【摘要】：隨著各級地方政府財政缺口的不斷擴大,2008年開始,地方政府設立的融資平臺數(shù)量快速增加,并迅速成為地方政府負債的主體。根據(jù)銀監(jiān)會的統(tǒng)計數(shù)據(jù)顯示,截至2016年3月末,全國已有近12000家地方融資平臺。地方融資平臺數(shù)量的快速增加推動了地方政府債務規(guī)模的快速擴張。截至2015年末,納入預算管理的中央和地方兩級政府債務規(guī)模共計26.66萬億,其中,地方政府負債16萬億元。地方政府的負債行為絕大多數(shù)是通過其設立的地方融資平臺進行,一旦地方融資平臺發(fā)生實質(zhì)性的債務違約,則違約責任將會通過地方財政、金融系統(tǒng)和實體經(jīng)濟等路徑進行傳導,最終導致國家層面的債務危機。隨著地方融資平臺債務規(guī)模的不斷擴大,地方融資平臺債務風險問題也越來越受到國家的重視,并出臺了相應的債務風險應對政策。2014年10月,國務院發(fā)布《關于加強地方政府性債務管理的意見》,要求剝離地方融資平臺的政府融資功能。2015年1月1日,我國新《預算法》正式實行,規(guī)定省級地方政府可以發(fā)行地方債,從實際需求角度切斷了融資平臺的負債空間。在之后的2015到2016年,各地也都相應出臺了應對地方融資平臺債務風險的政策,例如安徽省財政廳于2016年9月出臺了《關于財政支持政府融資平臺公司轉(zhuǎn)型發(fā)展的意見》,同年12月又出臺了《關于深化投融資體制改革的實施意見》,要求逐步剝離地方融資平臺政府負債功能,加強地方融資平臺債務的后續(xù)管理。但實際上,盡管新《預算法》和43-號文件實施已有兩年多的時間,且企業(yè)信用和政府信用的分離也是必然的趨勢,但是經(jīng)濟增長對基建投資的需求依然很大,在穩(wěn)增長的目的之下,地方政府自發(fā)自還的債券要完全代替融資平臺融資的可能性很小。從現(xiàn)在的情況來看,地方融資平臺真正停止為地方政府進行融資的很少,更多的只是變換形式轉(zhuǎn)向了政府購買服務或者PPP等其他途徑。所以地方融資平臺的債務規(guī)模非但沒有隨著一系列政策措施的出臺而減少,反而有越演越烈的趨勢。從近兩年融資平臺的融資規(guī)模上就可以看出端倪,受新《預算法》和43號文件的影響,地方融資平臺的融資規(guī)模經(jīng)過2015年的短暫下降之后,2016年又呈現(xiàn)爆發(fā)式增長,僅城投債發(fā)行規(guī)模一項,就創(chuàng)下了自城投債券產(chǎn)生以來的歷史之最。2016年地方融資平臺企業(yè)債發(fā)行規(guī)模較2015年增加了 73.21%,發(fā)行規(guī)模高達5925.70億元。銀行貸款問題上,在43號文件出臺一年之后,2015年8月10日,銀監(jiān)會發(fā)布《關于銀行業(yè)支持重點領域重大工程項目建設的指導意見》(下稱《意見》),在對融資平臺貸款問題上的態(tài)度與43號文件出現(xiàn)了較大的轉(zhuǎn)變。對于融資平臺承擔的重大工程項目,《意見》允許銀行業(yè)金融機構予以信貸支持,銀行業(yè)金融機構對融資平臺的信貸支持規(guī)模又在快速回升。同時,新《預算法》和43號文件的出臺確實給地方融資平臺造成了很大的壓力,融資平臺紛紛由公益性業(yè)務向經(jīng)營性業(yè)務轉(zhuǎn)型,融資平臺的債務結構已不僅僅局限在公益性項目的負債上,可以說融資平臺的存量債務風險沒有消除,新增債務風險已經(jīng)產(chǎn)生。因此,本文主要針對我國地方融資平臺債務風險,通過梳理地方融資平臺債務規(guī)模、債務結構和近年來融資平臺債務發(fā)展的新特點等因素,并通過安徽某融資平臺進行債務風險案例分析,進而提出針對地方融資平臺債務風險防控的建議。具體來看,本文首先對我國地方融資平臺發(fā)展現(xiàn)狀進行回顧,對其債務規(guī)模、結構和2015年之后融資平臺債務的新特點進行深入探討。在此基礎上從三個方面對融資平臺債務風險的成因進行分析。在成因分析之后,本文對融資平臺債務風險向財政風險、金融風險和實體經(jīng)濟風險的傳導路徑進行了論述。之后,以A融資平臺作為對象進行案例分析。并從A融資平臺自身發(fā)展經(jīng)營的缺陷和宏觀經(jīng)濟發(fā)展以及政策變動等方面,深入分析影響融資平臺償債能力的因素和A融資平臺債務風險的具體表現(xiàn)。最后,在前文分析的基礎上,指出在融資平臺債務風險防控上的不足,并從政府、金融機構和地方融資平臺等方面提出相應的解決對策。
[Abstract]:With the expansion of the financial gap of local governments at all levels, the number of financing platforms set up by local governments has increased rapidly in 2008, and has quickly become the subject of local government debt. According to the statistics of the CBRC, as of the end of March 2016, there were nearly 12,000 local financing platforms in the country. The rapid increase in the number of local financing platforms has contributed to the rapid expansion of the local government's debt scale. As of the end of 2015, the total amount of government debt, which was included in the budget management at the central and local levels, amounted to $26.66 trillion, of which local government liabilities were 16 trillion yuan. The majority of the liabilities of the local government are carried out through the local financing platform established by the local finance platform. Once the local financing platform has a substantial debt default, the liability for breach of contract will be conducted through the local financial, financial system and the entity economy. Resulting in a debt crisis at the national level. With the expansion of the debt scale of the local financing platform, the problem of the debt risk of the local financing platform has been paid more and more attention by the state, and the corresponding debt risk response policy has been introduced. In October 2014, the State Council issued the Opinions on the Strengthening of Local Government's Debt Management. The government financing function of the local financing platform is required. On January 1,2015, the new "pre-algorithm" of our country is put into practice, and the provincial local government can issue local debt, and cut off the debt space of the financing platform from the actual demand angle. After the post-2015 and 2016, there are also policies to deal with the debt risk of the local financing platform, such as the introduction of the Financial Services Department of Anhui Province in September 2016 and the Opinions on the Financial Support of the Development of the Company's Financing Platform in September 2016. In December of the same year, the "Implementation Opinions on Deepening the Reform of the Investment and Financing System" was put in place, and the government's liability function of the local financing platform should be gradually peeled off, and the subsequent management of the local financing platform's debts should be strengthened. But in fact, although the implementation of new and 43-number has been more than two years, and the separation of enterprise credit and government credit is an inevitable trend, the demand of economic growth for infrastructure investment is still large, and under the purpose of stable growth, The possibility of the local government's own self-government bonds to be completely replaced by the financing platform is very small. In the present case, the local financing platform really stops the financing of the local government, and more is the change of the form to the government's purchase service or other means such as PPP. So far, the debt scale of the local financing platform has not been reduced with the introduction of a series of policy measures, but the more intense it is. From the financing scale of the two-year financing platform, it can be seen that the financing scale of the local financing platform has been affected by the new and the No.43 document, and the financing scale of the local financing platform after the short-term decline in 2015, and the explosive growth in 2016, only one of the size of the city's debt issuance, The most of the history since the creation of a bond-in-city bond has increased by 73.21% in 2015 and up to $5925.7 billion by 2015. On the bank loan issue, after the issuance of document No.43 a year, the CBRC issued the Guide to the Construction of Major Project in the Key Areas of Banking Support (hereinafter referred to as the "Opinion") on August 10,2015. The attitude to the financing platform loan issue has changed greatly with the No.43 document. With respect to the major projects undertaken by the financing platform, the allows the banking financial institutions to lend their credit support, and the banking financial institution's credit support scale for the financing platform is increasing rapidly. At the same time, the introduction of new and No.43 does give a great deal of pressure to the local financing platform. The financing platform has shifted from the public welfare business to the operational business, and the debt structure of the financing platform is not only limited to the liabilities of the public welfare projects, It can be said that the debt risk of the stock debt of the financing platform is not eliminated, and the new debt risk has been generated. Therefore, this paper mainly aims at the debt risk of the local financing platform in China, and through the analysis of the debt risk case of the local financing platform, the debt structure and the new characteristics of the debt development of the financing platform in recent years, and the analysis of the debt risk case through a certain financing platform in Anhui, In addition, the suggestion on the prevention and control of the debt risk of the local financing platform is put forward. In particular, this paper reviews the current situation of the development of the local finance platform in China, and probes into the new features of the debt scale, structure and post-2015 financing platform's debt. On this basis, the cause of the debt risk of the financing platform is analyzed from three aspects. After the cause analysis, this paper discusses the conduction path of the debt risk of the financing platform to the financial risk, the financial risk and the real economic risk. Then, the case analysis is carried out with the A-financing platform as the object. The paper also analyzes the factors that affect the ability of the financing platform and the concrete performance of the debt risk of the A-financing platform from the aspects of the defects of the development and management of the A-financing platform and the development of the macro-economy as well as the policy changes. Finally, on the basis of the above analysis, the paper points out the deficiency in the prevention and control of the debt risk of the financing platform, and puts forward the corresponding countermeasures from the government, the financial institution and the local financing platform.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F812.5

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