本文選題：地方政府融資平臺 + 財(cái)政體制�。� 參考：《華東政法大學(xué)》2014年博士論文

【摘要】：自2010年以來,中央政府及監(jiān)管部門對于地方政府融資平臺的監(jiān)管與治理力度不斷加大,通過近年來多管齊下的規(guī)范與治理,地方政府融資平臺負(fù)債規(guī)模迅猛膨脹的勢頭基本得到遏制,之前所積聚的巨量風(fēng)險(xiǎn)正在得到逐步緩釋,總體可控已成為官方描述地方政府融資平臺風(fēng)險(xiǎn)的普遍觀點(diǎn)。從表面上看,地方政府融資平臺風(fēng)險(xiǎn)有所緩解,但從深層次看,催生地方政府融資平臺發(fā)展及地方債務(wù)惡性膨脹的體制性因素仍未根本根除,推高平臺負(fù)債的影響因素依然有增無減,削弱地方政府融資平臺還款來源的各類問題依然存在,地方政府融資平臺的償債高峰期也還將持續(xù)。在宏觀經(jīng)濟(jì)金融形勢下行的背景下,地方政府融資平臺的風(fēng)險(xiǎn)防控之堤正不斷受到?jīng)_擊。特別是在2011年以來,宏觀經(jīng)濟(jì)下行趨勢明顯,實(shí)體經(jīng)濟(jì)復(fù)蘇緩慢,部分地區(qū)由于地價(jià)、房價(jià)漲幅回落,地方政府十分依賴的土地財(cái)政也正日益枯竭,地方財(cái)政收入增速下滑趨勢難以抑制。從區(qū)域結(jié)構(gòu)來看,部分中西部地區(qū)平臺、低層級平臺面臨較大償債壓力,即便在東部沿海等傳統(tǒng)發(fā)達(dá)地區(qū),縣級及以下財(cái)政靠負(fù)債運(yùn)轉(zhuǎn)的現(xiàn)象也不在少數(shù)。從整體來看,不僅地方政府融資平臺的負(fù)債壓力有增無減,其所面臨的風(fēng)險(xiǎn)也正向金融系統(tǒng)傳導(dǎo),隨著地方政府融資平臺負(fù)債規(guī)模的持續(xù)增加,風(fēng)險(xiǎn)結(jié)構(gòu)的日趨復(fù)雜,其對銀行業(yè)的挑戰(zhàn)也將日益顯現(xiàn)。2014年8月,《預(yù)算法》修訂案的四審稿已經(jīng)全國人大審議通過,并將于2015年1月起實(shí)行。盡管在該次修訂中,中央可賦予地方政府一定限度內(nèi)的地方發(fā)債權(quán)限,但發(fā)債主體的準(zhǔn)入門檻高,發(fā)債程序尤為嚴(yán)格,同時(shí)也有用途限制。可見,中央對地方政府發(fā)債的態(tài)度依然謹(jǐn)慎。而結(jié)合我國的現(xiàn)實(shí)狀況,短期內(nèi),要使地方政府發(fā)債取代地方政府融資平臺,也并不現(xiàn)實(shí),對目前數(shù)量巨大的地方政府融資平臺的存量債務(wù)的化解也更需時(shí)日。同時(shí)也應(yīng)看到,《預(yù)算法》第四稿修訂案對于地方政府發(fā)債仍有許多需要完善之處,關(guān)于如何通過完善地方政府發(fā)債體系來治理地方政府融資平臺,依然需要開展進(jìn)一步的研究�？梢�,地方政府融資平臺在理論與實(shí)踐中的各種問題,依然復(fù)雜;對于其治理,依然任重而道遠(yuǎn)。那么究竟應(yīng)該如何認(rèn)識融資平臺在理論與實(shí)踐中的各種問題,并針對這些問題,對其進(jìn)行相應(yīng)治理?圍繞這些問題,本文展開了研究與討論。在研究的過程中,本文以政府和市場的關(guān)系這一理論基點(diǎn)出發(fā),以“政府—市場-社會中間層”的三元框架為依據(jù),對地方政府融資平臺的經(jīng)濟(jì)法主體定位問題進(jìn)行了論證,對地方政府?dāng)U大負(fù)債規(guī)模,地方政府融資平臺加大融資力度背后的行為動(dòng)因,對地方政府融資平臺在現(xiàn)實(shí)中的行為模式及其可能產(chǎn)生的風(fēng)險(xiǎn)進(jìn)行了探究。以此為依據(jù),本文嘗試運(yùn)用法律思維,探索治理地方政府融資平臺的有效路徑,圍繞制度環(huán)境、監(jiān)管機(jī)制以及微觀治理等三個(gè)維度,從宏觀、中觀和微觀三個(gè)視角,提出了對地方政府融資平臺法律治理的建議與構(gòu)想。在具體的論述中,本文從地方政府融資平臺的主體研究入手,在第一部分,以政府與市場關(guān)系為理論基點(diǎn),提出對地方政府融資平臺的研究應(yīng)適用“政府—社會中間層—市場”的三元框架,進(jìn)而得出了地方政府融資平臺在經(jīng)濟(jì)法主體定位上應(yīng)屬于類社會中間層主體的結(jié)論,并在此基礎(chǔ)上,對地方政府融資平臺法律治理的必要性展開論證。以此為延伸,在第二部分,本文進(jìn)一步從實(shí)踐入手,對地方政府融資平臺的行為動(dòng)因與行為機(jī)理進(jìn)行分析。在行為動(dòng)因上,以我國財(cái)政與稅收體制視野,分析了影響并決定融資平臺產(chǎn)生與迅猛發(fā)展的根源性因素,在行為模式上,從直接融資、間接融資和融資模式創(chuàng)新等三個(gè)維度,梳理探究了融資平臺的行為模式與內(nèi)在機(jī)理,并對其在實(shí)踐中所可能帶來的風(fēng)險(xiǎn)進(jìn)行了剖析,引出了地方政府融資平臺法律治理的路徑問題。對于如何全面治理地方政府融資平臺,本文圍繞制度環(huán)境、監(jiān)管機(jī)制以及微觀治理等三個(gè)維度展開。在第三部分,以制度環(huán)境為視野,致力于從根源上找到融資平臺治理的方法。針對地方政府融資平臺產(chǎn)生發(fā)展的制度性動(dòng)因,從進(jìn)一步完善我國財(cái)政稅收體制的分稅制體系、放開地方政府自主發(fā)債以及強(qiáng)化財(cái)政預(yù)算階段等方面,探究了如何對我國地方政府融資平臺從法律源頭開展治理。第四部分,從監(jiān)管角度入手,探索構(gòu)建一套疏堵結(jié)合的地方政府融資平臺監(jiān)管體系�；诋�(dāng)前的制度現(xiàn)實(shí),以及可預(yù)見的制度變革,在對現(xiàn)行地方政府融資平臺監(jiān)管制度全面評析的基礎(chǔ)上,重點(diǎn)從進(jìn)一步完善立法、構(gòu)建對地方政府融資平臺的監(jiān)管規(guī)范體系;進(jìn)一步明確對地方政府融資平臺的監(jiān)管主體,設(shè)立專門監(jiān)管主體予以專門監(jiān)管;進(jìn)一步厘清地方政府負(fù)債的管理模式;進(jìn)一步健全對地方政府融資平臺的監(jiān)管機(jī)制等四個(gè)方面對強(qiáng)化地方政府融資平臺中觀治理提出建議,試圖全面構(gòu)建起一套針對地方政府融資平臺的堵疏結(jié)合的監(jiān)管體系。第五部分,在微觀層面,著眼地方政府融資平臺業(yè)日常運(yùn)行中個(gè)公司治理問題與融資法律問題,致力于找到完善融資平臺公司治理,規(guī)范平臺公司融資運(yùn)行有效路徑。在此基礎(chǔ)上,本文提出,完善融資平臺公司治理,需要從內(nèi)部,弱化地方政府在平臺公司中的經(jīng)營權(quán),完善公司治理架構(gòu);從外部,引入銀行監(jiān)事制度,強(qiáng)化債權(quán)人在公司治理中的作用。在融資行為中,強(qiáng)化對融資平臺的融資約束與制度規(guī)范,有效防控風(fēng)險(xiǎn)。在擔(dān)保中,杜絕地方政府違規(guī)保證擔(dān)保,強(qiáng)化物的擔(dān)保力度,以審慎為原則,規(guī)范地方政府信用對平臺公司的擔(dān)保增信行為。本文的主要結(jié)論包括以下幾點(diǎn):一、就地方政府融資平臺本質(zhì)而言,其是制度下創(chuàng)新的產(chǎn)物。其產(chǎn)生是市場與政府雙重失靈的結(jié)果,其發(fā)展是由我國現(xiàn)行財(cái)政體制所催生的。我國現(xiàn)行財(cái)政體制,特別是1994年所進(jìn)行的分稅制改革,以及預(yù)算法中對地方政府發(fā)債的限制,是地方政府融資平臺大規(guī)模發(fā)展的根本動(dòng)因。二、就地方政府融資平臺的經(jīng)濟(jì)法主體定位而言,基于經(jīng)濟(jì)法學(xué)“政府—社會中間層—市場”的三元框架分析,其與市場主體外觀上一致,但有實(shí)質(zhì)差異;與社會中間層主體存在共性,但有本質(zhì)區(qū)別,故應(yīng)將其定位為類社會中間層主體。三、對于地方政府融資平臺的治理,應(yīng)以法律治理為主線。這既要求在對于地方政府融資平臺治理的切入點(diǎn)應(yīng)基于各類根本性的體制問題,也要求在對于地方政府融資平臺的治理應(yīng)強(qiáng)化法治手段,應(yīng)重于機(jī)制的建設(shè)與完善。四、對于地方政府融資平臺的治理應(yīng)體現(xiàn)系統(tǒng)性與綜合性,圍繞制度環(huán)境、監(jiān)管機(jī)制以及平臺公司的微觀運(yùn)行等三個(gè)維度進(jìn)行分析與梳理。制度環(huán)境治理關(guān)注于催生并助推地方政府融資平臺迅猛發(fā)展的深層次原因,探索通過完善我國財(cái)政預(yù)算體制,從根本上解決我國地方政府融資平臺的體制成因。監(jiān)管機(jī)制建設(shè)著眼現(xiàn)實(shí),以及可預(yù)見的監(jiān)管變革,以現(xiàn)有地方政府融資平臺的監(jiān)管機(jī)制為重點(diǎn),研究如何優(yōu)化對地方政府融資平臺監(jiān)管。微觀治理側(cè)重市場主體本身及其融資行為,研究平臺公司作為微觀主體時(shí)的運(yùn)行與管理問題。五、就完善地方政府融資平臺的制度環(huán)境而言,在現(xiàn)階段,既要堅(jiān)定不移地推動(dòng)完善分稅制,推進(jìn)地方政府債券發(fā)行放開等體制性變革,也要著力在規(guī)范中逐步使地方政府融資平臺向公私合營模式過渡。六、對地方政府融資平臺的監(jiān)管,應(yīng)著力完善對地方政府融資平臺的監(jiān)管規(guī)范體系,明確對地方政府融資平臺的監(jiān)管主體,厘清地方政府負(fù)債的管理模式,健全對地方政府融資平臺的監(jiān)管機(jī)制,并在政府外部,加快建立地方政府信用評級機(jī)制,在政府內(nèi)部,加快建立地方財(cái)政風(fēng)險(xiǎn)預(yù)警機(jī)制,同時(shí)建立地方政府債務(wù)規(guī)模限額管理機(jī)制。七、對作為微觀主體的地方政府融資平臺公司,一方面要完善其公司治理,對內(nèi),著力弱化政府經(jīng)營權(quán);對外,通過引入銀行監(jiān)事等制度,進(jìn)一步強(qiáng)化債權(quán)人在公司治理中的作用。另一方面,也要優(yōu)化平臺公司的融資管理機(jī)制。在融資領(lǐng)域,健全完善分類管理、嚴(yán)格準(zhǔn)入、實(shí)時(shí)監(jiān)控等風(fēng)險(xiǎn)防范機(jī)制;在擔(dān)保環(huán)節(jié),以審慎為原則,規(guī)范地方政府信用對平臺公司的擔(dān)保增信行為。綜觀全文,從選題、觀點(diǎn)及方法論等三個(gè)方面,對地方政府融資平臺的法律治理問題做了創(chuàng)新。在選題上,從法律視野出發(fā),展開對我國地方政府融資平臺基本問題的分析與研究,并同樣從法律入手,提出對我國地方政府融資平臺的治理思路與措施。在觀點(diǎn)上,既有對傳統(tǒng)觀點(diǎn)的傳承與發(fā)展,也提出了一些新視角。在方法論上,本文創(chuàng)新分析框架,緊扣法律治理的主線,著力提升分析論證的全面性與系統(tǒng)性,圍繞制度環(huán)境的變革、監(jiān)管機(jī)制的完善以及微觀治理的規(guī)范,從宏觀、中觀、微觀三個(gè)層面,提出了對地方政府融資平臺法律治理的建議與構(gòu)想,努力為地方政府融資平臺治理的理論研究與實(shí)踐工作進(jìn)行了新的探索。
[Abstract]:Since 2010, the supervision and management of the local government financing platform has been continuously strengthened by the central government and the regulatory authorities. The momentum of the rapid expansion of the debt scale of the local government financing platform has been basically contained through the regulation and governance in recent years. On the surface, the risk of local government financing platform has been relieved, but from the deep point of view, the institutional factors that promote the development of local government financing platform and the malignant expansion of local debt have not been fundamentally eradicated, and the influence factors of the higher platform debt still increase unabated. In the context of the macro economic and financial situation, the dike of the risk prevention and control of the local government financing platform is being impacted. Especially since 2011, the macroeconomic downside trend is obvious, The recovery of the real economy is slow, the price of house prices has fallen down in some areas, the land finance which the local government is very dependent on is increasingly exhausted and the decline trend of local fiscal revenue growth is difficult to restrain. As a whole, not only is the debt pressure of the local government financing platform increasing, but also the risk to the financial system. With the continuous increase in the debt scale of the local government financing platform, the risk structure is increasingly complex, and its banking industry is to the banking industry. The challenge will also become increasingly apparent in August.2014. The four reviewers of the revised budget law have been approved by the National People's Congress and will be implemented in January 2015. Although in this revision, the central government can give local governments a certain limit of local debt rights, but the threshold of the subject of the issuance of debt is high, the debt issuance procedure is particularly strict, and it is also useful. It is clear that the central government's attitude to the local government's debt service is still cautious. In the light of the reality of our country, it is not realistic for the local government to replace the local government financing platform in the short term. It is also more time to dissolve the stock debt of the large local government financing platform. At the same time, we should also see the fourth draft of the budget law. The amendments to local government debt still have a lot of needs to improve, on how to improve local government debt system to control the local government financing platform, still need to carry out further research. It is clear that the local government financing platform in the theory and practice of various questions, is still complex; for its governance, still heavy and the way. How to understand the various problems in the theory and practice of the financing platform and to deal with these problems accordingly? Around these problems, this paper starts the research and discussion. In the process of research, this paper starts with the rationale of the relationship between the government and the market, with the "government market social middle level". On the basis of the three yuan framework, this paper demonstrates the subject orientation of the economic law of the local government financing platform, and explores the behavior motivation behind the expansion of the local government's debt scale and the financing platform of the local government financing platform, and explores the behavior patterns and possible risks of the local government financing platform in reality. On the basis of this, this article tries to use legal thinking to explore the effective way to govern the financing platform of local government and to put forward some suggestions and ideas about the legal governance of local government financing platform from the three dimensions of institutional environment, supervision mechanism and micro governance, from three perspectives of macro, medium and micro. The research on the main body of the local government financing platform, in the first part, taking the relationship between the government and the market as the theoretical basis, put forward that the research of the local government financing platform should be applied to the three yuan framework of "government - social middle level - market". Then it is concluded that the local government financing platform should belong to the middle of the society in the economic law. On the basis of this, the conclusion of the legal governance of the local government financing platform is demonstrated. In the second part, this paper further analyzes the behavior motivation and mechanism of the local government financing platform from the practice, and analyzes the behavior motivation and the view of the fiscal and tax system of our country. The factors that affect and determine the origin and rapid development of the financing platform are determined. In the behavior pattern, the behavior pattern and internal mechanism of the financing platform are combed and explored from three dimensions, such as direct financing, indirect financing and financing mode innovation, and the possible risk of the financing platform in practice is analyzed, which leads to the integration of the local government. In the third part, in the view of the system environment, we are devoted to finding the way to manage the financing platform from the root of the system environment. In the third part, the financing platform of the local government is made to produce the development of the financing platform of the local government. The institutional motivation of the exhibition is to explore how to manage the local government financing platform from the source of the law from the aspects of the further improvement of the tax system system of our fiscal and tax system, the release of local government's independent debt issuance and the strengthening of the financial budget stage. The fourth part, from the perspective of supervision, explores and constructs a set of obstruction and combination. The supervision system of local government financing platform. Based on the current system reality and the foreseeable institutional change, on the basis of the comprehensive evaluation of the current local government financing platform supervision system, the focus is to further improve the legislation and build a regulatory framework for the local government financing platform, and further clarify the local government financing platform. To further clarify the management mode of local government debt and further improve the supervision mechanism of local government financing platform, four aspects of strengthening local government financing platform medium view governance are proposed, and an attempt to build a set of local government financing platform is made. The fifth part, at the micro level, focuses on the problem of corporate governance and financing law in the daily operation of the local government financing platform industry. It is committed to improving the corporate governance of the financing platform and regulating the effective path of the financing operation of the platform. On this basis, this paper proposes to improve the corporate governance of the financing platform. It is necessary to weaken the management right of local government in the platform company, improve the corporate governance structure, introduce the bank supervisor system from the outside, strengthen the role of the creditor in the corporate governance. In the financing behavior, strengthen the financing constraints and institutional norms of the financing platform, effectively prevent and control the risk. In the guarantee, the local government rules and regulations are eliminated. The main conclusions of this article include the following points: first, in terms of the nature of the local government financing platform, it is the product of the innovation under the system. Its production is the result of the double failure of the market and the government, and its development is from me. The current financial system of the country has spawned. The current fiscal system in China, especially the reform of the tax sharing system carried out in 1994, and the restriction of the local government debt in the budget law, is the fundamental cause of the large-scale development of the local government financing platform. Two, on the basis of the economic law "government", the government of the local government financing platform is based on the economic law "government" The three element framework analysis of the social middle level market is consistent with the market subject, but there are substantial differences; there are common differences with the social middle level subject, but there are essential differences. Therefore, it should be located in the middle class of the social class. Three, the governance of the local government financing platform should be the main line of legal governance. The starting point for the governance of local government financing platform should be based on all kinds of fundamental institutional problems, and the rule of law means should be strengthened in the management of the local government financing platform, and the construction and improvement of the mechanism should be emphasized. Four, the governance of the local government financing platform should be embodied and integrated, and the regulatory mechanism surrounding the system environment and the regulatory mechanism should be embodied. Three dimensions, such as the micro operation of the platform company, are analyzed and combed. The institutional environment governance is concerned with the deep causes of the rapid development of the local government financing platform. Through the improvement of our country's financial budget system, the institutional cause of the local government financing platform is fundamentally solved. The reality, and the foreseeable regulatory change, focusing on the existing local government financing platform supervision mechanism, research how to optimize the supervision of the local government financing platform. Micro governance focuses on the market subject itself and its financing behavior, and studies the operation and management of the platform company as a micro body. Five, improving the financing of local government. In the system environment of the platform, at the present stage, we should not only unswervingly promote the improvement of the tax system, promote the release and release of local government bonds and other institutional changes, but also make efforts to gradually make the local government financing platform transition to the public private partnership mode. Six, the supervision of the local government financing platform should improve the integration of local government. The regulatory system of the management platform, clear the supervision body of the local government financing platform, clarify the management mode of local government debt, perfect the supervision mechanism of the local government financing platform, and accelerate the establishment of the local government credit rating mechanism outside the government, speed up the establishment of local financial risk early warning mechanism, and build the local financial risk early warning mechanism at the internal part of the government. Seven, the local government debt scale management mechanism. On the one hand, the local government financing platform companies, on the one hand, should improve their corporate governance, to weaken the government's management rights, and to further strengthen the role of the creditors in corporate governance by introducing bank supervisors. On the other hand, we should optimize the platform. The financing management mechanism of the company. In the field of financing, we should improve the classification management, strict access, real-time monitoring and other risk prevention mechanisms; in the guarantee link, in the principle of prudence, standardize the local government credit to the platform company's security enhancement behavior. A comprehensive view of the full text, from the topic selection, view point and methodology, and other three aspects of the local government financing platform. The problem of legal governance has been innovating. On the topic, from the perspective of the law, the basic problems of the local government financing platform in China are analyzed and studied, and the ideas and measures for the governance of the local government financing platform are also put forward from the law. In the view, there are some new ideas on the inheritance and development of the traditional views. In the methodology, in the methodology, this paper innovating analysis framework, focusing on the main line of legal governance, improving the comprehensiveness and systematicness of the analysis and argumentation, focusing on the reform of the institutional environment, the perfection of the regulatory mechanism and the standard of micro governance. From three aspects of macro, meso and microcosmic, the suggestions on the legal governance of the local government financing platform are put forward and the suggestions for the legal governance of the local government financing platform are put forward. The idea is to make a new exploration for the theoretical research and practical work of local government financing platform governance.

【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：D922.1
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本文編號：1805618