中国地方政府投融资平台价值创造能力研究
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摘要
2008年以来,为应对国际金融危机,中国实施适度宽松的货币政策和积极财政政策,信贷投放增长异常迅猛,从2008年—2011年,信贷投放超发近30万亿元。在高速信贷投放的承接主体中,地方政府投融资平台是其中最引人注目、也是最活跃、同时也是最值得关注的融资主体。
中国地方政府投融资平台的发展是转轨经济阶段的产物,地方政府投融资平台作为地方政府一种重要的投融资模式,为促进城市基础设施建设和公用事业发展筹集资金发挥了积极的作用。一直以来,国内外学者对地方投融资平台治理结构、管理体制机制、价值创造和投融资绩效进行了初步探讨,但尚缺乏对地方投融资平台价值创造能力系统的理论体系。学者们对平台管理、平台在地方政府经济中的地位作用的研究虽然各有角度,但较为零散,尤其是平台价值创造能力管理中,尚未挖掘和归纳出成熟的理论体系。对于地方政府投融资平台运用何种运营模式,如何为创造价值,如何提高地方政府投融资平台投融资效率问题研究尚少。鉴于此,本文在借鉴和综合国内外相关研究成果的基础上,充分运用平台理论、企业管理学、技术经济学、制度经济学等国际国内研究成果,应用知识管理、组织理论、技术经济学、创新经济学、组织学习、系统论以及科学等基本理论和方法,对地方政府投融资平台价值创造能力、价值创造机理、价值创造绩效进行了客观、全面、系统的研究,本文在研究地方政府投融资平台概念、分类及其治理结构的基础上,系统分析地方政府投融资平台价值创造机制机理,提出地方政府投融资平台价值创造能力、运营管理方法及其绩效管理模型,论证了地方政府投融资平台价值创造增长通过平台组织创新(存量盘活)与公共架构设计(增量发散)两种要素互动实现,剖析了现有地方政府投融资体系存在的主要问题,提出了地方政府投融资平台的规范建设应理顺的关系,并对如何加快建立完善地方政府投融资体系提出了具体建议。
同时,本文还分析了平台运行模式机制、平台价值创造机理、平台机制创造绩效之间的互动作用机理,采用结构方程对其进行了实证研究；确定了平台运营新模式与途径；在系统分析地方政府投融资平台价值创造模式和机理的基础上,设计了平台组织创新、价值创造机理等绩效评价体系,利用模糊综合评判法对其进行了实证研究。以地方政府投融资平台模式和理论研究作为基础,通过平台模式运营机制分析,得出平台投资价值创造机理理论,通过平台价值创造潜力管理和价值提取能力管理研究,实证分析平台价值创造绩效评价,并提出相应的管理方法.
Since2008, China has implemented a moderately loose monetary policy and a positive fiscal policy in response to the international financial crisis, so credit availability has grown rapidly, and the credit exceeded nearly30thousand billion Yuan from2008to2011. The local government investment and financing platform is one of the most attractive, the most active, and the most noteworthy financing entities.
The development of China's local government investment and financing platform is a product of economic transition. As an important investment and financing mode, the local government investment and financing platform plays a positive role on raising funds to promote the infrastructure and public utilities. The domestic and foreign scholars have discussed on management structure, management system, investment and financing mechanism of value creation and performance of the local investment and financing platform, but there is still a lack of theoretical system on value creation of investment and financing platform. Research on the role of platform management and the platform in the local government, especially for the platform value creation management, which is more fragmented, has not yet been excavated and summarized for the mature theory system. There is less research for the local government investment and financing platform on what kind of operating mode, how to create value, and how to improve the financing efficiency. Based on the reference and comprehension of domestic and foreign relevant research results, fully using platform theory, enterprise management, technology economics, institutional economics and other international and domestic research achievements, and applying knowledge management, organization theory, system theory, technical economics, innovation economics, and organizational learning, the paper does a comprehensive and systematic study on value creation ability and performance. On the basis of the research on the concept, classification and its governance structure of the local government investment and financing platform, the paper does the systematic analysis on value creation mechanism of the local government investment and financing platform, puts forward value creation ability, operation management and performance management model of local government investment and financing platform, and demonstrates the value creation growth of local government investment and financing platform through two kinds of factors interaction between the platform organization innovation (activate stock) and public architecture design (incremental spread), analyzes the existing main problems of local government investment and financing system. The paper puts forward it should straighten out the relationship of local government investment and financing platform construction, and puts forward suggestions on how to accelerate the establishment of the local government investment and financing system.
At the same time, this paper also analyses the interaction mechanism of platform operating mechanism, platform value creation mechanism, and platform creating performance, and adopts structural equation to carry out the empirical research. After determining the new pattern and way of platform operation, the paper designs performance evaluation system, such as the platform organization innovation and value creation mechanism on the basis of system analysis on value creation model and mechanism of local government investment and financing platform, and does the empirical research using fuzzy comprehensive evaluation method. Taking local government investment and financing platform model and theoretical research as the foundation, the paper concludes that value creation theory of platform investment mechanism through the platform mode operating mechanism analysis, and does the empirical research on performance evaluation of platform value creation through the platform value creation potential management and value extraction ability management, and puts forward the corresponding management methods.
中国地方政府投融资平台的发展是转轨经济阶段的产物,地方政府投融资平台作为地方政府一种重要的投融资模式,为促进城市基础设施建设和公用事业发展筹集资金发挥了积极的作用。一直以来,国内外学者对地方投融资平台治理结构、管理体制机制、价值创造和投融资绩效进行了初步探讨,但尚缺乏对地方投融资平台价值创造能力系统的理论体系。学者们对平台管理、平台在地方政府经济中的地位作用的研究虽然各有角度,但较为零散,尤其是平台价值创造能力管理中,尚未挖掘和归纳出成熟的理论体系。对于地方政府投融资平台运用何种运营模式,如何为创造价值,如何提高地方政府投融资平台投融资效率问题研究尚少。鉴于此,本文在借鉴和综合国内外相关研究成果的基础上,充分运用平台理论、企业管理学、技术经济学、制度经济学等国际国内研究成果,应用知识管理、组织理论、技术经济学、创新经济学、组织学习、系统论以及科学等基本理论和方法,对地方政府投融资平台价值创造能力、价值创造机理、价值创造绩效进行了客观、全面、系统的研究,本文在研究地方政府投融资平台概念、分类及其治理结构的基础上,系统分析地方政府投融资平台价值创造机制机理,提出地方政府投融资平台价值创造能力、运营管理方法及其绩效管理模型,论证了地方政府投融资平台价值创造增长通过平台组织创新(存量盘活)与公共架构设计(增量发散)两种要素互动实现,剖析了现有地方政府投融资体系存在的主要问题,提出了地方政府投融资平台的规范建设应理顺的关系,并对如何加快建立完善地方政府投融资体系提出了具体建议。
同时,本文还分析了平台运行模式机制、平台价值创造机理、平台机制创造绩效之间的互动作用机理,采用结构方程对其进行了实证研究；确定了平台运营新模式与途径；在系统分析地方政府投融资平台价值创造模式和机理的基础上,设计了平台组织创新、价值创造机理等绩效评价体系,利用模糊综合评判法对其进行了实证研究。以地方政府投融资平台模式和理论研究作为基础,通过平台模式运营机制分析,得出平台投资价值创造机理理论,通过平台价值创造潜力管理和价值提取能力管理研究,实证分析平台价值创造绩效评价,并提出相应的管理方法.
Since2008, China has implemented a moderately loose monetary policy and a positive fiscal policy in response to the international financial crisis, so credit availability has grown rapidly, and the credit exceeded nearly30thousand billion Yuan from2008to2011. The local government investment and financing platform is one of the most attractive, the most active, and the most noteworthy financing entities.
The development of China's local government investment and financing platform is a product of economic transition. As an important investment and financing mode, the local government investment and financing platform plays a positive role on raising funds to promote the infrastructure and public utilities. The domestic and foreign scholars have discussed on management structure, management system, investment and financing mechanism of value creation and performance of the local investment and financing platform, but there is still a lack of theoretical system on value creation of investment and financing platform. Research on the role of platform management and the platform in the local government, especially for the platform value creation management, which is more fragmented, has not yet been excavated and summarized for the mature theory system. There is less research for the local government investment and financing platform on what kind of operating mode, how to create value, and how to improve the financing efficiency. Based on the reference and comprehension of domestic and foreign relevant research results, fully using platform theory, enterprise management, technology economics, institutional economics and other international and domestic research achievements, and applying knowledge management, organization theory, system theory, technical economics, innovation economics, and organizational learning, the paper does a comprehensive and systematic study on value creation ability and performance. On the basis of the research on the concept, classification and its governance structure of the local government investment and financing platform, the paper does the systematic analysis on value creation mechanism of the local government investment and financing platform, puts forward value creation ability, operation management and performance management model of local government investment and financing platform, and demonstrates the value creation growth of local government investment and financing platform through two kinds of factors interaction between the platform organization innovation (activate stock) and public architecture design (incremental spread), analyzes the existing main problems of local government investment and financing system. The paper puts forward it should straighten out the relationship of local government investment and financing platform construction, and puts forward suggestions on how to accelerate the establishment of the local government investment and financing system.
At the same time, this paper also analyses the interaction mechanism of platform operating mechanism, platform value creation mechanism, and platform creating performance, and adopts structural equation to carry out the empirical research. After determining the new pattern and way of platform operation, the paper designs performance evaluation system, such as the platform organization innovation and value creation mechanism on the basis of system analysis on value creation model and mechanism of local government investment and financing platform, and does the empirical research using fuzzy comprehensive evaluation method. Taking local government investment and financing platform model and theoretical research as the foundation, the paper concludes that value creation theory of platform investment mechanism through the platform mode operating mechanism analysis, and does the empirical research on performance evaluation of platform value creation through the platform value creation potential management and value extraction ability management, and puts forward the corresponding management methods.
引文
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