本文選題：地方政府 + 融資平臺(tái)�。� 參考：《西南財(cái)經(jīng)大學(xué)》2012年博士論文

【摘要】：地方政府融資平臺(tái)從上個(gè)世紀(jì)80年代末就開(kāi)始出現(xiàn)在神州大地上,不過(guò)真正引起國(guó)人高度關(guān)注還是在2008年末國(guó)家反經(jīng)濟(jì)周期的經(jīng)濟(jì)振興計(jì)劃出臺(tái)之后。客觀來(lái)說(shuō),地方政府融資平臺(tái)在應(yīng)對(duì)經(jīng)濟(jì)外生沖擊力保國(guó)民經(jīng)濟(jì)平穩(wěn)較快發(fā)展、加快投資建設(shè)步伐均衡基建成本成果的代際分布、助推城鎮(zhèn)化建設(shè)優(yōu)化投資環(huán)境增強(qiáng)發(fā)展后勁、保障和改善民生推進(jìn)公共服務(wù)均等化、創(chuàng)新投融資體制加快地方經(jīng)濟(jì)建設(shè)發(fā)展等方面發(fā)揮了積極的作用。但是,國(guó)際金融危機(jī)后地方政府融資平臺(tái)也暴露出今明兩年償債高峰兵臨城下、償債能力不強(qiáng)、公司治理規(guī)范化不夠、中西部地區(qū)成為風(fēng)險(xiǎn)洼地等嚴(yán)峻問(wèn)題,加之2008年起冰島、迪拜、西班牙、意大利等亞歐國(guó)家一系列的主權(quán)債務(wù)危機(jī)連鎖性爆發(fā),引起了國(guó)家領(lǐng)導(dǎo)人對(duì)我國(guó)地方政府融資平臺(tái)債務(wù)、國(guó)家經(jīng)濟(jì)安全的極大擔(dān)憂(yōu)。因此,研究地方政府融資平臺(tái)問(wèn)題對(duì)于國(guó)家經(jīng)濟(jì)安全、改革發(fā)展穩(wěn)定的全局、“十二五”國(guó)民經(jīng)濟(jì)能否“穩(wěn)中求進(jìn)”、乃至中國(guó)能否抓住戰(zhàn)略機(jī)遇期實(shí)現(xiàn)從“崛起”到“超越”的轉(zhuǎn)變,都是意義重大、功在當(dāng)下、利在未來(lái)、影響深遠(yuǎn)。 本文試圖從地方政府融資平臺(tái)的分類(lèi)特征、歷史演進(jìn)、債務(wù)通道入手對(duì)地方政府融資平臺(tái)基本面進(jìn)行勾勒,然后運(yùn)用宏觀經(jīng)濟(jì)分析、微觀財(cái)務(wù)異化行為等相關(guān)分析工具,從動(dòng)力、動(dòng)機(jī)、借口、機(jī)會(huì)、底氣、途徑六大方面對(duì)地方政府融資平臺(tái)債務(wù)膨脹原因進(jìn)行深入剖析。長(zhǎng)期以來(lái)被西方主流理論批判的中國(guó)式經(jīng)濟(jì)管控,在國(guó)際金融危機(jī)中經(jīng)受住考驗(yàn),終于受到西方主流理論界和實(shí)務(wù)界的逐步認(rèn)同和虛心借鑒。而地方政府融資平臺(tái)問(wèn)題就是一個(gè)典型的中國(guó)式問(wèn)題,妥當(dāng)?shù)慕鉀Q辦法還是要靠中國(guó)式治理。因此,本文從政府的視角出發(fā),貫徹多角度、多渠道、多方位的理念,多管齊下、多措并舉探尋地方政府融資平臺(tái)債務(wù)問(wèn)題的解決之道；同時(shí),考慮金融是現(xiàn)代經(jīng)濟(jì)的核心,銀行業(yè)在我國(guó)金融體系又處于核心地位,而銀行業(yè)平臺(tái)貸款背后潛伏的金融風(fēng)險(xiǎn)狀況同樣深刻影響著國(guó)家經(jīng)濟(jì)安全,為此,本文還從銀行業(yè)的視角出發(fā),探討平臺(tái)貸款的風(fēng)險(xiǎn)管控之策。 本文的行文結(jié)構(gòu)安排如下： 第一章,導(dǎo)論。在這個(gè)部分,本文對(duì)選題背景、研究意義、研究對(duì)象的界定、研究方法,以及行文結(jié)構(gòu)和技術(shù)路線圖進(jìn)行總體的介紹。 第二章,地方政府融資平臺(tái)概述。該章具體介紹地方政府融資平臺(tái)的類(lèi)型與特點(diǎn)、三大歷史演進(jìn)階段、五大融資通道,為后面章節(jié)提供必要的背景交代。 第三章,地方政府融資平臺(tái)的作用與問(wèn)題�；谇笆隼碚撜鹿�(jié)的敘述,本章對(duì)我國(guó)融資平臺(tái)的積極作用和存在的問(wèn)題進(jìn)行細(xì)致的探討,目的是找準(zhǔn)融資平臺(tái)問(wèn)題所在,為后文探討融資平臺(tái)債臺(tái)高筑的原因作鋪墊。 第四章,地方政府融資平臺(tái)債務(wù)膨脹的理論分析。在本章中,從動(dòng)力、動(dòng)機(jī)、借口、機(jī)會(huì)、底氣、途徑這六大要素作為切入點(diǎn)和突破口,深入挖掘平臺(tái)債務(wù)膨脹的根源,梳理內(nèi)在的機(jī)理,為后文平臺(tái)債務(wù)治理和銀行風(fēng)險(xiǎn)管控樹(shù)立了靶子,力求做到對(duì)癥下藥、有的放矢。 第五章,政府部門(mén)與地方政府融資平臺(tái)債務(wù)治理。本章立足政府部門(mén)的角度,從扭轉(zhuǎn)政績(jī)考核導(dǎo)向、推進(jìn)財(cái)稅體制改革、改進(jìn)政府會(huì)計(jì)系統(tǒng)、擴(kuò)容地方債券發(fā)行、加強(qiáng)平臺(tái)規(guī)范管理等思路,摸索適合我國(guó)國(guó)情的以政府為主導(dǎo)的融資平臺(tái)債務(wù)治理辦法。 第六章,商業(yè)銀行與地方政府融資平臺(tái)風(fēng)險(xiǎn)管控。本章立足銀行業(yè)的角度,對(duì)平臺(tái)信貸資產(chǎn)的風(fēng)險(xiǎn)進(jìn)行分析,從強(qiáng)化貸前審批、做實(shí)貸后管理、重啟信貸資產(chǎn)證券化、延展平臺(tái)貸款期限的思路探索銀行業(yè)平臺(tái)貸款的風(fēng)險(xiǎn)管控辦法。 第七章,結(jié)論。本章作為全文的總結(jié),在前述六章論述的基礎(chǔ)上,歸納了全文研究的主要結(jié)論,明確了本文研究的主要?jiǎng)?chuàng)新點(diǎn),展望了未來(lái)后續(xù)研究的方向。 本文的主要結(jié)論有如下幾點(diǎn)： 1.平臺(tái)債務(wù)瘋狂膨脹是六大因素合力作用所導(dǎo)致。城市化提速是地方政府加快基礎(chǔ)建設(shè)投資的外在動(dòng)力；政績(jī)考核的經(jīng)濟(jì)化是地方政府投融資沖動(dòng)的內(nèi)在動(dòng)機(jī);分稅制下財(cái)權(quán)與事權(quán)不對(duì)稱(chēng)是地方政府舉債建設(shè)投資的借口；松弛的財(cái)政貨幣政策是地方政府大舉借債的絕好機(jī)會(huì)；財(cái)政聯(lián)邦制下的預(yù)算軟約束是地方政府大膽舉債的底氣；設(shè)立融資平臺(tái)作為特殊目的載體,表外化或有化政府債務(wù)是地方政府規(guī)避現(xiàn)行法律障礙舉債的有效途徑。 2.此次平臺(tái)債務(wù)問(wèn)題,金融風(fēng)險(xiǎn)只是表象,財(cái)政風(fēng)險(xiǎn)才是實(shí)質(zhì)。財(cái)力不足又追求經(jīng)濟(jì)政績(jī)的地方政府,通過(guò)融資平臺(tái)借入大量的中短期債務(wù)后,把相當(dāng)部分投放到現(xiàn)金流回收周期較長(zhǎng)或者不太理想的建設(shè)項(xiàng)目,結(jié)果債務(wù)和現(xiàn)金流的期限結(jié)構(gòu)產(chǎn)生錯(cuò)配,債務(wù)到期缺乏足夠的現(xiàn)金流償還,進(jìn)而引起銀行業(yè)不良資產(chǎn)和壞賬飆升的隱憂(yōu)。 3.平臺(tái)債務(wù)風(fēng)險(xiǎn)分布具有不均衡性、不對(duì)稱(chēng)性。平臺(tái)債務(wù)風(fēng)險(xiǎn)在全國(guó)并不是均勻分布,而是在不同地區(qū)、不同的平臺(tái)層級(jí)呈現(xiàn)出明顯的差異。具體來(lái)說(shuō),從地區(qū)來(lái)看,風(fēng)險(xiǎn)集中主要集中在中西部地區(qū)的融資平臺(tái)；從層級(jí)來(lái)看,風(fēng)險(xiǎn)集中在市縣級(jí)融資平臺(tái),因此,平臺(tái)債務(wù)風(fēng)險(xiǎn)的洼地就是這兩個(gè)風(fēng)險(xiǎn)集中點(diǎn)的交匯之處——中西部地區(qū)市縣級(jí)融資平臺(tái)。這就更加精準(zhǔn)定位了平臺(tái)債務(wù)治理的目標(biāo),著眼點(diǎn)緊緊盯在中西部市縣融資平臺(tái)債務(wù),施以“外科手術(shù)式管控”。 4.平臺(tái)債務(wù)治理舉措貫穿多角度、多主體、多維度的中國(guó)式管控理念。治理融資平臺(tái)債務(wù)必須與時(shí)俱進(jìn)、統(tǒng)籌兼顧、開(kāi)拓創(chuàng)新,擯棄片面、孤立、靜止的落后觀念,既立足現(xiàn)在又放眼未來(lái),既短期嚴(yán)防又長(zhǎng)期謀劃,既宏觀著眼又微觀著手,既揚(yáng)湯止沸又釜底抽薪,做到遠(yuǎn)近結(jié)合、堵疏結(jié)合、發(fā)改結(jié)合,多管齊下、多措并舉、多方聯(lián)動(dòng),方能正本清源、標(biāo)本兼治、長(zhǎng)治久安。對(duì)于政府部門(mén)要有堵有疏,既要扭轉(zhuǎn)政績(jī)考核導(dǎo)向、改進(jìn)政府會(huì)計(jì)系統(tǒng),又要推進(jìn)財(cái)稅體制改革,擴(kuò)容地方債券發(fā)行。對(duì)于融資平臺(tái),要做到改革與發(fā)展并舉,要“邊規(guī)范清理,邊升級(jí)轉(zhuǎn)型”,“在規(guī)范中謀轉(zhuǎn)型,在轉(zhuǎn)型中促規(guī)范”；對(duì)于銀行業(yè),既要“以時(shí)間換空間”,允許展期平臺(tái)貸款,為后續(xù)風(fēng)險(xiǎn)管控騰出時(shí)間,又要“在風(fēng)險(xiǎn)管控促進(jìn)結(jié)構(gòu)調(diào)整,在穩(wěn)重求進(jìn)中消化信用風(fēng)險(xiǎn)”。 5.平臺(tái)債務(wù)風(fēng)險(xiǎn)從短期來(lái)看形勢(shì)嚴(yán)峻,但長(zhǎng)期來(lái)看又總體可控。今明兩年融資平臺(tái)到期債務(wù)峰值兵臨城下,融資平臺(tái)現(xiàn)有的現(xiàn)金流難以抵御債務(wù)到期本息一波又一波的沖擊,形勢(shì)確實(shí)不容樂(lè)觀,更不能掉以輕心。但是如果給予融資平臺(tái)適當(dāng)?shù)恼蛊谘舆t債務(wù)本金,那么風(fēng)險(xiǎn)又是總體可控,一方面,清理整頓后融資平臺(tái)得到注資增信,資金實(shí)力得到增強(qiáng),以及在到期債務(wù)的展期時(shí)間里,隨著投資項(xiàng)目現(xiàn)金流逐漸走上正軌,融資平臺(tái)對(duì)債務(wù)本息的償付能力大大提高；另一方面,銀行業(yè)調(diào)整業(yè)務(wù)結(jié)構(gòu)尋找新的增長(zhǎng)點(diǎn),不斷滾存增長(zhǎng)的銀行利潤(rùn)能夠消化融資平臺(tái)貸款轉(zhuǎn)化的呆壞賬。更讓人寬心的是,政府手上還有有價(jià)值超百億的國(guó)有股、自然資源等國(guó)有資產(chǎn)作為平臺(tái)債務(wù)的靠山。因此,只要中國(guó)經(jīng)濟(jì)能夠平穩(wěn)增長(zhǎng),平臺(tái)債務(wù)風(fēng)險(xiǎn)確實(shí)是可控的。
[Abstract]:The local government financing platform has played a positive role in the development of local government financing platform and national economic security .

This paper tries to analyze the causes of debt expansion of local government financing platform from the perspectives of motivation , motivation , excuse , opportunity , bottom gas and path .
At the same time , considering that finance is the core of modern economy , banking is at the core position in our country ' s financial system , and the underlying financial risk situation behind the banking platform loan is also deeply affecting the national economic security . Therefore , this article also discusses the policy of risk control of platform loan from the view of banking .

The structure of the text is as follows :

Chapter one , Introduction . In this part , this paper gives an overview of the background , significance of research , the definition of research object , the research methods , and the road map structure and technology road map .

The second chapter provides an overview of local government financing platform . This chapter introduces the types and characteristics of local government financing platform , three historical evolution stages and five major financing channels , and provides the necessary background for the following sections .

In chapter 3 , the role and problems of local government financing platform are discussed . Based on the description of the above - mentioned theoretical chapters , this chapter makes a detailed discussion on the active role and problems of financing platform in China . The purpose is to find out the problem of financing platform .

In chapter 4 , the theory of debt expansion of local government financing platform is analyzed . In this chapter , the six elements of motivation , motivation , excuse , opportunity , bottom gas and route are taken as the breakthrough point and the breakthrough point .

Chapter five , the government departments and the local government financing platform debt governance . This chapter is based on the government ' s angle , from the guidance of torsional performance appraisal , the promotion of the reform of the financial and taxation system , the improvement of the government accounting system , the expansion of the local bond issue , the strengthening of the platform regulation management and so on , and groped for the government - led financing platform debt governance approach which is suitable for our country ' s national conditions .

Chapter 6 , the risk control of commercial banks and local government financing platform . This chapter makes an analysis on the risks of the platform credit assets based on the angle of the banking industry .

Chapter 7 , conclusions are summarized in this chapter , based on the above - mentioned six chapters , the main conclusions of the full - text research are summarized , the main innovations in this paper are clarified , and the direction of future research is looked forward .

The main conclusions of this paper are as follows :

1 . The expansion of the platform debt is caused by the combining ability of six factors . The speed of urbanization is the impetus of the local government to accelerate the investment of infrastructure investment ;
The economic integration of performance appraisal is the internal motive of local government ' s investment and financing impulse .
The relaxed fiscal and monetary policy is a great opportunity for local governments to borrow money .
The budget soft constraint under the fiscal federalism is the foundation of the local government ' s audacity to raise the debt ;
The establishment of the financing platform as a special purpose carrier , the externalization of the table or the government debt is an effective way for local governments to avoid the existing legal obstacles .

2 . The debt problem of the platform , the financial risk is only the appearance , the financial risk is the essence . After borrowing large amount of medium - short - term debt through the financing platform , after borrowing large amount of medium - short - term debt through the financing platform , the maturity structure of the debt and cash flow is mismatched , and the maturity of the debt lacks enough cash flow reimbursement , thus causing the bank bad assets and the bad debts to soar .

3 . The distribution of the platform ' s debt risk is uneven and dissymmetry . The platform debt risk is not evenly distributed throughout the country , but in different regions , different platform levels show obvious differences . Specifically , from the region , the risk concentration is mainly concentrated in the financing platform in the Midwest .
From the level of view , the risk is concentrated in the city county - level finance platform , so the low - lying land of the platform debt risk is the intersection of the two risk concentration points .

4 . The debt governance of the platform runs through multi - angle , multi - subject and multi - dimension Chinese style control idea . The debt of governance financing platform must keep pace with the times , balance , innovate , abandon one - sided , isolated and static backward idea , not only the macro - vision and the long - term plan , but also promote the reform of the financial and taxation system and expand the local bond issue . For the financing platform , we should reform and develop the government accounting system .
For the banking industry , both " time - to - space " and " time - to - time space " are required to allow the loan of platform loans to be released for subsequent risk control , and " credit risk will be digested in a stable way " under risk control and structural adjustment .

5 . The debt risk of the platform is severe in the short term , but the long - term view is overall controllable . The current cash flow of the financing platform is hard to resist the impact of the debt maturity and the wave of the debt due to the impact of the current cash flow of the financing platform . However , if the appropriate extension period of the financing platform delays the debt principal , the risk is still overall controllable . On the one hand , the financing platform is strengthened and the cash flow of the investment project goes up gradually during the extension period of the maturing debt , and the solvency of the financing platform on the debt principal and interest is greatly improved ;
On the other hand , the banking adjustment business structure looks for new growth points , and the growing bank ' s profits can digest bad debts transformed by the financing platform loans . More reassuring is that the government also has billions of state - owned assets such as state - owned shares , natural resources and other state - owned assets as a platform debt . So long as China ' s economy is able to grow smoothly , the risk of the platform ' s debt is indeed controllable .

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.5

【引證文獻(xiàn)】

相關(guān)期刊論文 前3條

1 張偉;;我國(guó)地方政府投融資平臺(tái)的財(cái)政風(fēng)險(xiǎn)預(yù)估及其防范措施[J];經(jīng)濟(jì)視角(上);2013年07期

2 梁肖羽;;地方政府融資平臺(tái)風(fēng)險(xiǎn)問(wèn)題研究綜述[J];金融經(jīng)濟(jì);2014年08期

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