我國(guó)地方政府融資模式研究
發(fā)布時(shí)間：2018-11-19 20:07
【摘要】：1994年,我國(guó)實(shí)行分稅制改革,地方政府的財(cái)政收入與地方經(jīng)濟(jì)建設(shè)的資金需求之間缺口越來(lái)越大,地方政府融資問(wèn)題一直備受關(guān)注。1992年,上海市政府組建上海市城市建設(shè)投資開(kāi)發(fā)總公司,此后,多地政府競(jìng)相效仿,地方融資平臺(tái)登上了地方融資的歷史舞臺(tái)。2008年下半年金融危機(jī)席卷全球,在金融危機(jī)的背景下,我國(guó)政府推出了4萬(wàn)億元的刺激經(jīng)濟(jì)計(jì)劃,這一計(jì)劃對(duì)我國(guó)經(jīng)濟(jì)的影響十分深遠(yuǎn)。在寬松的宏觀經(jīng)濟(jì)政策的刺激,與資金缺口擴(kuò)大的壓力下,地方政府融資需求十分迫切,融資手段層出不窮,迅猛攀升的銀行貸款金額,急速膨脹的城投債發(fā)行規(guī)模,如雨后春筍般成立的地方政府平臺(tái)公司,無(wú)一不昭示著地方政府融資已成為當(dāng)前中國(guó)經(jīng)濟(jì)的一個(gè)重要問(wèn)題。 本文以公共產(chǎn)品理論和財(cái)政分權(quán)理論為理論基礎(chǔ),從歷史沿革和發(fā)展現(xiàn)狀研究研究我國(guó)地方政府融資模式。自1979年國(guó)家進(jìn)行“撥改貨”試點(diǎn)以來(lái),我國(guó)地方政府經(jīng)歷了多個(gè)階段的探索和實(shí)踐,在《預(yù)算法》等相關(guān)法律的約束下,不斷探尋新的融資渠道,融資金額高速增長(zhǎng),融資模式日漸成熟,逐步形成了以融資平臺(tái)為載體,通過(guò)銀行貸款、發(fā)行城投債籌借資金的融資模式。此外,我國(guó)正對(duì)地方自主發(fā)債進(jìn)行探索,目前已有6個(gè)省市作為試點(diǎn)發(fā)行地方政府債券,但融資的規(guī)模和社會(huì)影響力都相對(duì)較小。在對(duì)地方政府融資現(xiàn)狀的研究中,本文還特別選取了上海等較為典型的地區(qū)進(jìn)行樣板分析。 他山之石可以攻玉,本文研究了發(fā)達(dá)國(guó)家的主要融資模式,以期對(duì)我國(guó)的模式革新有所借鑒。盡管具體做法各有不同,但這些國(guó)家的地方融資都具備優(yōu)良的制度設(shè)計(jì),完善的監(jiān)管體系和法制管理體系,以財(cái)政作為主導(dǎo),吸收私人部門參與到基礎(chǔ)設(shè)施建設(shè)項(xiàng)目,提高投資運(yùn)營(yíng)效率。 在現(xiàn)行融資模式下,地方政府募集資金,彌補(bǔ)了地方建設(shè)資金的不足,加快了城市公共基礎(chǔ)設(shè)施的建設(shè)。但是存在的問(wèn)題也不容忽視：融資平臺(tái)不規(guī)范,、風(fēng)險(xiǎn)難以管控,對(duì)土地出讓金過(guò)于依賴不可持續(xù)。對(duì)于平臺(tái)融資,要從平臺(tái)公司公司、地方政府和銀行三個(gè)維度加以規(guī)范,完善法律法規(guī),嚴(yán)控操作流程,建立監(jiān)管體系。加大地方政府自行發(fā)債試點(diǎn)力度,逐步建立起規(guī)范的地方政府債券制度。此外,基礎(chǔ)設(shè)施建設(shè)并不需要完全由政府包攬,在一些領(lǐng)域?qū)嵺`公私合作,引入私人資本,既能解決融資的難題,提高建設(shè)運(yùn)營(yíng)效率,又能為民間資本開(kāi)拓新的投資渠道。一言以蔽之,我國(guó)地方融資短期應(yīng)著眼于優(yōu)化與規(guī)范平臺(tái)融資公司,中長(zhǎng)期則可推廣市政債的發(fā)行,建立起完善的法律法規(guī)體系以支持PPP模式長(zhǎng)期發(fā)展。
[Abstract]:In 1994, China carried out the tax sharing reform. The gap between the local government's financial revenue and the local economic construction fund demand is increasing. The financing problem of local government has been paid close attention to all the time. The Shanghai Municipal Government set up the Shanghai Urban Construction Investment and Development Corporation. Since then, many governments have followed suit, and local financing platforms have mounted the historical stage of local financing. In the second half of 2008, the financial crisis swept the world, and in the context of the financial crisis, Our government has launched a 4 trillion yuan stimulus plan, which has a profound impact on our economy. Under the stimulus of loose macroeconomic policies and the pressure of the widening of the funding gap, local governments are in urgent need of financing. Financing means are emerging in endlessly, the amount of bank loans rapidly rising, and the rapidly expanding size of city investment and bond issuance. The local government platform companies, which sprang up after a spring rain, all show that local government financing has become an important issue in the current Chinese economy. Based on the theory of public goods and the theory of fiscal decentralization, this paper studies the financing mode of local government in China from the historical evolution and present situation. Since 1979, when the country carried out the pilot project of "rationing and modifying goods", the local governments of our country have experienced many stages of exploration and practice. Under the constraints of the relevant laws such as the Budget Law, the local governments have been constantly exploring new financing channels and the amount of financing has increased at a high speed. The financing mode is maturing day by day, and the financing mode of financing platform is gradually formed, through bank loan, issuing city investment debt to raise funds. In addition, our country is exploring the local autonomous issuance of bonds. At present, six provinces and cities have issued local government bonds as pilot projects, but the scale of financing and social influence are relatively small. In the study of the current situation of local government financing, this paper also selected Shanghai and other typical regions for model analysis. This paper studies the main financing models of developed countries in order to learn from the innovation of our country. Although specific practices vary, local financing in these countries has excellent institutional design, sound regulatory and legal management systems, fiscal dominance and the involvement of the private sector in infrastructure projects. Improve the efficiency of investment operation. In the current financing mode, the local government raised funds, made up for the shortage of local construction funds, and accelerated the construction of urban public infrastructure. However, the existing problems can not be ignored: the financing platform is not standard, the risk is difficult to control, and the land transfer is too dependent on sustainability. For platform financing, we should standardize the three dimensions of platform company, local government and bank, perfect the laws and regulations, strictly control the operation flow, and establish the supervision system. Local governments should step up their efforts to issue bonds on a pilot basis and gradually establish a standardized local government bond system. In addition, the construction of infrastructure does not need to be taken over by the government. In some fields, the practice of public-private cooperation and the introduction of private capital can not only solve the problem of financing, improve the efficiency of construction and operation, but also open up new investment channels for private capital. In short, local financing in China should focus on optimizing and standardizing the platform financing companies in the short term, promoting the issuance of municipal debt in the medium and long term, and establishing a perfect legal and regulatory system to support the long-term development of the PPP model.
【學(xué)位授予單位】：財(cái)政部財(cái)政科學(xué)研究所
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F812.7
本文編號(hào)：2343299
[Abstract]:In 1994, China carried out the tax sharing reform. The gap between the local government's financial revenue and the local economic construction fund demand is increasing. The financing problem of local government has been paid close attention to all the time. The Shanghai Municipal Government set up the Shanghai Urban Construction Investment and Development Corporation. Since then, many governments have followed suit, and local financing platforms have mounted the historical stage of local financing. In the second half of 2008, the financial crisis swept the world, and in the context of the financial crisis, Our government has launched a 4 trillion yuan stimulus plan, which has a profound impact on our economy. Under the stimulus of loose macroeconomic policies and the pressure of the widening of the funding gap, local governments are in urgent need of financing. Financing means are emerging in endlessly, the amount of bank loans rapidly rising, and the rapidly expanding size of city investment and bond issuance. The local government platform companies, which sprang up after a spring rain, all show that local government financing has become an important issue in the current Chinese economy. Based on the theory of public goods and the theory of fiscal decentralization, this paper studies the financing mode of local government in China from the historical evolution and present situation. Since 1979, when the country carried out the pilot project of "rationing and modifying goods", the local governments of our country have experienced many stages of exploration and practice. Under the constraints of the relevant laws such as the Budget Law, the local governments have been constantly exploring new financing channels and the amount of financing has increased at a high speed. The financing mode is maturing day by day, and the financing mode of financing platform is gradually formed, through bank loan, issuing city investment debt to raise funds. In addition, our country is exploring the local autonomous issuance of bonds. At present, six provinces and cities have issued local government bonds as pilot projects, but the scale of financing and social influence are relatively small. In the study of the current situation of local government financing, this paper also selected Shanghai and other typical regions for model analysis. This paper studies the main financing models of developed countries in order to learn from the innovation of our country. Although specific practices vary, local financing in these countries has excellent institutional design, sound regulatory and legal management systems, fiscal dominance and the involvement of the private sector in infrastructure projects. Improve the efficiency of investment operation. In the current financing mode, the local government raised funds, made up for the shortage of local construction funds, and accelerated the construction of urban public infrastructure. However, the existing problems can not be ignored: the financing platform is not standard, the risk is difficult to control, and the land transfer is too dependent on sustainability. For platform financing, we should standardize the three dimensions of platform company, local government and bank, perfect the laws and regulations, strictly control the operation flow, and establish the supervision system. Local governments should step up their efforts to issue bonds on a pilot basis and gradually establish a standardized local government bond system. In addition, the construction of infrastructure does not need to be taken over by the government. In some fields, the practice of public-private cooperation and the introduction of private capital can not only solve the problem of financing, improve the efficiency of construction and operation, but also open up new investment channels for private capital. In short, local financing in China should focus on optimizing and standardizing the platform financing companies in the short term, promoting the issuance of municipal debt in the medium and long term, and establishing a perfect legal and regulatory system to support the long-term development of the PPP model.
【學(xué)位授予單位】：財(cái)政部財(cái)政科學(xué)研究所
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F812.7
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