地方政府投融资平台风险防范机制研究

发布时间：2018-01-17 01:13

本文关键词：地方政府投融资平台风险防范机制研究　出处：《中国海洋大学》2013年硕士论文　论文类型：学位论文

【摘要】：研究地方政府投融资平台风险防范具有重要的理论与现实意义。“4万亿经济刺激计划”提出之后，地方政府投融资平台进入高速扩张发展阶段，作为地方政府经济建设的重要融资工具，通过大规模融资推动城市化建设，迅速启动内需，在增强地方政府财力、推动城市经营和社会事业发展等方面发挥了重要作用。然而，在拉动中国经济迅速回升的同时，也存在很多不平衡、不协调和不可持续的隐患，给地方财政、金融系统、宏观经济运行都带来了较大风险压力，受到较多的争议。梳理国内外研究文献，国外研究成果主要从传统风险、金融风险、公共产品效率等风险角度关注，国内则侧重于宏观政策以及风险的防范策略，采用实证方法，运用定量模型—层次分析法评估风险。本文拟分析在宏微观环境下平台发展膨胀及风险积聚的原因，挖掘风险隐匿的机理、传导路径以及解决办法，并通过T市投融资平台的实证分析，有针对性提出风险防控措施。本文研究了当前国内投融资平台的发展现状，以天津、上海和重庆三座城市为例，梳理了地方政府投融资平台运作的要点。在此基础上，，首先着重分析了投融资平台风险产生机理，指出：分税制财政体制框架是体制性风险根源；特殊政府背景及行业特点导致政策性风险；作为市场经济主体还必须承受市场性风险和内部运营风险。其次，就风险传导路径来看，投融资平台风险易引发地方政府财政风险，易形成金融系统风险，进而造成宏观经济运行风险，还可能引发系列社会问题。最后，与此相对应，建立地方政府投融资平台风险防范机制也应着重从市场性风险防范、政策性风险防范、内部运营风险防范几方面入手，完善顶层设计，完善相关法律法规，规范地方政府投融资平台融资行为。 T市作为二线领军城市，投融资平台发展迅速，规模迅速扩张，作为政府投融资工具的效应明显，经营运作加快向市场化、规范化转变，兼具投融资平台和现代化投资公司属性，具有较强的代表性。从定位上看，几家投融资平台公司承担全市重点建设项目，主导重点区域开发，兼具引导产业升级的功能，已成为地方发展不可缺少的战略工具。考察各公司的运营状况，目前的风险主要存在于以下四个方面：对土地收益的依赖，自营项目收益较低，现金流的巨大压力，体制机制不规范、不灵活等先天弊端。从偿债的风险来看，各平台公司平均资产负债率偏高，资产结构不尽合理，利润来源无稳定支撑，市场融资渠道狭窄。针对当前发展现状，建议从地方政府层面及投融资平台层面采取策略加强风险防范和应对，包括：完善“5+N”模式、统筹战略引领、加快资源整合、注重平衡补偿、培育特色主业、实现公司运营市场化、实现融资渠道多元化等方面。
[Abstract]:It is of great theoretical and practical significance to study the risk prevention of local government investment and financing platform. After "4 tillion Economic stimulus Plan" was put forward, the local government investment and financing platform entered the stage of rapid expansion and development. As an important financing tool of local government economic construction, it promotes urbanization construction through large-scale financing, starts domestic demand quickly, and strengthens local government financial resources. The promotion of urban management and social development has played an important role. However, while driving the rapid recovery of China's economy, there are also a lot of imbalances, uncoordinated and unsustainable hidden dangers to local finance. Financial system, macro-economic operation has brought greater risk pressure, by more controversy. Combing the domestic and foreign research literature, foreign research results mainly focus on the traditional risk, financial risk, public product efficiency and other risk perspective, while the domestic focus on macro policies and risk prevention strategies. This paper intends to analyze the causes of platform expansion and risk accumulation in macro and micro environment, and explore the mechanism of risk hiding. Through the empirical analysis of T City investment and financing platform, the paper puts forward the risk prevention and control measures. This paper studies the current development of domestic investment and financing platform, taking Tianjin, Shanghai and Chongqing as examples, combs the main points of the operation of local government investment and financing platform. Firstly, it analyzes the mechanism of investment and financing platform risk, and points out that the financial system framework of tax sharing is the root of institutional risk; Special government background and industry characteristics lead to policy risk; As the main body of the market economy must also bear market risks and internal operational risks. Secondly, from the risk transmission path, investment and financing platform risk can easily lead to local government financial risks, easy to form financial system risks. The risk of macroeconomic operation may also lead to a series of social problems. Finally, the establishment of local government investment and financing platform risk prevention mechanism should also focus on market risk prevention. Starting with policy risk prevention and internal operation risk prevention, we should perfect top-level design, perfect relevant laws and regulations, and standardize the financing behavior of local government investment and financing platform. As a second-line leading city, the investment and financing platform develops rapidly and the scale expands rapidly. As a government investment and financing tool, the effect of T city is obvious, and the operation is accelerated to marketization and standardization. Both investment and financing platform and modern investment company attributes, with a strong representativeness. From the positioning, several investment and financing platform companies undertake the city's key construction projects, leading the development of key regions. With the function of guiding industrial upgrading, it has become an indispensable strategic tool for local development. After reviewing the operating conditions of various companies, the current risks mainly exist in the following four aspects: the dependence on land revenue. From the risk of debt servicing, the average asset-liability ratio of the platform companies is on the high side, and the structure of assets is not reasonable. The profit source is not stable support, the market financing channel is narrow. In view of the current development situation, the suggestion from the local government level and the investment and financing platform level to take the strategy to strengthen the risk prevention and the response. It includes: perfecting the "5N" mode, coordinating the strategy leading, speeding up the integration of resources, paying attention to the balance and compensation, cultivating the characteristic main industry, realizing the marketization of the company's operation, and realizing the diversification of the financing channels, etc.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F127

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