浅议对地方政府融资平台的信用风险管理

发布时间：2018-03-14 16:29

  本文选题：政府融资　切入点：信用风险　出处：《技术经济与管理研究》2015年01期 　论文类型：期刊论文

【摘要】：文章基于融资信用风险分析框架,从地方政府融资平台的股东、融资主体的视角对融资平台的基本概念、运作特点、融资模式和信用风险管理等进行了分析。文章指出,地方政府融资平台是一类型特殊企业。本质上是政府为实施特定辖区开发而设立的公司,其功能是整合区域内的资产、资源、技术和资金,从而实现生产要素的优化组合。地方政府融资平台与生俱来的政府背景,使其在开展融资时的信用风险评估和管理不同于一般工商企业。文章认为当前地方政府融资平台信用风险管理存在的主要问题为:对土地出让金返还支付融资本息存在很高依存度,抵押和保证措施存在严重不足,融资行为很难被实质监管和追偿。研究建议金融机构应尽可能地将信用风险管理措施前移,根据地方政府财政收入和负债规模确定授信规模,在能够落实可处置和执行的抵押、质押、保证等风险管控手段的前提下确定实际融资规模。对于存量的融资,应创新融资产品,通过融资期限和项目收益期限的合理匹配,化解可能出现的信用违约风险。
[Abstract]:Based on the framework of financing credit risk analysis, this paper analyzes the basic concept, operation characteristics, financing mode and credit risk management of local government financing platform from the perspective of the shareholders and the financing subject of the local government financing platform. The local government financing platform is a special type of enterprise. Essentially, it is a company set up by the government to carry out the development of a specific jurisdiction. Its function is to integrate assets, resources, technology and funds within the region. So as to achieve the optimal combination of production factors. Local government financing platform born with the government background, This paper points out that the main problems in credit risk management of local government financing platform are: returning the financial capital to the land transfer fund. There is a high degree of dependence on interest, There are serious deficiencies in mortgage and guarantee measures, and the financing behavior is very difficult to be supervised and reclaimed. The study suggests that financial institutions should move forward the measures of credit risk management as far as possible, and determine the credit scale according to the financial revenue and debt scale of local governments. The actual financing scale should be determined on the premise that the disposal and execution of the mortgage, pledge, guarantee and other risk control means can be implemented. For the financing of the stock, the financing product should be innovated, and the reasonable match between the financing period and the term of the project income should be adopted. Resolve the possible risk of credit default.
【作者单位】： 北京大学光华管理学院;
【分类号】：D625;F832.4
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本文编号：1612015