我国地方政府融资平台风险及对策研究

发布时间：2018-05-12 02:33

本文选题：地方政府 + 融资平台　；参考：《财政部财政科学研究所》2014年硕士论文

【摘要】：20世纪80年代末我国地方政府融资平台开始出现,经历了快速发展、高速井喷期,由于融资平台管理不规范等问题使得其风险不断积聚。本论文在上述背景下,以我国地方政府融资平台为研究对象,通过采用规范分析、逻辑分析、历史追溯的方法对我国地方政府融资平台展开研究分析。本文首先从地方政府融资平台的概念界定和理论分析入手,从市场失灵、财政分权、“黄金法则”、收益性原则以及融资渠道对地方政府融资平台进行多方位经济学理论分析。接着从地方融资平台的历史沿革、发展现状以及融资平台膨胀发展的原因进行阐述和分析,阐述了当期融资平台的规模结构、运作机制、融资渠道和积极贡献,从政治体制、财税体制、经济发展以及国家政策四个方面解释地方政府融资平台膨胀发展的原因。接下来从融资平台内部和外部两个视角对地方融资平台进行风险分析,内部风险包括公司治理风险、道德风险和投资收益风险；外部风险包括地方政府担保法律风险、国家宏观政策变动风险、土地抵质押融资风险,在风险分析基础上指出融资平台最终的风险后果将是地方的财政和金融风险。地方政府融资平台的首要目的是为地方基础设施建设筹措资金,因此本文接下来介绍了国外地方政府融资经验并加以借鉴。最后,本文提出了化解我国地方政府融资平台风险的长短期对策建议。短期内要明确定位地方政府融资平台的投融资范围,规范约束融资平台和地方政府投融资行为,对融资平台现有债务进行分类管理,消化存量,规范商业银行等金融机构的贷款行为和开展资产证券化优化债务结构；长期内则需要完善地方官员考核机制,防止地方政府过度投资,深化财税体制改革,夯实地方政府财力基础,加强地方政府投融资债务监管体系建设以及发展地方债券和公私合营为主的融资体系。通过本文的研究,寄希望能够在短期内对化解我国地方政府融资平台风险和加强现有融资平台管理方面起到较强的指导意义,长期而言能够对健全我国地方融资体系方面形成重要参考和借鉴。
[Abstract]:At the end of 1980s, the local government financing platform of our country began to appear, experienced rapid development, high speed well blowout period, because of the non-standard management of financing platform and so on, the risk of financing platform accumulated continuously. Under the above background, this paper takes the local government financing platform of our country as the research object, carries on the research and analysis to the local government financing platform of our country by adopting the method of normative analysis, logical analysis and historical tracing. This paper begins with the definition and theoretical analysis of local government financing platform, and analyzes the local government financing platform from market failure, fiscal decentralization, "golden rule", profitability principle and financing channel. Then from the historical evolution of the local financing platform, the development status quo and the reasons for the expansion and development of the financing platform, the paper expounds the scale structure, operation mechanism, financing channel and positive contribution of the current financing platform, from the political system. Finance and tax system, economic development and national policy explain the expansion of local government financing platform. Then from the perspective of internal and external financing platform, the paper analyzes the risk of local financing platform, including corporate governance risk, moral hazard and investment return risk; external risk includes local government guarantee legal risk. On the basis of risk analysis, it is pointed out that the ultimate risk consequence of financing platform will be local financial and financial risk. The primary purpose of the local government financing platform is to raise funds for the local infrastructure construction. Finally, this paper puts forward the short-term and long-term countermeasures to resolve the risk of local government financing platform. In the short term, we should clearly define the scope of investment and financing of local government financing platform, standardize the behavior of restricting financing platform and local government investment and financing, manage the existing debt of financing platform into categories and digest the stock. It is necessary to standardize the lending behavior of commercial banks and other financial institutions and to develop asset securitization to optimize the debt structure. In the long run, it is necessary to improve the assessment mechanism for local officials, prevent local governments from overinvesting, and deepen the reform of the fiscal and taxation system. Strengthen the local government financial foundation, strengthen the local government investment and financing debt supervision system construction and develop local bonds and public-private joint financing system. Through the research of this paper, it is hoped that in the short term, it will play a strong guiding role in resolving the risk of local government financing platform and strengthening the management of existing financing platform. In the long-term, it can be an important reference to improve the local financing system of our country.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.7

【参考文献】