及银行等金融机构三个层面分析了投融资平台风险形成机理,针对投资风险和融资风险两种风险进行了详细阐述。同时探究了我国地方政府投融资平台风险的传导路径,主要包括向财政风险、金融风险转嫁。最后本文重点提出了防范风险的对策建议,包括政府规范层面、地方政府及投融资平台自身以及银行等金融机构层面,形成了比较完整的防范体制,从而有效控制地方投融资平台的债务风险,有利于我国经济社会和谐发展、健康运行。
[Abstract]:The local investment and financing platform of our country sprouted in the 1980's and began to take on its historical mission at the end of 1980's. First of all, it meets the huge financial needs of local infrastructure and public facilities, promotes the rapid development of local economy, and also promotes the process of urbanization and industrialization in China. Secondly, strengthen the effective supervision and management of government investment, improve the efficiency of government investment. Finally, the system of government investment and management of state-owned assets is established and perfected, which helps to maintain and increase the value of state-owned assets. After more than 20 years of development, 2008 provides a good opportunity for local investment and financing platform to enter the government investment field. Because of the subprime mortgage crisis in the United States, the global economy has been affected, and our economy has not been spared. In this context, the central government has implemented an active fiscal policy and launched a comprehensive investment plan with a total amount of $4 trillion, but local governments are required to implement coordinated measures to jointly stimulate economic growth. In order to avoid the limitation of local debt financing, local governments set up financing companies one after another, and the local investment and financing platform of our country flourished. But at the same time, a series of problems appeared gradually, including congenital deficiency and acquired dysplasia. If do not carry on precaution and cure in time, consequence is serious. Therefore, for the local investment and financing platform research governance, without delay. This paper systematically describes the theoretical basis for the survival and development of local investment and financing platforms, and according to the investigation and collection of data, carefully analyzes the current situation of local investment and financing platform debt in China, and from the investment and financing platform itself, The formation mechanism of investment and financing platform risk is analyzed from three aspects of local government and bank and other financial institutions, and the investment risk and financing risk are elaborated in detail. At the same time, it probes into the transmission path of local government investment and financing platform risk, mainly including financial risk and financial risk transfer. Finally, this paper puts forward the countermeasures and suggestions, including the government standard level, the local government and the investment and financing platform itself, the bank and other financial institutions, formed a relatively complete prevention system. Therefore, controlling the debt risk of local investment and financing platform effectively is beneficial to the harmonious development and healthy operation of our country's economy and society.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.5

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