地方政府投融资平台问题分析及风险防范研究
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摘要
近年来,地方政府投融资平台数量和规模迅速膨胀。地方政府组建投融资平台进行基础设施和城市建设方面的融资由来已久,但是投融资平台发挥主导作用则是2008年来在应对金融危机时期的事情。2009年初中国人民银行与中国银行业监督管理委员会联合发布《关于进一步加强信贷结构调整促进国民经济平稳较快发展的指导意见》,提出“支持有条件的地方政府组建投融资平台,发行企业债、中期票据等融资工具,拓宽中央政府投资项目的配套资金融资渠道”,这被地方政府视为对地方政府投融资平台的肯定和鼓励,以致地方政府组建大量的地方投融资平台,据信息披露截至2010年末,全国共有地方政府融资平台9800余家,投融资平台贷款余额数量接近10万亿。地方政府投融资平台在国家扩大内需、保持经济增长、解决地方政府财政资金不足、加大地方基础设施建设的过程中发挥了积极的作用,但是短时间内如此大规模的增长,也给其带来了风险隐患。地方政府投融资平台出现的问题及风险防范应当受到各级部门的高度重视。
本文以地方政府投融资平台为研究对象,并从以下三个方面对其展开研究。首先,收集信息揭示地方投融资平台的现状,并就其存在的问题进行分析寻找深层次的问题成因；其次,采用物元可拓模型对当前地方政府投融资平台的风险状态进行实证分析,在选取模型指标时,结合地方政府投融资平台的特点,分别从宏观、中观、微观三个层次选取与地方投融资平台关系密切的指标,再运用物元可拓模型对当前地方投融资平台风险状态进行评估；最后,就当前我国地方政府投融资平台所存在的问题,借鉴国外发达国家地方政府投融资的发展经验,为我国地方政府投融资平台发展及风险防范提供宏观、中观及微观层次的政策建议。
In recent years, the amount and scale of the local government investment and financing platform expends extremely. It has a long history for the local government's construction of investment and financing platform to strengthen urban build and infrastructure. But the platform did not play a leading role until2008in dealing with the financial crisis. In early2009, the People's Bank of China and China Banking Regulatory Commission jointly promulgated Principle of further strengthening the credit structure adjustment to promote national economic development. The Principle put forward "support conditional governments to form investment and financing platform, issue corporate bonds,medium-term bills and other financing tools, so as to broaden financing channels of the central-government investment projects ", which has been regarded by local government as acknowledgment and encouragement. So that the local government formed a large number of platforms. According to the information disclosure by the end of2010, China had more than9800local government financing platform, whose balances loans were close to10trillion.
Although the platform has a positive effect on expanding domestic demand,maintaining economic growth.making up for the shortage of local government financial capital and strengthening local infrastructure construction, such a massive increase in short time has brought potential risks. The problems and risk prevention of the platform shall be paid much attention by government departments.
This thesis studies the local government investment and financing platform e from the following three aspects. First, gather information to reveal the current situation of local investment and financing platform, analyze the existing problems and find out the deep-seated causes; Second, select correlated indicators combined with the characteristics of the local government investment and financing platform from the macro, medium and microscopic levels, then use extension matter-element model to evaluate the platform's risk status. Finally, provide policy recommendations for development and risk prevention of our local government investment and financing platform.
本文以地方政府投融资平台为研究对象,并从以下三个方面对其展开研究。首先,收集信息揭示地方投融资平台的现状,并就其存在的问题进行分析寻找深层次的问题成因；其次,采用物元可拓模型对当前地方政府投融资平台的风险状态进行实证分析,在选取模型指标时,结合地方政府投融资平台的特点,分别从宏观、中观、微观三个层次选取与地方投融资平台关系密切的指标,再运用物元可拓模型对当前地方投融资平台风险状态进行评估；最后,就当前我国地方政府投融资平台所存在的问题,借鉴国外发达国家地方政府投融资的发展经验,为我国地方政府投融资平台发展及风险防范提供宏观、中观及微观层次的政策建议。
In recent years, the amount and scale of the local government investment and financing platform expends extremely. It has a long history for the local government's construction of investment and financing platform to strengthen urban build and infrastructure. But the platform did not play a leading role until2008in dealing with the financial crisis. In early2009, the People's Bank of China and China Banking Regulatory Commission jointly promulgated Principle of further strengthening the credit structure adjustment to promote national economic development. The Principle put forward "support conditional governments to form investment and financing platform, issue corporate bonds,medium-term bills and other financing tools, so as to broaden financing channels of the central-government investment projects ", which has been regarded by local government as acknowledgment and encouragement. So that the local government formed a large number of platforms. According to the information disclosure by the end of2010, China had more than9800local government financing platform, whose balances loans were close to10trillion.
Although the platform has a positive effect on expanding domestic demand,maintaining economic growth.making up for the shortage of local government financial capital and strengthening local infrastructure construction, such a massive increase in short time has brought potential risks. The problems and risk prevention of the platform shall be paid much attention by government departments.
This thesis studies the local government investment and financing platform e from the following three aspects. First, gather information to reveal the current situation of local investment and financing platform, analyze the existing problems and find out the deep-seated causes; Second, select correlated indicators combined with the characteristics of the local government investment and financing platform from the macro, medium and microscopic levels, then use extension matter-element model to evaluate the platform's risk status. Finally, provide policy recommendations for development and risk prevention of our local government investment and financing platform.
引文
[1]巴曙松.地方政府投融资平台的发展及其风险评估[J].西南金融,2009,(09)
[2]肖耿,李金迎,王洋.采取组合措施化解地方政府融资平台贷款风险[J].中国金融,2009,(20)
[3]陈炳才；田青；李峰；地方政府融资平台风险防范对策[J].中国金融,2010
[4]计承江.关于政府融资平台发展问题的探索[J].金融理论与实践,2010,(01)
[5]路军伟；林细细.地方政府投融资平台及其风险成因---基于财政机会主义的视觉[J].浙江社会科学,2010(05)
[6]杨飞虎,地方政府融资平台风险透视及其规范发展思考[J].价格月刊,2010(10)
[7]肖玉香,地方政府投融资平台设立股权投资基金的可行性探讨[J].云南师范大学学报,2010(01)
[8]魏国雄,建立地方政府融资平台的融资约束机制[J].中国金融,2009(20)
[9]王建新；潘文轩,构建地方债的风险防范与控制机制[J].中国财政,2009(16)
[10]贾康；孟艳,地方融资平台应发挥建设国债资金作用[J].上海国资,2009,(11)
[11]刘立峰.地方政府建设性债务的可持续性[J].宏观经济研究,2009,(11)
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[14]陈少强,吴育新,马忠华.理性看待地方投融资平台建设[J].中国发展观察,2010，(06).
[15]党均章,王庆华.地方政府融资平台贷款风险分析与思考[J].银行家,2010,(04)
[16]魏加宁.地方政府投融资平台的风险何在[J].中国金融,2010,(16)
[17]詹向阳.辩证看待地方政府融资平台发展[J].中国金融,2010,(07).
[18]贾银萍.关注地方政府融资平台贷款风险[J].银行家,2009,(07).
[19]林文顺.地方政府投融资平台风险及规范建议[J].金融与经济,2010,(02).
[20]陈鸿祥.当前地方政府融资平台运行的潜在风险及防范策略[J].金融会计,2010,(07).
[21]袁锦霞.南京政府融资平台的现状、问题与优化对策——兼论板桥新城东北组团融资方式选择[J].中国商界,，2009(12)
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[23]周青.地方政府投融资平台风险管理与度量研究[D].重庆大学,2011
[24]余萍.地方政府投融资平台建设研究[J].黑龙江对外经贸,2009,(05)
[25]李建梅.地方融资平台的透视与反思[J].科学决策,2010.(11)
[26]张志峰.地方政府投融资平台贷款证券化分析[J].中国金融，2010,(11)
[27]刘峰.政府投融资平台运作研究[J].建筑经济,2007,(02).
[28]郑文婷.我国地方政府融资平台存在的风险及对策研究[J].时代金融,2011,(15).
[29]李亚敏,林祖松.地方政府融资平台近忧远虑及相关对策建议——浙江某地IX政府融资平台情况调查分析[J].浙江金融,2010，(01).
[30]Marek Dabrowski. Currency Crises in Emerging-Market Economics:Causes, Consequenees and Policy Lessons[J], CASE Network Reports No.51,2002.
[31]Hana Polakova Brixi.Contingent Government Liabilities:A Hidden Risk for Fiscal Stability[R].The world Bank,1998.
[32]Easterly William.When is fiscal Adjustment an illusion?[J], Eeonomic Policy, 1999(4)
[33]Arnaud Mehl, Julien Reynaud.Risky Public domestic debt composition in emerging economies[J].Journal of Intenational Moneyand Finance,2010(29)
[34]Ma Jun. Monitoring Fiscal Risks of Subnationai Governments aeleeted Country Experiences[M], Government at Risk:Contingent Liabilities and Fiscal Risk, edited by Hana Polakova Brixi and Allen Schick, The world Bank and Oxford university Press,2002
[35]JD Burger, FE Warnock.Foreign Participation in local currency bond markets[J], Review of Financial Economics,2007
[36]Hana Polakova Brixi, Allen Schick, Government at Risk:Contingent Liabilities and Fiscal Risk[M].The world Bank and Oxford university Press,2002.
[37]Milagos Palacios, Niels Veldhuis, Kumi Harischandra.Canadian Government Debt 2008, A Guide to the Indebtedness of Canada and the Provinees[M].Digital Publication,2008.
[38]Jin,Hehui,Qian,yinyi,Weingast,Barry.Regional decentralization and fiscal incentives:federalism.Chinese Style.Journal of Public Economics.2005,(89)
[39]IMF:International capital markets:Developments.prospects and key policy issues,2000.4
[40]Basle Committee on Banking Supervision,2001a.The New CapitalAccord.March,Basel,Switzland:Bank for International Settlements.
[41]Arrow Kneneth j and Mordecai Kurz, 1970, Public investment.the Rate of Return, and Optimal Fiscal Policy, the Johns Hopkins Press.Baltimore.MD.
[42]A.Madison:Economic Progress and Policy in Developing Countries London, Allen&Unwin,1970
[43]Hana Polakova Brixi,Allen Schick,Government at Risk:Contingent Liabilities and Fiscal Risk [M].The World Bank and Oxford university Press,2002
[2]肖耿,李金迎,王洋.采取组合措施化解地方政府融资平台贷款风险[J].中国金融,2009,(20)
[3]陈炳才；田青；李峰；地方政府融资平台风险防范对策[J].中国金融,2010
[4]计承江.关于政府融资平台发展问题的探索[J].金融理论与实践,2010,(01)
[5]路军伟；林细细.地方政府投融资平台及其风险成因---基于财政机会主义的视觉[J].浙江社会科学,2010(05)
[6]杨飞虎,地方政府融资平台风险透视及其规范发展思考[J].价格月刊,2010(10)
[7]肖玉香,地方政府投融资平台设立股权投资基金的可行性探讨[J].云南师范大学学报,2010(01)
[8]魏国雄,建立地方政府融资平台的融资约束机制[J].中国金融,2009(20)
[9]王建新；潘文轩,构建地方债的风险防范与控制机制[J].中国财政,2009(16)
[10]贾康；孟艳,地方融资平台应发挥建设国债资金作用[J].上海国资,2009,(11)
[11]刘立峰.地方政府建设性债务的可持续性[J].宏观经济研究,2009,(11)
[12]苏晓鹏；王兵：冯文丽,地方政府投融资平台风险预警与化解对策[J],2009(12)
[13]魏加宁,唐滔.国外地方政府债务融资制度综述[J].国家行政学院学报,2010,(06).
[14]陈少强,吴育新,马忠华.理性看待地方投融资平台建设[J].中国发展观察,2010，(06).
[15]党均章,王庆华.地方政府融资平台贷款风险分析与思考[J].银行家,2010,(04)
[16]魏加宁.地方政府投融资平台的风险何在[J].中国金融,2010,(16)
[17]詹向阳.辩证看待地方政府融资平台发展[J].中国金融,2010,(07).
[18]贾银萍.关注地方政府融资平台贷款风险[J].银行家,2009,(07).
[19]林文顺.地方政府投融资平台风险及规范建议[J].金融与经济,2010,(02).
[20]陈鸿祥.当前地方政府融资平台运行的潜在风险及防范策略[J].金融会计,2010,(07).
[21]袁锦霞.南京政府融资平台的现状、问题与优化对策——兼论板桥新城东北组团融资方式选择[J].中国商界,，2009(12)
[22]张颖.地方政府融资平台贷款风险及化解策略[J].中国金融,2010,(13).
[23]周青.地方政府投融资平台风险管理与度量研究[D].重庆大学,2011
[24]余萍.地方政府投融资平台建设研究[J].黑龙江对外经贸,2009,(05)
[25]李建梅.地方融资平台的透视与反思[J].科学决策,2010.(11)
[26]张志峰.地方政府投融资平台贷款证券化分析[J].中国金融，2010,(11)
[27]刘峰.政府投融资平台运作研究[J].建筑经济,2007,(02).
[28]郑文婷.我国地方政府融资平台存在的风险及对策研究[J].时代金融,2011,(15).
[29]李亚敏,林祖松.地方政府融资平台近忧远虑及相关对策建议——浙江某地IX政府融资平台情况调查分析[J].浙江金融,2010，(01).
[30]Marek Dabrowski. Currency Crises in Emerging-Market Economics:Causes, Consequenees and Policy Lessons[J], CASE Network Reports No.51,2002.
[31]Hana Polakova Brixi.Contingent Government Liabilities:A Hidden Risk for Fiscal Stability[R].The world Bank,1998.
[32]Easterly William.When is fiscal Adjustment an illusion?[J], Eeonomic Policy, 1999(4)
[33]Arnaud Mehl, Julien Reynaud.Risky Public domestic debt composition in emerging economies[J].Journal of Intenational Moneyand Finance,2010(29)
[34]Ma Jun. Monitoring Fiscal Risks of Subnationai Governments aeleeted Country Experiences[M], Government at Risk:Contingent Liabilities and Fiscal Risk, edited by Hana Polakova Brixi and Allen Schick, The world Bank and Oxford university Press,2002
[35]JD Burger, FE Warnock.Foreign Participation in local currency bond markets[J], Review of Financial Economics,2007
[36]Hana Polakova Brixi, Allen Schick, Government at Risk:Contingent Liabilities and Fiscal Risk[M].The world Bank and Oxford university Press,2002.
[37]Milagos Palacios, Niels Veldhuis, Kumi Harischandra.Canadian Government Debt 2008, A Guide to the Indebtedness of Canada and the Provinees[M].Digital Publication,2008.
[38]Jin,Hehui,Qian,yinyi,Weingast,Barry.Regional decentralization and fiscal incentives:federalism.Chinese Style.Journal of Public Economics.2005,(89)
[39]IMF:International capital markets:Developments.prospects and key policy issues,2000.4
[40]Basle Committee on Banking Supervision,2001a.The New CapitalAccord.March,Basel,Switzland:Bank for International Settlements.
[41]Arrow Kneneth j and Mordecai Kurz, 1970, Public investment.the Rate of Return, and Optimal Fiscal Policy, the Johns Hopkins Press.Baltimore.MD.
[42]A.Madison:Economic Progress and Policy in Developing Countries London, Allen&Unwin,1970
[43]Hana Polakova Brixi,Allen Schick,Government at Risk:Contingent Liabilities and Fiscal Risk [M].The World Bank and Oxford university Press,2002
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