【摘要】：中國(guó)日益增長(zhǎng)的債務(wù)問(wèn)題引發(fā)了各界的擔(dān)憂(yōu),地方政府債務(wù)問(wèn)題的化解成為中國(guó)經(jīng)濟(jì)"去杠桿"的關(guān)鍵所在。當(dāng)下"去杠桿"的困難在于財(cái)政和金融的不分家,從而導(dǎo)致財(cái)政投資項(xiàng)目的低收益、地方政府融資的高成本和金融產(chǎn)品的"剛性?xún)陡?三個(gè)現(xiàn)象同時(shí)出現(xiàn),構(gòu)成了一個(gè)"最壞的組合",也帶來(lái)了影子銀行高速發(fā)展、民營(yíng)企業(yè)融資困難和地方融資平臺(tái)債務(wù)歸屬不確定等一系列問(wèn)題。從財(cái)政與金融分家的視角出發(fā),未來(lái)中國(guó)經(jīng)濟(jì)"去杠桿"的重點(diǎn)是:推動(dòng)地方融資平臺(tái)的市場(chǎng)化轉(zhuǎn)型,放松地方政府債券融資規(guī)模限制并推進(jìn)債券發(fā)行的市場(chǎng)化定價(jià),加強(qiáng)金融監(jiān)管部門(mén)和財(cái)政部門(mén)之間協(xié)調(diào)。通過(guò)"去杠桿",最終實(shí)現(xiàn)金融體系資源配置效率的優(yōu)化。
[Abstract]:China's growing debt problem has raised concerns from all walks of life, and the resolution of the local government debt problem has become the key to the "deleveraging" of the Chinese economy. At present, the difficulty of "deleveraging" lies in the inseparation of finance and finance, which leads to the low return of financial investment projects, the high cost of local government financing and the "rigid payment" of financial products at the same time, which constitutes a "worst combination", and also brings a series of problems, such as the rapid development of shadow banking, the financing difficulties of private enterprises and the uncertainty of debt ownership of local financing platforms. From the perspective of the separation of finance and finance, the focus of "deleveraging" of China's economy in the future is to promote the marketization transformation of local financing platforms, relax the restrictions on the scale of local government bond financing and promote the market-oriented pricing of bond issuance, and strengthen the coordination between financial regulatory and financial departments. Through deleveraging, the optimization of resource allocation efficiency of financial system is finally realized.
【作者單位】： 上海對(duì)外經(jīng)貿(mào)大學(xué)金融學(xué)院;上海交通大學(xué)安泰經(jīng)濟(jì)與管理學(xué)院;
【基金】：國(guó)家社會(huì)科學(xué)基金重大項(xiàng)目“推動(dòng)我國(guó)經(jīng)濟(jì)持續(xù)健康發(fā)展的基本要求、根本途徑和政策選擇研究”(13&ZD015) “上海高校青年教師培養(yǎng)資助計(jì)劃” 上海交通大學(xué)中國(guó)發(fā)展研究院 復(fù)旦大學(xué)當(dāng)代中國(guó)經(jīng)濟(jì)與社會(huì)工作室成果
【分類(lèi)號(hào)】：F124;F812;F832

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