财政与金融分家:中国经济“去杠杆”的关键
发布时间：2019-07-13 17:17
【摘要】：中国日益增长的债务问题引发了各界的担忧,地方政府债务问题的化解成为中国经济"去杠杆"的关键所在。当下"去杠杆"的困难在于财政和金融的不分家,从而导致财政投资项目的低收益、地方政府融资的高成本和金融产品的"刚性兑付"三个现象同时出现,构成了一个"最坏的组合",也带来了影子银行高速发展、民营企业融资困难和地方融资平台债务归属不确定等一系列问题。从财政与金融分家的视角出发,未来中国经济"去杠杆"的重点是:推动地方融资平台的市场化转型,放松地方政府债券融资规模限制并推进债券发行的市场化定价,加强金融监管部门和财政部门之间协调。通过"去杠杆",最终实现金融体系资源配置效率的优化。
[Abstract]:China's growing debt problem has raised concerns from all walks of life, and the resolution of the local government debt problem has become the key to the "deleveraging" of the Chinese economy. At present, the difficulty of "deleveraging" lies in the inseparation of finance and finance, which leads to the low return of financial investment projects, the high cost of local government financing and the "rigid payment" of financial products at the same time, which constitutes a "worst combination", and also brings a series of problems, such as the rapid development of shadow banking, the financing difficulties of private enterprises and the uncertainty of debt ownership of local financing platforms. From the perspective of the separation of finance and finance, the focus of "deleveraging" of China's economy in the future is to promote the marketization transformation of local financing platforms, relax the restrictions on the scale of local government bond financing and promote the market-oriented pricing of bond issuance, and strengthen the coordination between financial regulatory and financial departments. Through deleveraging, the optimization of resource allocation efficiency of financial system is finally realized.
【作者单位】： 上海对外经贸大学金融学院;上海交通大学安泰经济与管理学院;
【基金】：国家社会科学基金重大项目“推动我国经济持续健康发展的基本要求、根本途径和政策选择研究”(13&ZD015) “上海高校青年教师培养资助计划” 上海交通大学中国发展研究院 复旦大学当代中国经济与社会工作室成果
【分类号】：F124;F812;F832
[Abstract]:China's growing debt problem has raised concerns from all walks of life, and the resolution of the local government debt problem has become the key to the "deleveraging" of the Chinese economy. At present, the difficulty of "deleveraging" lies in the inseparation of finance and finance, which leads to the low return of financial investment projects, the high cost of local government financing and the "rigid payment" of financial products at the same time, which constitutes a "worst combination", and also brings a series of problems, such as the rapid development of shadow banking, the financing difficulties of private enterprises and the uncertainty of debt ownership of local financing platforms. From the perspective of the separation of finance and finance, the focus of "deleveraging" of China's economy in the future is to promote the marketization transformation of local financing platforms, relax the restrictions on the scale of local government bond financing and promote the market-oriented pricing of bond issuance, and strengthen the coordination between financial regulatory and financial departments. Through deleveraging, the optimization of resource allocation efficiency of financial system is finally realized.
【作者单位】： 上海对外经贸大学金融学院;上海交通大学安泰经济与管理学院;
【基金】：国家社会科学基金重大项目“推动我国经济持续健康发展的基本要求、根本途径和政策选择研究”(13&ZD015) “上海高校青年教师培养资助计划” 上海交通大学中国发展研究院 复旦大学当代中国经济与社会工作室成果
【分类号】：F124;F812;F832
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