本文選題：政府融資　切入點：信用風險　出處：《技術(shù)經(jīng)濟與管理研究》2015年01期 　論文類型：期刊論文

【摘要】：文章基于融資信用風險分析框架,從地方政府融資平臺的股東、融資主體的視角對融資平臺的基本概念、運作特點、融資模式和信用風險管理等進行了分析。文章指出,地方政府融資平臺是一類型特殊企業(yè)。本質(zhì)上是政府為實施特定轄區(qū)開發(fā)而設(shè)立的公司,其功能是整合區(qū)域內(nèi)的資產(chǎn)、資源、技術(shù)和資金,從而實現(xiàn)生產(chǎn)要素的優(yōu)化組合。地方政府融資平臺與生俱來的政府背景,使其在開展融資時的信用風險評估和管理不同于一般工商企業(yè)。文章認為當前地方政府融資平臺信用風險管理存在的主要問題為:對土地出讓金返還支付融資本息存在很高依存度,抵押和保證措施存在嚴重不足,融資行為很難被實質(zhì)監(jiān)管和追償。研究建議金融機構(gòu)應(yīng)盡可能地將信用風險管理措施前移,根據(jù)地方政府財政收入和負債規(guī)模確定授信規(guī)模,在能夠落實可處置和執(zhí)行的抵押、質(zhì)押、保證等風險管控手段的前提下確定實際融資規(guī)模。對于存量的融資,應(yīng)創(chuàng)新融資產(chǎn)品,通過融資期限和項目收益期限的合理匹配,化解可能出現(xiàn)的信用違約風險。
[Abstract]:Based on the framework of financing credit risk analysis, this paper analyzes the basic concept, operation characteristics, financing mode and credit risk management of local government financing platform from the perspective of the shareholders and the financing subject of the local government financing platform. The local government financing platform is a special type of enterprise. Essentially, it is a company set up by the government to carry out the development of a specific jurisdiction. Its function is to integrate assets, resources, technology and funds within the region. So as to achieve the optimal combination of production factors. Local government financing platform born with the government background, This paper points out that the main problems in credit risk management of local government financing platform are: returning the financial capital to the land transfer fund. There is a high degree of dependence on interest, There are serious deficiencies in mortgage and guarantee measures, and the financing behavior is very difficult to be supervised and reclaimed. The study suggests that financial institutions should move forward the measures of credit risk management as far as possible, and determine the credit scale according to the financial revenue and debt scale of local governments. The actual financing scale should be determined on the premise that the disposal and execution of the mortgage, pledge, guarantee and other risk control means can be implemented. For the financing of the stock, the financing product should be innovated, and the reasonable match between the financing period and the term of the project income should be adopted. Resolve the possible risk of credit default.
【作者單位】： 北京大學光華管理學院;
【分類號】：D625;F832.4
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本文編號：1612015