【摘要】：我國的地方投融資平臺萌芽于20世紀(jì)80年代,在80年代末正式產(chǎn)生,開始擔(dān)負(fù)起其歷史使命。首先,滿足了地方建設(shè)基礎(chǔ)設(shè)施和公共設(shè)施的巨大資金需求,促進(jìn)了地方經(jīng)濟(jì)的快速發(fā)展,也推動了我國的城市化和工業(yè)化進(jìn)程。其次,加強(qiáng)了對政府投資的有效監(jiān)督和管理,提高了政府的投資效率。最后,建立和完善了政府投資與國有資產(chǎn)經(jīng)營管理體系,有利于實現(xiàn)國有資產(chǎn)的保值增值。經(jīng)過二十幾年的發(fā)展壯大,2008年為地方投融資平臺入主政府投資領(lǐng)域提供了絕佳契機(jī)。由于美國爆發(fā)次貸危機(jī),全球經(jīng)濟(jì)受到波及,我國經(jīng)濟(jì)亦未能幸免。在此背景下,中央政府實施積極財政政策,推出總額達(dá)四萬億的綜合投資計劃,但要求地方政府實施配合措施,共同刺激經(jīng)濟(jì)增長。為規(guī)避現(xiàn)行法律對地方債務(wù)融資的限制,地方政府紛紛設(shè)立融資公司,由此我國地方投融資平臺蓬勃發(fā)展。但是在快速發(fā)展的同時,也逐漸顯現(xiàn)出一系列問題,包括“先天性不足”以及“后天發(fā)育不全”。若不及時進(jìn)行防范和治理,后果嚴(yán)重。因此,對于地方投融資平臺進(jìn)行研究治理,刻不容緩。本文系統(tǒng)闡述了地方投融資平臺生存發(fā)展的理論依據(jù),并根據(jù)調(diào)查和收集數(shù)據(jù),仔細(xì)分析了我國的地方投融資平臺債務(wù)的現(xiàn)狀,并從投融資平臺自身、地方政府以及銀行等金融機(jī)構(gòu)三個層面分析了投融資平臺風(fēng)險形成機(jī)理,針對投資風(fēng)險和融資風(fēng)險兩種風(fēng)險進(jìn)行了詳細(xì)闡述。同時探究了我國地方政府投融資平臺風(fēng)險的傳導(dǎo)路徑,主要包括向財政風(fēng)險、金融風(fēng)險轉(zhuǎn)嫁。最后本文重點提出了防范風(fēng)險的對策建議,包括政府規(guī)范層面、地方政府及投融資平臺自身以及銀行等金融機(jī)構(gòu)層面,形成了比較完整的防范體制,從而有效控制地方投融資平臺的債務(wù)風(fēng)險,有利于我國經(jīng)濟(jì)社會和諧發(fā)展、健康運行。
[Abstract]:The local investment and financing platform of our country sprouted in the 1980's and began to take on its historical mission at the end of 1980's. First of all, it meets the huge financial needs of local infrastructure and public facilities, promotes the rapid development of local economy, and also promotes the process of urbanization and industrialization in China. Secondly, strengthen the effective supervision and management of government investment, improve the efficiency of government investment. Finally, the system of government investment and management of state-owned assets is established and perfected, which helps to maintain and increase the value of state-owned assets. After more than 20 years of development, 2008 provides a good opportunity for local investment and financing platform to enter the government investment field. Because of the subprime mortgage crisis in the United States, the global economy has been affected, and our economy has not been spared. In this context, the central government has implemented an active fiscal policy and launched a comprehensive investment plan with a total amount of $4 trillion, but local governments are required to implement coordinated measures to jointly stimulate economic growth. In order to avoid the limitation of local debt financing, local governments set up financing companies one after another, and the local investment and financing platform of our country flourished. But at the same time, a series of problems appeared gradually, including congenital deficiency and acquired dysplasia. If do not carry on precaution and cure in time, consequence is serious. Therefore, for the local investment and financing platform research governance, without delay. This paper systematically describes the theoretical basis for the survival and development of local investment and financing platforms, and according to the investigation and collection of data, carefully analyzes the current situation of local investment and financing platform debt in China, and from the investment and financing platform itself, The formation mechanism of investment and financing platform risk is analyzed from three aspects of local government and bank and other financial institutions, and the investment risk and financing risk are elaborated in detail. At the same time, it probes into the transmission path of local government investment and financing platform risk, mainly including financial risk and financial risk transfer. Finally, this paper puts forward the countermeasures and suggestions, including the government standard level, the local government and the investment and financing platform itself, the bank and other financial institutions, formed a relatively complete prevention system. Therefore, controlling the debt risk of local investment and financing platform effectively is beneficial to the harmonious development and healthy operation of our country's economy and society.
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F812.5

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