本文關(guān)鍵詞： 基礎(chǔ)設(shè)施投融資平臺(tái) 分稅制 債務(wù)風(fēng)險(xiǎn) 土地財(cái)政　出處：《南開大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：近幾年來,緣起美國(guó)的國(guó)際金融危機(jī)對(duì)全球經(jīng)濟(jì)發(fā)展產(chǎn)生了深遠(yuǎn)影響,為應(yīng)對(duì)金融危機(jī)帶來的影響,各國(guó)都實(shí)施了積極的財(cái)政政策和量化寬松的貨幣政策,以期拉動(dòng)經(jīng)濟(jì)增長(zhǎng)。國(guó)際金融危機(jī)爆發(fā)后,我國(guó)政府于2008年11月9日出臺(tái)了4萬億元經(jīng)濟(jì)刺激計(jì)劃,其中1.18萬億元由中央政府提供,其余則由地方政府進(jìn)行資金配套,基于我國(guó)現(xiàn)階段依靠基礎(chǔ)設(shè)施投資拉動(dòng)的經(jīng)濟(jì)增長(zhǎng)模式,4萬億元的主要投資方向?yàn)榛?xiàng)目,且資金主要通過地方政府基礎(chǔ)設(shè)施投融資平臺(tái)進(jìn)行基礎(chǔ)設(shè)施建設(shè)投入。此外,為應(yīng)對(duì)國(guó)際金融危機(jī),2009年3月18日,人民銀行與中國(guó)銀行業(yè)監(jiān)督管理委員會(huì)聯(lián)合下發(fā)了《關(guān)于進(jìn)一步加強(qiáng)信貸結(jié)構(gòu)調(diào)整促進(jìn)國(guó)民經(jīng)濟(jì)平穩(wěn)較快發(fā)展的指導(dǎo)意見》(銀發(fā)[2009]92號(hào)文件)。根據(jù)文件精神,各金融機(jī)構(gòu)要積極響應(yīng)國(guó)家號(hào)召,擴(kuò)大信貸規(guī)模,尤其要支持地方基礎(chǔ)設(shè)施投融資平臺(tái)的信貸業(yè)務(wù),此舉確實(shí)在應(yīng)對(duì)金融危機(jī)過程中發(fā)揮了積極作用。在此時(shí)期,各地基礎(chǔ)設(shè)施投融資平臺(tái)如雨后春筍般迅速擴(kuò)張,甚至連一些鄉(xiāng)鎮(zhèn)都成立了投融資平臺(tái)。 在此背景下,基礎(chǔ)設(shè)施投融資平臺(tái)的舉債規(guī)模迅速膨脹,并存在一定程度的運(yùn)作不規(guī)范問題；部分地方政府違規(guī)或變相為融資平臺(tái)舉債提供各種擔(dān)保,由地方基礎(chǔ)設(shè)施投融資平臺(tái)債務(wù)引發(fā)的債務(wù)風(fēng)險(xiǎn)不斷加�。换谡庞玫碾[性擔(dān)保,部分金融機(jī)構(gòu)對(duì)融資平臺(tái)的債務(wù)風(fēng)險(xiǎn)不夠重視,對(duì)融資平臺(tái)的信貸管理機(jī)制不夠完善。隨著融資平臺(tái)債務(wù)問題的不斷凸顯,我國(guó)地方政府在基礎(chǔ)設(shè)施投融資平臺(tái)債務(wù)風(fēng)險(xiǎn)防范上也呈明顯加強(qiáng)趨勢(shì)。對(duì)此,本文以我國(guó)地方政府基礎(chǔ)設(shè)施投融資平臺(tái)債務(wù)為切入點(diǎn),重點(diǎn)分析了基礎(chǔ)設(shè)施投融資平臺(tái)債務(wù)的成因、對(duì)經(jīng)濟(jì)的各項(xiàng)影響、以及債務(wù)風(fēng)險(xiǎn)的傳導(dǎo)與防范等問題。 本文具體研究?jī)?nèi)容為：第一部分包括第一章和第二章,主要介紹論文的選題背景、研究目的及意義、研究方法、主要?jiǎng)?chuàng)新點(diǎn)以及論文的結(jié)構(gòu)安排,并對(duì)基礎(chǔ)設(shè)施投融資平臺(tái)及其債務(wù)的相關(guān)研究文獻(xiàn)進(jìn)行了回顧和梳理。第二部分是第三章至第四章,主要分析了基礎(chǔ)設(shè)施投融資發(fā)展歷程。其中,第三章對(duì)我國(guó)基礎(chǔ)設(shè)施投融資的歷史變遷過程進(jìn)行了回顧與總結(jié),并指出個(gè)階段的存在的問題與經(jīng)驗(yàn)；第四章對(duì)世界各國(guó)基礎(chǔ)設(shè)施建設(shè)投融資模式的發(fā)展歷程進(jìn)行了回顧,將其分為政府主導(dǎo)型與市場(chǎng)主導(dǎo)型兩種模式,針對(duì)兩種模式的特點(diǎn)進(jìn)行對(duì)比分析,最后討論了我國(guó)基礎(chǔ)設(shè)施投融資模式可借鑒的相關(guān)經(jīng)驗(yàn)；第三部分包括第五章與第六章,主要論述基礎(chǔ)設(shè)施投融資平臺(tái)的債務(wù)相關(guān)理論以及債務(wù)對(duì)經(jīng)濟(jì)產(chǎn)生的各方面影響。其中,第五章從理論角度出發(fā),分別從財(cái)政分權(quán)理論、公共選擇理論和委托代理理論三個(gè)方面進(jìn)行了分析；第六章分析了基礎(chǔ)設(shè)施投融資平臺(tái)債務(wù)對(duì)我國(guó)經(jīng)濟(jì)產(chǎn)生的各方面影響,具體包括對(duì)基礎(chǔ)設(shè)施建設(shè)的促進(jìn)作用、對(duì)經(jīng)濟(jì)增長(zhǎng)的貢獻(xiàn)、對(duì)宏觀調(diào)控政策的影響、對(duì)資源配置的影響以及對(duì)銀行績(jī)效產(chǎn)生的影響五個(gè)方面。第四部分為第七章,利用2008-2012年我國(guó)30個(gè)省市及自治區(qū)的960家平臺(tái)企業(yè)為研究樣本,使用面板回歸模型對(duì)融資平臺(tái)債務(wù)風(fēng)險(xiǎn)進(jìn)行了實(shí)證分析,并利用灰色新陳代謝模型對(duì)債務(wù)可持續(xù)規(guī)模進(jìn)行了預(yù)測(cè)分析。第五部分是第八章,介紹本文研究結(jié)論及未來研究展望。 本文主要在以下方面擬有所創(chuàng)新：(1)目前鮮有學(xué)者對(duì)我國(guó)基礎(chǔ)設(shè)施投融資平臺(tái)的債務(wù)風(fēng)險(xiǎn)及可持續(xù)債務(wù)規(guī)模進(jìn)行系統(tǒng)性分析,本文從分稅制改革為切入點(diǎn),從理論上分析了融資平臺(tái)債務(wù)規(guī)模迅速擴(kuò)張的成因,并對(duì)融資平臺(tái)債務(wù)對(duì)經(jīng)濟(jì)產(chǎn)生的各項(xiàng)影響進(jìn)行了分析,手動(dòng)搜集數(shù)據(jù)對(duì)融資平臺(tái)債務(wù)風(fēng)險(xiǎn)進(jìn)行了實(shí)證分析,從而對(duì)融資平臺(tái)債務(wù)進(jìn)行了理論及實(shí)證方面的系統(tǒng)分析。(2)手動(dòng)搜集我國(guó)2008-2012年全國(guó)30個(gè)省市及自治區(qū)的960家融資平臺(tái)數(shù)據(jù),從實(shí)證角度來研究我國(guó)基礎(chǔ)設(shè)施投融資平臺(tái)的債務(wù)風(fēng)險(xiǎn)問題,從而對(duì)已有研究文獻(xiàn)進(jìn)行了發(fā)展和創(chuàng)新。(3)以我國(guó)2008-2012年全國(guó)30個(gè)省市及自治區(qū)的960家基礎(chǔ)設(shè)施投融資平臺(tái)數(shù)據(jù)為研究樣本,利用新陳代謝模型GM(1,1)對(duì)我國(guó)基礎(chǔ)設(shè)施投融資平臺(tái)債務(wù)的可持續(xù)區(qū)間進(jìn)行了測(cè)算,從而對(duì)基礎(chǔ)設(shè)施投融資平臺(tái)的債務(wù)風(fēng)險(xiǎn)研究文獻(xiàn)進(jìn)行了補(bǔ)充和完善。
[Abstract]:In recent years, the origin of the international financial crisis has exerted far-reaching influence on the development of global economy, in response to the impact of the financial crisis, all countries in the implementation of the proactive fiscal policy and a quantitative easing monetary policy to stimulate economic growth. The international financial crisis, the Chinese government has issued 4 trillion yuan economic stimulus in November 9, 2008, of which 1 trillion and 180 billion yuan provided by the central government and the rest by the local government matching funds, the present stage of our country rely on infrastructure investment led economic growth model based on the main direction of investment of 4 trillion yuan for infrastructure projects, and funds mainly through local government infrastructure investment and financing platform for infrastructure investment in addition., to tackle the international financial crisis, in March 18, 2009, the people's Bank and China Banking Regulatory Commission jointly issued the "on further Guidance on strengthening the adjustment of credit structure to promote steady and rapid development of the national economy (silver [2009]92). According to the spirit of the document, all financial institutions should actively respond to national call, expand the scale of credit, especially to support local infrastructure investment and financing platform for credit business, it does play a positive role in tackling the financial crisis. During this period, such as the rapid expansion of investment and financing platform like bamboo shoots after a spring rain around the infrastructure, even some towns have set up investment and financing platform.
Under this background, infrastructure investment and financing platform of debt to the rapid expansion of the scale, and there is a certain degree of operational irregularities; illegal or disguised as part of the local government debt financing platform to provide all kinds of guarantees by local infrastructure investment and financing platform debt caused by the debt risk increasing; implicit government guarantee based on the credit risk of financial the mechanism of debt financing platform do not pay enough attention to the financing platform credit management mechanism is not perfect. With the debt financing platform issues continue to highlight China's local government in infrastructure investment and financing platform debt risk prevention was also significantly strengthened the trend. In this regard, the local government infrastructure of China's investment and debt financing platform as a breakthrough the key point, analyzes the causes of infrastructure investment and debt financing platform, the impact on the economy, and the transfer and guide the debt risk Prevention and other problems.
The contents of this paper are as follows: the first part includes the first chapter and the second chapter mainly introduces the background, purpose and significance, research methods, main innovation points and the structure of the paper, the related research and investment and financing platform for infrastructure and debt offering are reviewed. The second part is the third chapter to the fourth chapter, mainly analyzes the development of infrastructure investment and financing. The third chapter reviewed and summarized China's infrastructure investment and financing in the process of historical change, and points out the stage problems and experience; development of the fourth chapter on financing mode of infrastructure construction of all countries in the world are reviewed that will be divided into the government oriented and market oriented two models were compared and analyzed according to the characteristics of the two modes, finally discusses the reference mode of investment and financing of infrastructure in China The third part includes the relevant experience; the fifth chapter and the sixth chapter mainly discusses the various aspects of the impact of infrastructure investment and financing platform of debt related theory and the debt on the economy. Among them, the fifth chapter from the theoretical point of view, from the theory of fiscal decentralization, public choice theory and principal agent theory three aspects are analyzed; the sixth chapter analyzes the various aspects of the impact of infrastructure investment and debt financing platform for China's economy, including infrastructure construction to promote, the contribution to economic growth, the impact of macro-control policies, the impact of the five aspects of resource allocation and the influence on the performance of the bank. The fourth part is the seventh chapter 960, use platform for enterprises in China in 2008-2012 years in 30 provinces and autonomous regions as the research sample, using panel regression model of debt financing platform risk analyses The grey scale metabolism model is used to predict and analyze the sustainable debt scale. The fifth part is the eighth chapter, which introduces the research conclusions and future research prospects.
This paper intends to make innovations in the following aspects: (1) systematic analysis at present few scholars in China's infrastructure investment and financing platform debt risk and sustainable debt scale, the reform of the tax system as the starting point, from the theoretical analysis of the causes of the debt financing platform of the rapid expansion of the scale, and the impact of debt financing the platform of economic analysis, collecting data manually on debt financing platform risk by empirical analysis, in order to debt financing platform for the analysis system of the theoretical and empirical aspects. (2) data of 960 financing platform in China 2008-2012 years of the 30 provinces and autonomous regions in manual searching, debt risk from the perspective of empirical study of China's infrastructure investment and financing platform, and the development and innovation of the existing research literature. (3) in the 2008-2012 years of our country 30 provinces and the autonomous city 960 infrastructure investment and financing platform for the study sample data, using the model of GM (1,1) The new supersedes the old. interval of sustainable debt financing platform for China's infrastructure was calculated, and the investment and financing platform for infrastructure debt risk research literature to supplement and perfect.

【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F812.5;F283

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