發(fā)布時間：2018-07-20 17:28

【摘要】：近年來,為了促進地方經(jīng)濟發(fā)展,加快推進城市化進程,地方政府通過設立各種融資平臺以支持地方基礎設施建設,為我國積極擴大內需提供了良好的資金通道。尤其是2008年金融危機之后,地方政府配合中央出臺的“四萬億”計劃,擴大融資需求,融資平臺得以快速發(fā)展。融資平臺在滿足政府投融資需要、主導項目進程、提供公共服務的同時,也暴露出了一系列問題。當前對融資平臺的研究多以債務風險為切入點,從融資角度看問題,找對策。但是作為企業(yè)法人的融資平臺,融資之后必然通過投資去實現(xiàn)其企業(yè)目標和政府意志,所以本文另辟蹊徑,重點研究地方政府融資平臺的投資效率,科學選取評價指標,構建規(guī)范的效率評價模型,通過實證回歸分析影響效益異同的因素。 本文結構如下： 第1章前言,介紹文章研究的背景和意義,對地方政府融資平臺的概念進行界定,并介紹了本文的研究方法、內容、創(chuàng)新和不足。 第2章從理論角度分析了地方政府融資平臺產生的合理性和必要性,總結了融資平臺在經(jīng)濟發(fā)展過程中所發(fā)揮的作用。隨后本章梳理了我國融資平臺的發(fā)展歷史,總結了發(fā)展現(xiàn)狀及幾種代表性的城投公司模式,最后指出了當前存在的問題。 第3章是融資平臺投資效率的理論模型,首先界定了經(jīng)濟學上“效率”的概念,然后對有關公共物品提供方式的理論文獻進行綜述,在此基礎上對效率評價方法的研究成果進行綜述。在評價方法部分,本章先對有關政府投資效率的研究進行綜述,在此基礎上進一步對承擔部分政府職能的融資平臺的效率研究進行綜述,并重點借鑒了梁邦海(2010)研究過程中的指標體系,為實證模型的構建和結果輸出奠定了理論基礎。 第4章是效率評價指標和體系的構建,由于本文選用的是較為成熟的DEA模型進行效率打分,所以指標的選擇異常重要,本章詳細介紹了指標選擇過程中的原則,指標分類和數(shù)據(jù)來源,并對數(shù)據(jù)進行取對數(shù)處理后的結果進行了簡要分析。 第5章分為兩部分。首先構建DEA模型,通過最優(yōu)線性規(guī)劃得到六家城投公司五年的相對投資效率,其中,沈陽水務一直處在DEA模型中的效率值邊界,其他五家公司的投資效率呈現(xiàn)不斷提高的趨勢,而珠海水務公司的相對效率最低。第一部分中模型的投資效率得分將是下一部分模型中的被解釋變量。第二部分中,通過隨機效應、固定和Tobit模型識別了影響融資平臺投資效率的因素,其中既包括公司財務指標(資產負債率、長短期債務比),又包括地方政府經(jīng)濟和財政指標(新增固定資產投資、政府規(guī)模、GDP增速)。實證結果顯示,新增固定資產投資和政府規(guī)模對融資平臺投資效率的影響結果顯著,而公司資產負債率和長短期債務比僅在固定模型中顯著,GDP增速則對投資效率幾無影響。結合其他學者研究成果,本文簡要分析了這些因素影響地方政府融資平臺投資效率的機制。 最后一章是政策啟示部分,梳理了若干條有關改善融資平臺投資效率和降低地方債務風險的的建議。文章最后對將來有關政府融資平臺研究內容的建議和展望。 本文通過建立融資平臺的效率評價指標和體系,為合理評價其投資效率提供了科學的理論依據(jù)。文章根據(jù)模型評價得分和影響因素分析結果,提出了提升政府融資平臺投資效率的建議,即轉變政府職能、理順政企關系,推進地方政府融資平臺的市場化,吸引民間資本進入公共基礎服務領域,引導融資平臺資金流向,強化融資平臺債務約束,完善地方政府融資平臺信息披露機制,并加快地方政府融資平臺的整合等。從而為政府融資平臺如何提高自身運作效率,實現(xiàn)健康、可持續(xù)發(fā)展提供了現(xiàn)實指導。
[Abstract]:In recent years, in order to promote the development of local economy and accelerate the process of urbanization, the local government has provided a good capital channel for our country to actively expand domestic demand by setting up various financing platforms, especially after the 2008 financial crisis, the local government has expanded the "four trillion" plan in conjunction with the central government. The financing platform is developing rapidly. The financing platform also exposes a series of problems while meeting the needs of the government investment and financing, leading the project process and providing public service. The current research on financing platform is mainly based on the debt risk, looking at the problems from the financing point of view, looking for Countermeasures. After financing, it is bound to realize its enterprise goals and government will through investment, so this article is a new way to study the investment efficiency of the local government financing platform, select the evaluation index scientifically, construct the standard efficiency evaluation model, and analyze the factors that affect the difference and the similarities and differences through empirical regression analysis.
The structure of this article is as follows:
The preface of the first chapter introduces the background and significance of the study, defines the concept of the local government financing platform, and introduces the research methods, contents, innovation and deficiency of this paper.
The second chapter analyzes the rationality and necessity of the local government financing platform from the theoretical point of view, and summarizes the role played by the financing platform in the process of economic development. Then this chapter combs the history of the development of the financing platform in China, summarizes the development status and several representative model of the city investment company, and points out the existing questions at the end of this chapter. Question.
The third chapter is the theoretical model of the investment efficiency of the financing platform. First, the concept of "efficiency" in economics is defined, and then the theoretical literature on the provision of public goods is reviewed. On this basis, the research results of the efficiency evaluation method are summarized. In the evaluation method part, this chapter first studies the government investment efficiency. On the basis of this, it summarizes the efficiency of the financing platform that bears some government functions, and focuses on the index system in the study of Liang Banghai (2010), which lays a theoretical foundation for the construction of the empirical model and the output of the results.
The fourth chapter is the construction of efficiency evaluation index and system. Since this article selects the more mature DEA model for efficiency score, the selection of index is very important. This chapter introduces the principle, index classification and data source in the process of index selection in detail, and gives a brief analysis of the results after data entry and log processing.
The fifth chapter is divided into two parts. First, the DEA model is constructed, and the relative investment efficiency of six city investment companies for five years is obtained through the optimal linear programming. Among them, Shenyang water affairs have been in the DEA model's efficiency boundary, the other five companies are increasing the investment efficiency, while the relative efficiency of the Zhuhai Water Service Company is the lowest. The investment efficiency score of the model will be the explanatory variable in the next part of the model. In the second part, the factors that affect the investment efficiency of the financing platform are identified by the random effect, the fixed and Tobit model, including the corporate financial index (asset liability ratio, the long and short term debt ratio), and the local government's economic and financial indicators (newly added) Fixed assets investment, government scale, GDP growth rate). The empirical results show that the effect of new fixed assets investment and government scale on investment efficiency of financing platform is significant, while the company's asset liability ratio and the long and short term debt ratio are only in the fixed model, and the GDP growth rate has no effect on the investment efficiency. This paper briefly analyzes the mechanism that these factors affect the investment efficiency of the local government financing platform.
The last chapter is a part of policy inspiration. Some suggestions on improving the investment efficiency of financing platform and reducing the risk of local debt are combed. Finally, some suggestions and prospects for future research on the government financing platform are given.
By establishing the evaluation index and system of the efficiency of the financing platform, this paper provides a scientific theoretical basis for the rational evaluation of its investment efficiency. According to the results of the evaluation and the analysis of the factors affecting the investment, the paper puts forward some suggestions to improve the investment efficiency of the government financing platform, namely, to change the function of government government, to straighten out the relationship between government and enterprise, and to promote the integration of local government. The marketization of the capital platform attracts the private capital into the field of public basic service, guides the flow of financing platform, strengthens the debt constraint of the financing platform, consummate the information disclosure mechanism of the local government financing platform, and quicken the integration of the local government financing platform, so as to improve the efficiency and realize the health of the government financing platform. The sustainable development provides practical guidance.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.4;F224

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本文編號：2134233