【摘要】：我國(guó)地方政府融資平臺(tái)為促進(jìn)城市基礎(chǔ)設(shè)施建設(shè)和公用事業(yè)發(fā)展籌集資金發(fā)揮了積極的作用。2008年11月,為應(yīng)對(duì)國(guó)際金融危機(jī),我國(guó)政府實(shí)施了積極的財(cái)政政策,地方政府融資平臺(tái)得到了較大發(fā)展,為保增長(zhǎng)、擴(kuò)內(nèi)需、調(diào)結(jié)構(gòu)、促民生,以及迅速扭轉(zhuǎn)經(jīng)濟(jì)下滑趨勢(shì)發(fā)揮了重要作用。然而在其高速發(fā)展的同時(shí),也出現(xiàn)了平臺(tái)債務(wù)規(guī)模增長(zhǎng)過(guò)快、運(yùn)作不夠規(guī)范、債務(wù)風(fēng)險(xiǎn)激增等問(wèn)題。為有效防范財(cái)政金融風(fēng)險(xiǎn),保持經(jīng)濟(jì)持續(xù)健康發(fā)展和社會(huì)穩(wěn)定,加強(qiáng)對(duì)地方政府融資平臺(tái)的債務(wù)風(fēng)險(xiǎn)進(jìn)行研究和治理已經(jīng)成為一項(xiàng)緊迫的任務(wù)。論文旨在通過(guò)調(diào)查和整理相關(guān)數(shù)據(jù),對(duì)當(dāng)前地方政府融資平臺(tái)的債務(wù)規(guī)模、債務(wù)結(jié)構(gòu)及債務(wù)風(fēng)險(xiǎn)狀況有一個(gè)更加清晰、明確的認(rèn)識(shí)。建立評(píng)估地方政府融資平臺(tái)債務(wù)運(yùn)行狀態(tài)的指標(biāo)體系和測(cè)評(píng)模型,運(yùn)用統(tǒng)計(jì)分析方法對(duì)當(dāng)前地方政府融資平臺(tái)蘊(yùn)藏的債務(wù)風(fēng)險(xiǎn)做出客觀的實(shí)證性評(píng)估,以實(shí)證分析結(jié)果為依據(jù),完成對(duì)地方政府融資平臺(tái)債務(wù)風(fēng)險(xiǎn)的預(yù)警,從多維的角度對(duì)其深刻成因進(jìn)行深入剖析。提出近期以控制風(fēng)險(xiǎn)爆發(fā)為重點(diǎn),遠(yuǎn)期以制度建設(shè)為主,對(duì)地方政府融資平臺(tái)債務(wù)風(fēng)險(xiǎn)進(jìn)行治理。本研究對(duì)地方政府投融資平臺(tái)債務(wù)風(fēng)險(xiǎn)的度量與控制有一定的參考價(jià)值,有助于政府盡快出臺(tái)風(fēng)險(xiǎn)治理措施,有效防范和解決地方政府投融資平臺(tái)的債務(wù)風(fēng)險(xiǎn)問(wèn)題。研究的創(chuàng)新之處主要體現(xiàn)在以下兩個(gè)方面：第一,充分利用金融市場(chǎng)公開(kāi)數(shù)據(jù),從地方政府融資平臺(tái)融資渠道的角度入手,對(duì)融資平臺(tái)的債務(wù)結(jié)構(gòu)及其風(fēng)險(xiǎn)特點(diǎn)進(jìn)行了深入研究,并對(duì)債務(wù)規(guī)模進(jìn)行了較為科學(xué)、可信的估算,能夠更真實(shí)、準(zhǔn)確地反映地方政府融資平臺(tái)債務(wù)風(fēng)險(xiǎn)的現(xiàn)實(shí)狀況和發(fā)展趨勢(shì)。第二,充分利用債券市場(chǎng)公開(kāi)文件,對(duì)地方政府融資平臺(tái)的經(jīng)營(yíng)特點(diǎn)、投資項(xiàng)目、與地方政府的關(guān)系、償債資金來(lái)源等與債務(wù)風(fēng)險(xiǎn)密切相關(guān)的重要內(nèi)容進(jìn)行了實(shí)證研究。
[Abstract]:The local government financing platform of our country has played an active role in raising funds for promoting the construction of urban infrastructure and the development of public utilities. In November 2008, in response to the international financial crisis, our government implemented an active fiscal policy. The local government financing platform has been greatly developed, which plays an important role in maintaining growth, expanding domestic demand, adjusting structure, promoting people's livelihood, and rapidly reversing the downward trend of the economy. However, with the rapid development of the platform debt, the scale of platform debt increases too fast, the operation is not standardized, and the debt risk surges. In order to effectively prevent financial and financial risks, maintain sustainable and healthy economic development and social stability, strengthen the research and management of debt risk of local government financing platform has become an urgent task. The purpose of this paper is to make a clear and clear understanding of the debt scale, debt structure and debt risk of the local government financing platform through the investigation and collation of relevant data. This paper establishes an index system and an evaluation model to evaluate the operating state of local government financing platform debt, and makes an objective and empirical evaluation of the debt risk of the current local government financing platform by using the statistical analysis method, which is based on the results of the empirical analysis. This paper analyzes the causes of debt risk of local government financing platform from the perspective of multidimensional analysis. It is proposed that the key point is to control the risk outbreak in the near future, and the system construction should be the main part in the long run to deal with the debt risk of the local government financing platform. This research has certain reference value to the local government investment and financing platform debt risk measurement and control, and helps the government to issue the risk management measures as soon as possible, and effectively prevent and solve the local government investment and financing platform debt risk problem. The innovation of the research is mainly reflected in the following two aspects: first, make full use of financial market open data, from the perspective of financing channels of local government financing platform, The debt structure and risk characteristics of the financing platform are deeply studied, and the scale of the debt is estimated scientifically and reliably, which can be more true. Accurately reflect the local government financing platform debt risk situation and development trend. Secondly, the paper makes full use of the open documents of the bond market to make an empirical study on the operating characteristics of the local government financing platform, the investment project, the relationship between the local government and the local government, and the sources of debt repayment funds, which are closely related to the debt risk.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F812.5

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