【摘要】：作為世界上最大的發(fā)展中國家,中國在取得巨大經(jīng)濟(jì)成就的同時(shí),經(jīng)濟(jì)社會發(fā)展過程中不平衡、不協(xié)調(diào)和不可持續(xù)的問題依然存在,集中表現(xiàn)為中國社會貧富差距還在進(jìn)一步擴(kuò)大,資源環(huán)境矛盾相對突出。特別是,舊有經(jīng)濟(jì)體制僵化問題已成為制約中國經(jīng)濟(jì)社會進(jìn)步的主要問題。原有的只強(qiáng)調(diào)效率而忽視發(fā)展質(zhì)量的道路已經(jīng)難以為繼,經(jīng)濟(jì)體制必須要改革。除了經(jīng)濟(jì)體制因素,各地方經(jīng)濟(jì)發(fā)展和民生建設(shè)還要受到本地自然條件和文化等多方面因素的制約。在多重困境壓力之下,在體制機(jī)制尚未作出必要的調(diào)整或者是正在經(jīng)歷調(diào)整、適配、再調(diào)整的關(guān)鍵階段,肩負(fù)著在本地區(qū)全面建設(shè)小康社會、加快地區(qū)現(xiàn)代化建設(shè)重任的地方政府必須要保持社會的穩(wěn)定,必須要兼顧經(jīng)濟(jì)發(fā)展和民生保障。因此,在現(xiàn)有體制機(jī)制框架內(nèi),通過微觀方法的創(chuàng)新去解決一些地方經(jīng)濟(jì)發(fā)展和民生保障中的實(shí)際問題和困難,這具有重大的現(xiàn)實(shí)意義。 經(jīng)濟(jì)結(jié)構(gòu)調(diào)整和發(fā)展方式轉(zhuǎn)變將是中國今后一段時(shí)期內(nèi)經(jīng)濟(jì)工作的重點(diǎn)。經(jīng)濟(jì)建設(shè)要更重視質(zhì)量而不再過分強(qiáng)調(diào)速度,不能再繼續(xù)鼓勵(lì)依靠投資來拉動經(jīng)濟(jì)增長,要轉(zhuǎn)移到依靠消費(fèi)和技術(shù)進(jìn)步上來。這就需要地方政府加大科技研發(fā)、社會保障等公共產(chǎn)品的提供力度。另一方面,未來一個(gè)時(shí)期國家執(zhí)行的是穩(wěn)健的貨幣政策,可能在相當(dāng)長的一個(gè)時(shí)期內(nèi)全社會資金供給都處于緊張的狀態(tài),融資的成本和難度會加大。在此前提下,北京市政府如何能夠在資金相對和絕對短缺并存的情況下,保持公共領(lǐng)域產(chǎn)品的提供力度,從而保障首都人民享受發(fā)展成果,促進(jìn)人民生活水平不斷提高,這對于北京市的管理者來說是一個(gè)嚴(yán)峻的挑戰(zhàn)。這就需要北京市政府通過投融資手段,充分發(fā)揮有限財(cái)政資金的引導(dǎo)作用,廣泛吸引社會資金,為基礎(chǔ)設(shè)施等公共服務(wù)的關(guān)鍵領(lǐng)域開辟穩(wěn)定籌資渠道。然而,北京市的政府投融資本身還存在諸多問題。如何站在可持續(xù)發(fā)展的角度去看待北京市政府投融資問題,并利用投融資模式上的創(chuàng)新或者是投融資需求供給管理的優(yōu)化來為北京市長期可持續(xù)發(fā)展服務(wù),是本文要解決的主要問題。 本文在解決問題的時(shí)候,采用的是標(biāo)本兼治的思路,不僅僅是就事論事。因而,本文的重點(diǎn)不是去探討北京市政府投融資體制機(jī)制本身如何變革,而是試圖在現(xiàn)有體制機(jī)制框架內(nèi),站在整體的高度,基于可持續(xù)發(fā)展這個(gè)視角,以金融和財(cái)政相結(jié)合的手段按“有保有壓”的方針,去解決中短期內(nèi)北京市政府在公共領(lǐng)域的投融資問題。同時(shí),利用政府投融資這一手段為促進(jìn)地方經(jīng)濟(jì)社會的可持續(xù)發(fā)展服務(wù)。這對于其他省市地方政府也具有借鑒意義。 本文沿著“理論分析——實(shí)證分析——政策分析”的思路,以經(jīng)濟(jì)理論和管理理論為基礎(chǔ),以發(fā)展為背景,重點(diǎn)關(guān)注了在“十二五”規(guī)劃目標(biāo)背景下北京市實(shí)現(xiàn)可持續(xù)發(fā)展的地方政府投融資問題。在文獻(xiàn)綜述部分,本文回顧了地方政府投融資的理論背景和現(xiàn)實(shí)原因,包括：地方財(cái)權(quán)事權(quán)不匹配、地方考核激勵(lì)制度不完善、區(qū)域發(fā)展不平衡等,并分析了地方政府投融資可能造成的負(fù)面效果。隨后從制度經(jīng)濟(jì)學(xué)等角度探討了地方政府投融資的理論基礎(chǔ),以及與可持續(xù)發(fā)展之間的關(guān)系。最后,對包括北京市在內(nèi)的地方政府投融資的主要模式和外國經(jīng)驗(yàn)做了梳理。在實(shí)證部分,本文綜合運(yùn)用案例研究和計(jì)量分析等實(shí)證分析方法,分析了北京市政府所面臨的資金短缺現(xiàn)狀,試圖從可持續(xù)發(fā)展視角尋找一種中短期的非體制改革的解決辦法。本文提出：從需求角度,北京市政府必須“有保有壓”抓重點(diǎn)保證地方重點(diǎn)領(lǐng)域的投融資需求；從供給角度,必須創(chuàng)新投融資模式挖潛力,利用有限的財(cái)政資金為引導(dǎo),吸引社會力量和資源,以期能保證在體制機(jī)制變革時(shí)期,滿足北京市地方經(jīng)濟(jì)社會發(fā)展的需要。實(shí)現(xiàn)發(fā)展經(jīng)濟(jì)與保障民生的平衡,最終實(shí)現(xiàn)社會經(jīng)濟(jì)可持續(xù)發(fā)展。本文還對北京市政府可能面臨的融資風(fēng)險(xiǎn)做了簡單探討。在政策分析部分,本文從融資模式優(yōu)化、財(cái)政政策和金融政策以及相關(guān)配套措施等幾個(gè)方面為北京市提出了政策建議。 本文在理論分析和實(shí)證分析部分得到的主要結(jié)論有： 第一,地方政府投融資沖動的現(xiàn)實(shí)背景是地方政府財(cái)力不足,體制機(jī)制背景是地方官員考核激勵(lì)機(jī)制不完善,而地方政府對國有銀行過度利用也是投融資沖動的主要原因之一。上述原因所造成的地方政府投融資沖動帶來了很多風(fēng)險(xiǎn),包括：因?yàn)閭鶆?wù)違約可能造成的地方政府信用風(fēng)險(xiǎn)和道德風(fēng)險(xiǎn),融資規(guī)模過大可能引起的財(cái)政風(fēng)險(xiǎn),地方金融風(fēng)險(xiǎn)和宏觀經(jīng)濟(jì)風(fēng)險(xiǎn)等。 第二,政府投融資行為是一個(gè)有多方參與的委托代理行為,人民群眾委托中央政府和地方政府治理國家,中央政府委托地方政府管理地方事務(wù)。地方政府通過建立投融資平臺來緩解提供公共產(chǎn)品的資金壓力。但是在實(shí)踐中地方政府投融資過度依賴投融資平臺,融資平臺的資金來源渠道又過度倚重銀行貸款,這些都造成融資成本高而資金使用效率不高。所以,地方政府必須創(chuàng)新融資方式,在分析每一領(lǐng)域公共產(chǎn)品的公共性和盈利性等特征的基礎(chǔ)上,利用不同的投融資模式吸引民間資本,從而為社會提供更多更有效率的公共產(chǎn)品。 第三,外國政府的投融資體制機(jī)制相對靈活多樣,但是都是結(jié)合本國的國情特點(diǎn)逐步確立的。其中,美國的特色模式是市政債券模式,德國的特色模式是融資租賃模式,法國的特色模式是公共事業(yè)特許經(jīng)營模式。中國各個(gè)地區(qū)之間的投融資模式也有差別。如與上海投融資模式相比,重慶模式的市場化程度相對較低,主要原因是西部地區(qū)基礎(chǔ)設(shè)施建設(shè)項(xiàng)目造價(jià)高,回收周期長,盈利水平低,民營資本較少參與。天津模式大體上介于上海和重慶之間。北京市在融資模式創(chuàng)新上進(jìn)行了許多有益嘗試,但是模式創(chuàng)新所占的比重還較低,這導(dǎo)致了一些不可持續(xù)的問題。 第四,北京市政府投融資不可持續(xù)的主要問題包括以下幾個(gè)方面：一是,政府越位與市場缺位并存,體制機(jī)制還有待于進(jìn)一步完善。二是,投資總量不足與投資主體單一,北京市的有限財(cái)政資金,顯然不能滿足龐大的社會公共需求相。三是,融資渠道單一與創(chuàng)新不足,過度倚重銀行貸款等融資渠道,融資成本較高。 第五,根據(jù)北京市“十二五”規(guī)劃的目標(biāo),在資金約束條件下,北京市為實(shí)現(xiàn)可持續(xù)發(fā)展,應(yīng)該“有保有壓”抓重點(diǎn),保證重點(diǎn)領(lǐng)域的投融資資金來源,并且從可持續(xù)發(fā)展的角度去選擇投融資的重點(diǎn)領(lǐng)域。同時(shí),重點(diǎn)領(lǐng)域的融資模式必須可持續(xù),以市場化融資為基礎(chǔ),在公共領(lǐng)域充分發(fā)揮社會資金的積極性,完善對于北京市重點(diǎn)領(lǐng)域投融資的保障。 第六,北京市“十二五”規(guī)劃發(fā)展目標(biāo)可以被認(rèn)為是北京市可持續(xù)發(fā)展的中短期戰(zhàn)略目標(biāo),所以投融資重點(diǎn)領(lǐng)域的選取必須緊緊圍繞北京市“十二五”規(guī)劃發(fā)展的目標(biāo)和北京市已進(jìn)入后工業(yè)化發(fā)展階段這個(gè)實(shí)際情況來開展。要按照公共產(chǎn)品理論區(qū)別不同領(lǐng)域的公共屬性和盈利屬性,對照各種融資方式的風(fēng)險(xiǎn)、成本和可得性指標(biāo),分別有針對性的為重點(diǎn)領(lǐng)域設(shè)計(jì)融資方案。同時(shí),要充分對各資金渠道作挖潛,調(diào)動一切可以調(diào)動的力量來為北京市的經(jīng)濟(jì)建設(shè)和社會發(fā)展服務(wù),最終目標(biāo)是實(shí)現(xiàn)“兩個(gè)可持續(xù)”,即北京市投融資資金及模式的可持續(xù)和北京市經(jīng)濟(jì)社會的可持續(xù)發(fā)展。 第七,北京市融資渠道的市場化程度不足,民間資本進(jìn)入公共領(lǐng)域還存在政策性門檻。因此,北京市一方面要大力引入“PPP”等創(chuàng)新方式優(yōu)化政府投融資模式,另一方面還要積極推進(jìn)“陽光融資”,充分挖掘民間資本參與北京市建設(shè)和公共產(chǎn)品提供的潛能。此外,要積極營造良好的金融生態(tài)環(huán)境,健全風(fēng)險(xiǎn)管理與監(jiān)控體系,防范北京市政府融資的風(fēng)險(xiǎn)。
[Abstract]:As the largest developing country in the world, while China has made great economic achievements, problems of imbalance, disharmony and unsustainability still exist in the process of economic and social development. These problems are mainly manifested in the widening gap between the rich and the poor in China's society and the relatively prominent contradiction between resources and environment. In addition to economic system factors, local economic development and livelihood construction are also subject to local natural conditions and cultural constraints. Under pressure, the local government, which is responsible for building a well-off society in an all-round way and speeding up the modernization of the region, must maintain social stability and take into account economic development and livelihood security. Within the framework of institutional mechanisms, it is of great practical significance to solve the practical problems and difficulties in the economic development and livelihood security of some localities through the innovation of micro-methods.
Economic restructuring and transformation of the mode of economic development will be the focus of China's economic work for a period of time to come. Economic construction should attach more importance to quality rather than speed. We should not continue to encourage economic growth by relying on investment, but shift to relying on consumption and technological progress. On the other hand, in the future, the state will implement a sound monetary policy, and the whole society may be in a tight state of fund supply for a long period of time. The cost and difficulty of financing will increase. On this premise, how can the Beijing Municipal Government make the funds relatively and absolutely short? It is a severe challenge for the managers of Beijing to maintain the supply of public goods so as to ensure that the people of the capital can enjoy the fruits of development and improve their living standards. However, there are still many problems in Beijing's government investment and financing. How to look at Beijing's government investment and financing from the perspective of sustainable development, and make use of the innovation of investment and financing mode or the supply of investment and financing demand? The optimization of management to serve the long-term sustainable development of Beijing is the main problem to be solved in this paper.
Therefore, the focus of this paper is not to discuss how to reform the investment and financing mechanism of the Beijing Municipal Government itself, but to try to stand on the whole within the framework of the existing institutional mechanism, based on the perspective of sustainable development, to finance and finance. The combination of means in accordance with the principle of "retaining pressure" to solve the problem of investment and financing in the public sphere in the short and medium term. At the same time, the use of government investment and financing means to promote the sustainable development of local economy and society.
Following the idea of "theoretical Analysis-Empirical analysis-policy analysis", based on economic theory and management theory, and with the background of development, this paper focuses on the investment and financing of local governments for sustainable development in Beijing under the background of the 12th Five-Year Plan. The theoretical background and practical reasons of investment and financing include: the mismatch of local financial rights and powers, the imperfection of local assessment and incentive system, the imbalance of regional development, and so on. Finally, the paper combs the main modes of investment and financing of local governments including Beijing and foreign experience. In the empirical part, this paper analyzes the present situation of capital shortage faced by the Beijing municipal government by using case studies and quantitative analysis, trying to find a sustainable development perspective. From the demand point of view, the Beijing Municipal Government must "keep pressure" to ensure the investment and financing needs of key local areas; from the supply point of view, it must innovate the mode of investment and financing to tap the potential, make use of limited financial funds as a guide to attract social forces and resources in order to ensure that In the period of institutional reform, the securities system meets the needs of local economic and social development in Beijing, realizes the balance between economic development and people's livelihood, and finally realizes the sustainable development of social economy. And financial policy and related supporting measures, and put forward policy recommendations for Beijing.
The main conclusions obtained in theoretical analysis and empirical analysis are as follows:
Firstly, the realistic background of the local government's investment and financing impulse is that the local government's financial resources are insufficient, the system and mechanism background is that the local officials'evaluation and incentive mechanism is imperfect, and the excessive use of state-owned banks by the local government is also one of the main reasons for the impulse. These include: local government credit risk and moral risk caused by debt default, financial risk caused by excessive financing scale, local financial risk and macroeconomic risk.
Second, government investment and financing behavior is a multi-party principal-agent behavior, the people entrust the central government and local government to govern the country, the central government entrusts local government to manage local affairs. The excessive dependence of capital on investment and financing platforms and the excessive reliance on bank loans have resulted in high financing costs and inefficient use of funds. Therefore, local governments must innovate financing methods and make use of different investment and financing methods on the basis of analyzing the public and profitability characteristics of public goods in each field. The mode attracts private capital and provides more efficient public products for the society.
Thirdly, the investment and financing systems of foreign governments are relatively flexible and diversified, but they are gradually established in accordance with the characteristics of their own countries. For example, compared with Shanghai investment and financing mode, Chongqing mode has a relatively low degree of marketization. The main reasons are the high cost of infrastructure construction projects, long recovery cycle, low profit level and less participation of private capital in the western region. Many beneficial attempts have been made, but the proportion of model innovation is still low, which leads to some unsustainable problems.
Fourthly, the main problems of unsustainable investment and financing in Beijing include the following aspects: firstly, the coexistence of government offside and market vacancy, and the system and mechanism need to be further improved; secondly, the total amount of investment is insufficient and the investor is single; the limited financial funds in Beijing obviously can not meet the huge public demand. The financing channels are single and lack of innovation. They rely heavily on financing channels such as bank loans and so on.
Fifthly, according to the objectives of the 12th Five-Year Plan of Beijing, in order to achieve sustainable development under capital constraints, Beijing should "keep pressure" to focus on key areas, ensure the source of investment and financing funds in key areas, and select key areas of investment and financing from the perspective of sustainable development. On the basis of market-oriented financing, we should give full play to the enthusiasm of social funds in the public sphere and improve the guarantee of investment and financing in key areas of Beijing.
Sixthly, Beijing's 12th Five-Year Plan and Development Goals can be regarded as the medium-term and short-term strategic goals of Beijing's sustainable development, so the selection of key areas of investment and financing must be closely around the goals of Beijing's 12th Five-Year Plan and the actual situation that Beijing has entered the stage of post-industrial development. Public goods theory differentiates public attributes and profit attributes in different fields, and designs financing schemes for key areas according to the risk, cost and availability indicators of various financing methods. The ultimate goal of developing services is to achieve "two sustainability", namely, the sustainability of investment and financing funds and modes in Beijing and the sustainability of economic and social development in Beijing.
Seventh, the degree of marketization of financing channels in Beijing is insufficient, and there are still policy barriers for private capital to enter the public sphere. Therefore, on the one hand, Beijing should vigorously introduce "PPP" and other innovative ways to optimize government investment and financing mode, on the other hand, it should actively promote "sunshine financing" and fully tap private capital to participate in Beijing's construction and financing. In addition, we should actively create a good financial ecological environment, improve the risk management and monitoring system, and guard against the risks of Beijing government financing.
【學(xué)位授予單位】：財(cái)政部財(cái)政科學(xué)研究所
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F832.4

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