發(fā)布時間：2018-01-01 04:11

  本文關(guān)鍵詞：中國地方融資平臺管理研究　出處：《華中師范大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 地方融資平臺 預(yù)算軟約束 金融市場效率 DEA-Tobit模型

【摘要】：1994年分稅制改革以來,中央和地方的財政分配體系出現(xiàn)了財權(quán)上移和事權(quán)下移的分配格局。面對中國快速的城鎮(zhèn)化進(jìn)程,地方政府在基礎(chǔ)設(shè)施建設(shè)方面的資金存在較大缺口。根據(jù)國家《預(yù)算法》的規(guī)定,各級地方政府不得隨意發(fā)行債券,因此地方政府為了獲得建設(shè)資金,不得不開辟新的融資渠道,地方政府融資平臺也在這樣的背景下應(yīng)運(yùn)而生。為了抵御金融危機(jī)對我國經(jīng)濟(jì)的負(fù)面影響,中央政府出臺了4萬億的投資計劃,其中70%的配套資金需要由地方政府提供。在這種背景下,地方融資平臺得到了跨越式發(fā)展,有效的緩解了金融危機(jī)對我國經(jīng)濟(jì)的負(fù)面影響,促進(jìn)了我國經(jīng)濟(jì)走向復(fù)蘇。與此同時,地方政府融資平臺數(shù)量大量增加,融資規(guī)模不斷擴(kuò)張,運(yùn)作不規(guī)范,地方政府變相提供擔(dān)保等現(xiàn)象引起了中央政府和社會廣泛的關(guān)注,融資平臺的償貸能力令人堪憂。一旦融資平臺出現(xiàn)債務(wù)危機(jī),隱形債務(wù)必將顯性化,給地方財政帶來巨大壓力,甚至威脅到中央財政的安全。同時,一旦地方融資平臺不能償還債務(wù),銀行將產(chǎn)生大量的不良貸款,影響我國金融安全。地方融資平臺問題的爆發(fā)出現(xiàn)于金融危機(jī)后,但是問題由來已久,只是沒有引起廣泛關(guān)注。所以,為了引導(dǎo)地方融資平臺的良性發(fā)展,我們不能僅僅只是關(guān)注于眼前巨額的債務(wù)問題。同時還要找出地方融資平臺問題存在的關(guān)鍵癥結(jié)所在,對癥下藥,以期望對于地方融資平臺的治理達(dá)到一勞永逸的效果�；诖�,本文重點(diǎn)分析了影響地方融資平臺過度融資風(fēng)險的相關(guān)因素。經(jīng)過分析我們發(fā)現(xiàn)預(yù)算軟約束和低下的金融市場效率是導(dǎo)致地方融資平臺過度融資風(fēng)險的最主要因素。針對上述兩項主要因素構(gòu)建了一個風(fēng)險管理的模型,提出了對于不同的地區(qū)應(yīng)當(dāng)采取差別化的對待治理措施。另外,地方融資平臺健康的運(yùn)行也離不開自身效率的提高。地方融資平臺的有效運(yùn)行可以提高自身的債務(wù)償還能力,減少自身對于地方政府的依賴�；诖�,本文運(yùn)用DEA-Tobit兩階段模型研究了影響融資平臺效率的因素。最后,本文綜合對于風(fēng)險和效率影響因素的分析提出了促進(jìn)地方融資平臺健康發(fā)展的相關(guān)建議。 本文第一部分對地方融資平臺進(jìn)了簡要的概述。本部分首先介紹了地方融資平臺的相關(guān)定義以及特點(diǎn)及目前的狀況。然后肯定了地方融資平臺在城市建設(shè)中的作用。最后指出管理地方融資平臺應(yīng)從化解地方融資平臺風(fēng)險和提高地方融資平臺的效率兩個方向入手。 本文第二部分主要研究了地方融資平臺過度風(fēng)險的影響因素。本部分首先從供需的角度分析了地方融資平臺風(fēng)險產(chǎn)生的現(xiàn)實動因。指出除了城市化進(jìn)程,地方融資平臺的擴(kuò)張都與不完善的財政體制以及金融市場治理的效率低下有關(guān)。然后從加強(qiáng)預(yù)算管理和市場約束的角度入手,建立了一個管理地方融資平臺風(fēng)險的模型。 本文第三部分主要研究了地方融資平臺的效率及其影響因素。本部分首先分析了地方融資平臺經(jīng)營存在的問題。然后運(yùn)用DEA的方法測算出地方融資平臺的技術(shù)效率。接著分析了預(yù)算軟約束、金融市場化程度和代理成本對地方融資平臺效率的影響。 本文第四部分分別從地方政府、金融市場及融資平臺的角度提出了引導(dǎo)地方政府健康發(fā)展的相關(guān)建議。
[Abstract]:Since the 1994 tax reform, the financial allocation system of the central and local distribution pattern appeared and property up powers down. The face of urbanization Chinese fast, there is a big gap in local government funds in infrastructure construction. According to the national budget law provisions of < >, the local governments at all levels shall not issue bonds, so the local government in order to obtain the construction funds, to open up new channels of financing, local government financing platform also emerged in this context. In order to resist the financial crisis negative impact on China's economy, the central government introduced 4 trillion investment plan, of which 70% of the funds provided by the local government. In this context, local financing platform has great leap forward development, effectively alleviate the negative impact of the financial crisis on China's economy, promoting China's economic recovery and the trend. At the same time, the number of local government financing platform for financing a substantial increase in the scale expansion, the operation is not standardized, the local government in the provision of guarantees and other phenomena caused by the central government and social attention, the ability to repay the loan financing platform is worrying. Once the financing platform debt crisis, invisible debts will bring great pressure to the dominance of local finance, and even threaten the safety of the central government. At the same time, once the local financing platform can not repay the debt, the bank will have a large number of non-performing loans, the impact of China's financial security. The outbreak of local financing platform problems appeared in the financial crisis, but not only is a long-standing problem, has aroused widespread concern. Therefore, in order to guide the sound development of local the financing platform, we can't just focus on the huge debt problems at the moment. At the same time to find local financing platform are the key to ask The crux of the problem, hoping for an antidote against the disease, the governance of local financing platform to achieve the effect of once. Based on this, this paper focuses on the analysis of factors related to local financing platform financing risk. Through the analysis we found that the soft budget constraint and the low efficiency of financial market are the main factors leading to excessive risk of local financing platform financing. In view of the above the two main factors to build up a risk management model is proposed for different regions should adopt different treatment measures. In addition, the operation of local financing platform of health also cannot do without improve its efficiency. The effective operation of local financing platform can improve their ability to repay debt, reduce their dependence on local the government. Based on this, this paper uses DEA-Tobit two factor model to study the effect of stage financing platform efficiency. Finally, this paper On the basis of the analysis of the factors affecting the risk and efficiency, some suggestions are put forward to promote the healthy development of the local financing platform.
In the first part of local financing platform into a brief overview. This part firstly introduces the definition of local financing platform and the characteristics and present situation. Then the local financing platform in city construction. Finally, it points out that the management of local financing platform should be Conghua local financing platform risk and improve the efficiency of local financing platform in two aspects.
The second part mainly studies the influencing factors of local financing platform of excessive risk. Firstly, from the view of supply and demand analysis of practical motivation of local financing platform risk. Besides the city process, the low efficiency of local financing platform expansion and the imperfect financial system and financial market governance. Then starting from strengthening budget management and market constraints, the establishment of a management model of the risk of local financing platform.
The third part of this paper mainly studies the efficiency and influencing factors of local financing platform. This part first analyzes the existing local financing platform of business problems. Then use to calculate the technical efficiency of local financing platform of the DEA method. And then analyzes the soft budget constraint, the impact of financial liberalization and the agency cost of local financing platform efficiency.
The fourth part of this paper, from the point of view of local government, financial market and financing platform, puts forward some suggestions to guide the healthy development of local government.

【學(xué)位授予單位】：華中師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F812.7;F832.48

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 崔軍;;我國地方政府債務(wù)治理:近期目標(biāo)與長效機(jī)制[J];財經(jīng)問題研究;2011年07期

2 王曉曦;;我國政府融資平臺的制度缺陷和風(fēng)險機(jī)理研究[J];財政研究;2010年06期

3 曹紅輝;;地方融資平臺:風(fēng)險成因與治理[J];財政研究;2010年10期

4 陳杉;;地方政府投融資平臺規(guī)范發(fā)展的政策建議[J];財政研究;2011年05期

5 梅建明;;關(guān)于地方政府融資平臺運(yùn)行的若干問題[J];財政研究;2011年05期

6 劉艷華;洪功翔;;地方政府融資平臺實現(xiàn)機(jī)制研究述評[J];財政研究;2011年06期

7 楊婧;;地方政府融資平臺風(fēng)險評估——基于財務(wù)風(fēng)險指標(biāo)的視角[J];淮北師范大學(xué)學(xué)報(哲學(xué)社會科學(xué)版);2011年05期

8 趙璧;朱小豐;;地方政府投融資平臺綜述[J];經(jīng)濟(jì)研究參考;2011年10期

9 葛鶴軍;緱婷;;中國地方政府融資平臺信用風(fēng)險研究[J];經(jīng)濟(jì)學(xué)動態(tài);2011年01期

10 莊新路;;中國商業(yè)銀行效率影響因素及評價研究[J];經(jīng)濟(jì)研究導(dǎo)刊;2009年14期

相關(guān)重要報紙文章 前1條

1 中國銀行董事長 肖鋼;[N];人民日報;2009年

，

本文編號：1362829