中国城市投资债券的风险与对策研究

发布时间：2018-01-17 12:33

本文关键词：中国城市投资债券的风险与对策研究　出处：《吉林大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国自从1994年实施分税制改革以来，确立了“一级政府，一级事权”的财政体系，导致中央和地方在财权和事权的分配不对等，中央财政收入得到了提高，而地方财政收入却不断下降，加之国内转移支付制度的不完善、城市的高速增长，地方政府的资金缺口不断增大。而我国城镇化的速度加快，对城市基础设施建设的需求越加迫切，各级地方政府大胆创新，借助城投公司在市场上进行融资，城投债就此应运而生。近年来，地方融资平台所发行的城市投资债券规模也呈现爆发性增长，无论从城市投资债券发行的个数、金额和存量上看，都有一个较大幅度的增长，主要由于2008年，中央政府为抵制金融危机的影响所出台的4万亿投资计划，这4万亿主要投向基础设施建设，各地政府为了提升政绩，很多未经核准的项目也争先上马，这也带动了全国范围内近20万亿的投资。这笔巨大的投资，中央政府的出资只占其中的一小部分，可地方政府财政能力有限，都想到各种办法进行融资，主要有三种方式：一是搞土地财政，出让土地使用权获得资金；二是从银行贷款，借入资金；三是成立地方政府融资平台，发行城投债。可国家出台了一系列政策控制房价，以抑制房地产的快速增长，各大房产公司也开始减缓新建速度，土地价格也随之下降，多地方政府反复抵押土地获得资金的做法难以为继。而银行对政府的贷款也趋于谨慎，导致城投债倍受青睐，发行规模呈爆发性增长，其信用风险也与日俱增。本文通过城投公司自身和地方政府两个方面进行分析，由于城投公司属性，有独立法人，但是跟地方政府关系密切，偿债资金来源也多为地方政府财政补助，所以从这两个方面加以分析，能够更加清楚的看到城投债的风险，得出以下几点结论：城投债发行主体下移、债务规模增速过快、借新还旧的现象频发、盈利能力弱、地方政府财政收支风险大、地方债规模大易造成系统性风险。在风险的防范方面，要完善相关法律法规，并建议出台《地方公债法》，让城投债有法可依，法律健全的情况下，城投债才能良性发展；要建立健全的信用评级制度，树立评级机构的公信力，结合国际评级机构科学的评级方法和我国城投债独有的元素，，建立符合我国国情的城投债信用评级体系，客观公正的对城投债进行信用评级，减少信息不对称，增加市场效率；要完善分税制改革，增加地方政府收入，加强其偿债的能力，从而减少对土地财政的依赖；加强信息披露，增加地方财政透明度，通过社会公众监测，树立地方政府公信力的同时，也能减少城投债的隐性风险；要改变地方政府官员肆意发债的现象，实施连带责任制，谁举债谁偿债制，彻底制止这种盲目的行为。
[Abstract]:Since the implementation of the tax sharing reform in 1994, China has established the financial system of "the first level of government, the first level of power", which leads to the unequal distribution between the central and local governments in the financial and administrative powers. The central fiscal revenue has been improved, while the local fiscal revenue has been declining, coupled with the imperfect domestic transfer payment system, the rapid growth of the city. The funding gap of local governments is increasing. However, the speed of urbanization in China is accelerating, and the demand for urban infrastructure construction is becoming more and more urgent. Local governments at all levels have boldly innovated and made use of the City Investment Corporation to raise funds in the market. City investment debt came into being at the historic moment. In recent years, the scale of urban investment bonds issued by local financing platforms has also shown explosive growth, no matter from the number, amount and stock of urban investment bonds issued, there is a large increase. In 2008, the central government launched a 4 tillion investment plan to resist the impact of the financial crisis, which was mainly invested in infrastructure construction and local governments to improve their performance. Many unapproved projects are rushing in, spurring nearly $20 tillion of investment across the country. Central government funding accounts for only a fraction of this huge investment. But the local government has limited financial capacity, all think of a variety of ways to finance, there are mainly three ways: first, land finance, transfer land use rights to obtain funds; Second, borrowing funds from banks; Third, the establishment of local government financing platform to issue debt. But the state has introduced a series of policies to control house prices to curb the rapid growth of real estate, the major real estate companies are also starting to slow down the pace of new construction. Land prices also fell, many local governments repeatedly mortgage land access to finance practices are difficult to sustain. And banks tend to be cautious about government loans, resulting in city debt is favored, the size of the issuance of explosive growth. Its credit risk also increases day by day. This article through the city investment company itself and the local government two aspects carries on the analysis, because of the city investment company attribute, has the independent legal person, but has the close relation with the local government, the debt repayment fund source also mostly is the local government financial subsidy. So from these two aspects of analysis, can more clearly see the risk of city investment debt, draw the following conclusions: city investment debt issuance subject down, debt growth rate is too fast, borrow the old phenomenon frequently. The profitability is weak, the local government fiscal revenue and expenditure risk is large, the local debt scale is easy to cause systemic risk. In the aspect of risk prevention, we should perfect the relevant laws and regulations, and suggest the introduction of "Local Public debt Law", so that the city investment debt has laws to abide by, and only when the law is sound, can the city investment debt develop healthily. It is necessary to establish a sound credit rating system, establish the credibility of rating agencies, combined with the international rating agencies scientific rating methods and the unique elements of China's city investment debt, to establish a credit rating system in accordance with the national conditions of our country. Objectively and fairly to the city investment debt credit rating, reduces the information asymmetry, increases the market efficiency; It is necessary to improve the reform of the tax distribution system, increase the revenue of local governments, and strengthen their ability to repay debt, so as to reduce the dependence on land finance; Strengthen the information disclosure, increase the transparency of the local finance, establish the credibility of the local government through the public monitoring, but also reduce the hidden risk of the city investment debt; It is necessary to change the phenomenon of wanton issuance of bonds by local government officials, to implement joint and several responsibility systems, and to put an end to such blind behavior.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F299.24

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