地方融资平台债务风险防控研究

发布时间：2019-03-17 16:15

【摘要】：随着各级地方政府财政缺口的不断扩大,2008年开始,地方政府设立的融资平台数量快速增加,并迅速成为地方政府负债的主体。根据银监会的统计数据显示,截至2016年3月末,全国已有近12000家地方融资平台。地方融资平台数量的快速增加推动了地方政府债务规模的快速扩张。截至2015年末,纳入预算管理的中央和地方两级政府债务规模共计26.66万亿,其中,地方政府负债16万亿元。地方政府的负债行为绝大多数是通过其设立的地方融资平台进行,一旦地方融资平台发生实质性的债务违约,则违约责任将会通过地方财政、金融系统和实体经济等路径进行传导,最终导致国家层面的债务危机。随着地方融资平台债务规模的不断扩大,地方融资平台债务风险问题也越来越受到国家的重视,并出台了相应的债务风险应对政策。2014年10月,国务院发布《关于加强地方政府性债务管理的意见》,要求剥离地方融资平台的政府融资功能。2015年1月1日,我国新《预算法》正式实行,规定省级地方政府可以发行地方债,从实际需求角度切断了融资平台的负债空间。在之后的2015到2016年,各地也都相应出台了应对地方融资平台债务风险的政策,例如安徽省财政厅于2016年9月出台了《关于财政支持政府融资平台公司转型发展的意见》,同年12月又出台了《关于深化投融资体制改革的实施意见》,要求逐步剥离地方融资平台政府负债功能,加强地方融资平台债务的后续管理。但实际上,尽管新《预算法》和43-号文件实施已有两年多的时间,且企业信用和政府信用的分离也是必然的趋势,但是经济增长对基建投资的需求依然很大,在稳增长的目的之下,地方政府自发自还的债券要完全代替融资平台融资的可能性很小。从现在的情况来看,地方融资平台真正停止为地方政府进行融资的很少,更多的只是变换形式转向了政府购买服务或者PPP等其他途径。所以地方融资平台的债务规模非但没有随着一系列政策措施的出台而减少,反而有越演越烈的趋势。从近两年融资平台的融资规模上就可以看出端倪,受新《预算法》和43号文件的影响,地方融资平台的融资规模经过2015年的短暂下降之后,2016年又呈现爆发式增长,仅城投债发行规模一项,就创下了自城投债券产生以来的历史之最。2016年地方融资平台企业债发行规模较2015年增加了 73.21%,发行规模高达5925.70亿元。银行贷款问题上,在43号文件出台一年之后,2015年8月10日,银监会发布《关于银行业支持重点领域重大工程项目建设的指导意见》(下称《意见》),在对融资平台贷款问题上的态度与43号文件出现了较大的转变。对于融资平台承担的重大工程项目,《意见》允许银行业金融机构予以信贷支持,银行业金融机构对融资平台的信贷支持规模又在快速回升。同时,新《预算法》和43号文件的出台确实给地方融资平台造成了很大的压力,融资平台纷纷由公益性业务向经营性业务转型,融资平台的债务结构已不仅仅局限在公益性项目的负债上,可以说融资平台的存量债务风险没有消除,新增债务风险已经产生。因此,本文主要针对我国地方融资平台债务风险,通过梳理地方融资平台债务规模、债务结构和近年来融资平台债务发展的新特点等因素,并通过安徽某融资平台进行债务风险案例分析,进而提出针对地方融资平台债务风险防控的建议。具体来看,本文首先对我国地方融资平台发展现状进行回顾,对其债务规模、结构和2015年之后融资平台债务的新特点进行深入探讨。在此基础上从三个方面对融资平台债务风险的成因进行分析。在成因分析之后,本文对融资平台债务风险向财政风险、金融风险和实体经济风险的传导路径进行了论述。之后,以A融资平台作为对象进行案例分析。并从A融资平台自身发展经营的缺陷和宏观经济发展以及政策变动等方面,深入分析影响融资平台偿债能力的因素和A融资平台债务风险的具体表现。最后,在前文分析的基础上,指出在融资平台债务风险防控上的不足,并从政府、金融机构和地方融资平台等方面提出相应的解决对策。
[Abstract]:With the expansion of the financial gap of local governments at all levels, the number of financing platforms set up by local governments has increased rapidly in 2008, and has quickly become the subject of local government debt. According to the statistics of the CBRC, as of the end of March 2016, there were nearly 12,000 local financing platforms in the country. The rapid increase in the number of local financing platforms has contributed to the rapid expansion of the local government's debt scale. As of the end of 2015, the total amount of government debt, which was included in the budget management at the central and local levels, amounted to $26.66 trillion, of which local government liabilities were 16 trillion yuan. The majority of the liabilities of the local government are carried out through the local financing platform established by the local finance platform. Once the local financing platform has a substantial debt default, the liability for breach of contract will be conducted through the local financial, financial system and the entity economy. Resulting in a debt crisis at the national level. With the expansion of the debt scale of the local financing platform, the problem of the debt risk of the local financing platform has been paid more and more attention by the state, and the corresponding debt risk response policy has been introduced. In October 2014, the State Council issued the Opinions on the Strengthening of Local Government's Debt Management. The government financing function of the local financing platform is required. On January 1,2015, the new "pre-algorithm" of our country is put into practice, and the provincial local government can issue local debt, and cut off the debt space of the financing platform from the actual demand angle. After the post-2015 and 2016, there are also policies to deal with the debt risk of the local financing platform, such as the introduction of the Financial Services Department of Anhui Province in September 2016 and the Opinions on the Financial Support of the Development of the Company's Financing Platform in September 2016. In December of the same year, the "Implementation Opinions on Deepening the Reform of the Investment and Financing System" was put in place, and the government's liability function of the local financing platform should be gradually peeled off, and the subsequent management of the local financing platform's debts should be strengthened. But in fact, although the implementation of new and 43-number has been more than two years, and the separation of enterprise credit and government credit is an inevitable trend, the demand of economic growth for infrastructure investment is still large, and under the purpose of stable growth, The possibility of the local government's own self-government bonds to be completely replaced by the financing platform is very small. In the present case, the local financing platform really stops the financing of the local government, and more is the change of the form to the government's purchase service or other means such as PPP. So far, the debt scale of the local financing platform has not been reduced with the introduction of a series of policy measures, but the more intense it is. From the financing scale of the two-year financing platform, it can be seen that the financing scale of the local financing platform has been affected by the new and the No.43 document, and the financing scale of the local financing platform after the short-term decline in 2015, and the explosive growth in 2016, only one of the size of the city's debt issuance, The most of the history since the creation of a bond-in-city bond has increased by 73.21% in 2015 and up to $5925.7 billion by 2015. On the bank loan issue, after the issuance of document No.43 a year, the CBRC issued the Guide to the Construction of Major Project in the Key Areas of Banking Support (hereinafter referred to as the "Opinion") on August 10,2015. The attitude to the financing platform loan issue has changed greatly with the No.43 document. With respect to the major projects undertaken by the financing platform, the allows the banking financial institutions to lend their credit support, and the banking financial institution's credit support scale for the financing platform is increasing rapidly. At the same time, the introduction of new and No.43 does give a great deal of pressure to the local financing platform. The financing platform has shifted from the public welfare business to the operational business, and the debt structure of the financing platform is not only limited to the liabilities of the public welfare projects, It can be said that the debt risk of the stock debt of the financing platform is not eliminated, and the new debt risk has been generated. Therefore, this paper mainly aims at the debt risk of the local financing platform in China, and through the analysis of the debt risk case of the local financing platform, the debt structure and the new characteristics of the debt development of the financing platform in recent years, and the analysis of the debt risk case through a certain financing platform in Anhui, In addition, the suggestion on the prevention and control of the debt risk of the local financing platform is put forward. In particular, this paper reviews the current situation of the development of the local finance platform in China, and probes into the new features of the debt scale, structure and post-2015 financing platform's debt. On this basis, the cause of the debt risk of the financing platform is analyzed from three aspects. After the cause analysis, this paper discusses the conduction path of the debt risk of the financing platform to the financial risk, the financial risk and the real economic risk. Then, the case analysis is carried out with the A-financing platform as the object. The paper also analyzes the factors that affect the ability of the financing platform and the concrete performance of the debt risk of the A-financing platform from the aspects of the defects of the development and management of the A-financing platform and the development of the macro-economy as well as the policy changes. Finally, on the basis of the above analysis, the paper points out the deficiency in the prevention and control of the debt risk of the financing platform, and puts forward the corresponding countermeasures from the government, the financial institution and the local financing platform.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.5

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