本文選題：地方政府 + 融資平臺��； 參考：《財政部財政科學(xué)研究所》2014年碩士論文

【摘要】：20世紀(jì)80年代末我國地方政府融資平臺開始出現(xiàn),經(jīng)歷了快速發(fā)展、高速井噴期,由于融資平臺管理不規(guī)范等問題使得其風(fēng)險不斷積聚。本論文在上述背景下,以我國地方政府融資平臺為研究對象,通過采用規(guī)范分析、邏輯分析、歷史追溯的方法對我國地方政府融資平臺展開研究分析。 本文首先從地方政府融資平臺的概念界定和理論分析入手,從市場失靈、財政分權(quán)、“黃金法則”、收益性原則以及融資渠道對地方政府融資平臺進(jìn)行多方位經(jīng)濟(jì)學(xué)理論分析。接著從地方融資平臺的歷史沿革、發(fā)展現(xiàn)狀以及融資平臺膨脹發(fā)展的原因進(jìn)行闡述和分析,闡述了當(dāng)期融資平臺的規(guī)模結(jié)構(gòu)、運作機(jī)制、融資渠道和積極貢獻(xiàn),從政治體制、財稅體制、經(jīng)濟(jì)發(fā)展以及國家政策四個方面解釋地方政府融資平臺膨脹發(fā)展的原因。接下來從融資平臺內(nèi)部和外部兩個視角對地方融資平臺進(jìn)行風(fēng)險分析,內(nèi)部風(fēng)險包括公司治理風(fēng)險、道德風(fēng)險和投資收益風(fēng)險；外部風(fēng)險包括地方政府擔(dān)保法律風(fēng)險、國家宏觀政策變動風(fēng)險、土地抵質(zhì)押融資風(fēng)險,在風(fēng)險分析基礎(chǔ)上指出融資平臺最終的風(fēng)險后果將是地方的財政和金融風(fēng)險。地方政府融資平臺的首要目的是為地方基礎(chǔ)設(shè)施建設(shè)籌措資金,因此本文接下來介紹了國外地方政府融資經(jīng)驗并加以借鑒。最后,本文提出了化解我國地方政府融資平臺風(fēng)險的長短期對策建議。短期內(nèi)要明確定位地方政府融資平臺的投融資范圍,規(guī)范約束融資平臺和地方政府投融資行為,對融資平臺現(xiàn)有債務(wù)進(jìn)行分類管理,消化存量,規(guī)范商業(yè)銀行等金融機(jī)構(gòu)的貸款行為和開展資產(chǎn)證券化優(yōu)化債務(wù)結(jié)構(gòu)；長期內(nèi)則需要完善地方官員考核機(jī)制,防止地方政府過度投資,深化財稅體制改革,夯實地方政府財力基礎(chǔ),加強地方政府投融資債務(wù)監(jiān)管體系建設(shè)以及發(fā)展地方債券和公私合營為主的融資體系。通過本文的研究,寄希望能夠在短期內(nèi)對化解我國地方政府融資平臺風(fēng)險和加強現(xiàn)有融資平臺管理方面起到較強的指導(dǎo)意義,長期而言能夠?qū)∪覈胤饺谫Y體系方面形成重要參考和借鑒。
[Abstract]:At the end of 1980s, the local government financing platform of our country began to appear, experienced rapid development, high speed well blowout period, because of the non-standard management of financing platform and so on, the risk of financing platform accumulated continuously. Under the above background, this paper takes the local government financing platform of our country as the research object, carries on the research and analysis to the local government financing platform of our country by adopting the method of normative analysis, logical analysis and historical tracing. This paper begins with the definition and theoretical analysis of local government financing platform, and analyzes the local government financing platform from market failure, fiscal decentralization, "golden rule", profitability principle and financing channel. Then from the historical evolution of the local financing platform, the development status quo and the reasons for the expansion and development of the financing platform, the paper expounds the scale structure, operation mechanism, financing channel and positive contribution of the current financing platform, from the political system. Finance and tax system, economic development and national policy explain the expansion of local government financing platform. Then from the perspective of internal and external financing platform, the paper analyzes the risk of local financing platform, including corporate governance risk, moral hazard and investment return risk; external risk includes local government guarantee legal risk. On the basis of risk analysis, it is pointed out that the ultimate risk consequence of financing platform will be local financial and financial risk. The primary purpose of the local government financing platform is to raise funds for the local infrastructure construction. Finally, this paper puts forward the short-term and long-term countermeasures to resolve the risk of local government financing platform. In the short term, we should clearly define the scope of investment and financing of local government financing platform, standardize the behavior of restricting financing platform and local government investment and financing, manage the existing debt of financing platform into categories and digest the stock. It is necessary to standardize the lending behavior of commercial banks and other financial institutions and to develop asset securitization to optimize the debt structure. In the long run, it is necessary to improve the assessment mechanism for local officials, prevent local governments from overinvesting, and deepen the reform of the fiscal and taxation system. Strengthen the local government financial foundation, strengthen the local government investment and financing debt supervision system construction and develop local bonds and public-private joint financing system. Through the research of this paper, it is hoped that in the short term, it will play a strong guiding role in resolving the risk of local government financing platform and strengthening the management of existing financing platform. In the long-term, it can be an important reference to improve the local financing system of our country.
【學(xué)位授予單位】：財政部財政科學(xué)研究所
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F812.7

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