發(fā)布時(shí)間：2018-02-09 15:15

  本文關(guān)鍵詞： 地方政府融資平臺(tái) 風(fēng)險(xiǎn)管理 市場(chǎng)化 轉(zhuǎn)型改革　出處：《河北經(jīng)貿(mào)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：現(xiàn)階段我國(guó)正處于城鎮(zhèn)化建設(shè)的關(guān)鍵時(shí)期,再加之1997年亞洲金融危機(jī)以及2008年由美國(guó)次貸危機(jī)造成的全球性金融危機(jī)對(duì)我國(guó)經(jīng)濟(jì)的影響,中國(guó)的中央政府持續(xù)實(shí)施了擴(kuò)張性財(cái)政貨幣政策,進(jìn)行了大規(guī)模的基礎(chǔ)性投資,地方政府配套資金缺口巨大。為此,各級(jí)地方政府積極采用負(fù)債的方式刺激經(jīng)濟(jì)發(fā)展,并繞開原《預(yù)算法》的舉債限制,大量利用融資平臺(tái)公司進(jìn)行融資以彌補(bǔ)地方財(cái)政資金缺口。地方政府融資平臺(tái)的建立和發(fā)展具有濃重的時(shí)代特征,并取得了積極的效果,但由于其與生俱來(lái)的變通性和非規(guī)范性,在運(yùn)行中也累積了諸多問(wèn)題和風(fēng)險(xiǎn)。地方政府融資平臺(tái)作為我國(guó)政府融資體系的重要組成部分,一旦出現(xiàn)償債違約和資金流斷裂,因其在財(cái)政金融和經(jīng)濟(jì)運(yùn)行系統(tǒng)中的傳導(dǎo)性和擴(kuò)散性,對(duì)地方財(cái)政的可持續(xù)性和整個(gè)國(guó)家經(jīng)濟(jì)的負(fù)面影響不容小覷。雖然目前地方政府性債務(wù)的各項(xiàng)指標(biāo)仍處于通用標(biāo)準(zhǔn)參考值范圍以內(nèi),風(fēng)險(xiǎn)總體可控,但國(guó)家層面已經(jīng)開始未雨綢繆,著手解決地方政府融資過(guò)程中的隱患與風(fēng)險(xiǎn)。近年來(lái),中央政府層面密集出臺(tái)相關(guān)政策及文件,對(duì)地方政府融資平臺(tái)進(jìn)行清理和轉(zhuǎn)型改革,不允許地方政府再搞融資平臺(tái),并著手剝離地方政府對(duì)融資平臺(tái)的償債義務(wù)和在公共服務(wù)領(lǐng)域推廣PPP(public-private partnership)模式替代融資平臺(tái)的融資功能,然而實(shí)際進(jìn)展并不如意,且由于地方政府對(duì)PPP的不規(guī)范運(yùn)用,使得其在一定程度上成為了另一種變相的政府融資平臺(tái)。有效推進(jìn)地方政府融資平臺(tái)轉(zhuǎn)型改革迫在眉睫,其既是防范和化解財(cái)政金融風(fēng)險(xiǎn)的必要舉措,也是維護(hù)經(jīng)濟(jì)安全和社會(huì)穩(wěn)定亟待研究的重大課題。在此背景下,本文以市場(chǎng)增進(jìn)論、政府金融資源配置、政府金融風(fēng)險(xiǎn)管理等相關(guān)理論為基礎(chǔ),具體分析了地方融資平臺(tái)的特點(diǎn)及其存在的問(wèn)題與風(fēng)險(xiǎn),系統(tǒng)考察了地方政府融資平臺(tái)問(wèn)題及風(fēng)險(xiǎn)產(chǎn)生的原因。在此基礎(chǔ)上,結(jié)合中央政府的相關(guān)政策精神,參考國(guó)際上部分發(fā)達(dá)國(guó)家地方政府融資模式與經(jīng)驗(yàn)及2014年后融資平臺(tái)轉(zhuǎn)型改革出現(xiàn)的新問(wèn)題,提出和闡述了推進(jìn)地方政府融資平臺(tái)轉(zhuǎn)型改革的對(duì)策和配套措施。主要包括政企分離,分類定位;公平競(jìng)爭(zhēng),優(yōu)勝劣汰,向市場(chǎng)化轉(zhuǎn)型;實(shí)行公司化改革,優(yōu)化資本結(jié)構(gòu),適當(dāng)增信;進(jìn)一步明確公益性項(xiàng)目、半公益性項(xiàng)目的具體范圍完善相關(guān)法律體系;加強(qiáng)地方政府投融資監(jiān)督體系建設(shè);繼續(xù)深化財(cái)稅體制改革,夯實(shí)地方政府財(cái)力基礎(chǔ);規(guī)范商業(yè)銀行等金融機(jī)構(gòu)的貸款行為;規(guī)范地方政府實(shí)施PPP模式等。
[Abstract]:At the present stage, China is in the crucial period of urbanization construction, coupled with the impact of the Asian financial crisis in 1997 and the global financial crisis caused by the subprime mortgage crisis in the United States on China's economy in 2008. China's central government has continued to implement an expansionary fiscal and monetary policy, has made large-scale basic investment, and there is a huge funding gap for local governments. For this reason, local governments at all levels have actively adopted the method of debt to stimulate economic development. In order to make up for the gap of local finance funds, the establishment and development of local government financing platforms have strong characteristics of the times and have achieved positive results, so as to avoid the borrowing restrictions of the original Budget Law and to make up for the gap of local financial funds by a large number of financing platform companies. However, due to its inherent flexibility and non-standardization, there are many problems and risks accumulated in the operation. As an important part of our government financing system, the local government financing platform once occurs default of debt service and break of capital flow. Because of its conductivity and diffusivity in the financial, financial and economic operating systems, The negative impact on the sustainability of local finance and the national economy as a whole is not to be underestimated. Although the indicators of local government debt are still within the general standard reference value, the risks are generally manageable. However, the national level has begun to plan ahead to tackle the hidden dangers and risks in the process of local government financing. In recent years, the central government has intensively issued relevant policies and documents to clean up and reform local government financing platforms. Local governments are not allowed to re-engage in financing platforms and begin to divest local governments of their debt service obligations to financing platforms and to promote the PPP(public-private partnership model in the public service sector to replace the financing functions of financing platforms, but the actual progress has not been satisfactory. Due to the non-standard use of PPP by local governments, it has become another kind of government financing platform in disguise to some extent. It is urgent to effectively promote the transformation and reform of local government financing platforms. It is not only a necessary measure to prevent and resolve financial and financial risks, but also an important subject to be studied urgently to maintain economic security and social stability. Based on the theory of government financial risk management and so on, this paper analyzes the characteristics of local financing platform, its problems and risks, and systematically investigates the problems of local government financing platform and the causes of the risks. Combined with the relevant policy spirit of the central government, referring to the financing mode and experience of local governments in some developed countries and the new problems that appeared in the transformation and reform of financing platform after 2014, This paper puts forward and expounds the countermeasures and supporting measures to promote the transformation and reform of local government financing platform. It mainly includes the separation of government and enterprise, the classification orientation, the fair competition, the survival of the fittest and the marketization, the implementation of corporatization reform, and the optimization of capital structure. To improve trust; to further clarify the specific scope of public welfare projects and semi-public welfare projects to improve the relevant legal system; to strengthen the construction of local government investment and financing supervision system; to continue to deepen the reform of the fiscal and taxation system; to consolidate the financial base of local governments; Standardize the loan behavior of commercial banks and other financial institutions, and standardize the implementation of PPP model by local governments.
【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.39

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