中国地方政府投融资问题研究
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摘要
政府投融资活动是政府实现其职能的重要方式,也是政府对国民经济实施宏观调控的有效手段。在社会主义市场经济条件下,深化政府投融资体制改革,对于转变政府职能、实现资源优化配置、促进国民经济又好又快发展,具有十分重要的意义。本文在对国内外投融资理论进行综合研究的基础上,从政府职能与政府投融资关系以及政府投融资与经济增长关系入手,针对我国地方政府投融资体制存在的问题,通过对国内外政府投融资模式进行比较分析,提出地方政府投融资改革的总体思路和目标模式,并对监管问题和风险控制进行了理性思考,提出了相关政策建议。全文从四个方面展开研究:
1、分析政府职能、政府投融资和经济增长的关系。实证研究了我国政府投融资对与经济增长之间关系,创新地在博弈论的视角下分析了地方政府投融资的悖论问题,认为当前条件下地方的大规模政府投资是纳什均衡,但却并非最优解,各地方政府投融资存在着悖论。
2、对国内外政府投融资理论及实践进行比较分析并得出启示与借鉴。对我国政府投融资现状和演变路径进行了较为深入细致地研究,结合天津案例分析,总结存在的突出问题。对美国、德国、日本等发达国家政府投融资运作机制和主要特点进行比较分析,从发展过程和现实成效研究其规律性和特殊性,对照我国地方政府投融资实际及存在的问题,有的放矢地提出启示与借鉴。
3、对地方政府投融资改革和监管问题进行深入研究。根据国内外政府投融资管理实践的正反经验,结合地方政府发展要求,研究提出地方政府投融资改革的总体思路和目标模式,围绕避免政府失效和强化政府投融资监管,通过设计博弈模型对地方政府国资管理部门、政府投资公司和国有经营企业之间的关系进行了深入探讨,并提出加强监管的政策建议。
4、对地方政府投融资风险问题进行深入分析。地方政府投资来源主要是财政性资金,以此投资和融资必将带来财政风险问题,特别是政府举借债务偿还期较长,在每届政府任期有限和政绩考核产生的投资冲动影响下,财政风险有累积扩张趋势,风险评估和风险控制成为非常重要的课题。对政府投融资风险识别、评估流程、风险指标构建等进行了研究,利用风险评估模型对地方政府投融资风险进行实证分析,提出风险预警和规避风险的政策建议。
The activities of government investing and financing are the important means of realizing the government function, and also are the effective means of government macro-control to the national economy. Consolidation of investing and financing reform has important significance for changing the government function, realizing resource optimal allocation and promoting the national economy development under the condition of socialist market economy. This paper on the basis of comprehensive research of the investing and financing theory at home and abroad starts with the relationship between the government function and the government investing and financing and the relationship between the government investing and financing and the economic growth, and according to the problem of the local government investing and financing mechanisms put forwards the general idea and the target model of the local government investing and financing reform by comparative analysis of government investing and financing mode at home and abroad. This paper also gives reasonable thinking over supervision problems and risk control and put forwards the related policy proposal. The full text carries out research following four aspects:
1. Analysis on the relationship among the government function, the government investing and financing and the economic growth. Empirically study on the relationship between the government investing and financing and the economic growth and innovatively research on the paradox of the local government investing and financing in perspective of game theory. The result is that the local government investing is Nash equilibrium under the current condition, but isn’t the optimal solution, and local governments investing and financing exist the paradox.
2. We get some conclusion and revelation by comparative analysis of government investing and financing mode at home and abroad. Combined with Tianjin case deeply research on the present situation and the evolutionary path of the Chinese government investing and financing, and then conclude the outstanding problems. Comparative analysis on the mode and the characteristic of the advanced countries including the American, Germany and Japanese government investing and financing, study on the regularity and complexity through their development and reality effects. Make great efforts to get some conclusion and revelation according to the problem existing in the investing and financing of local government in china.
3. Make thorough research on the local government investing and financing reform and the supervision problem. Combined with the local government development requirement, according to the positive and negative experiences in the government investing and financing management at home and abroad, we put forwards the general idea and the target model of the local government investing and financing. Against the government failure and strengthen the government investing and financing supervision, make a further discussion on the relationship among the management work of state-owned assets, investment company and the state-owned management enterprises of the local government and put forwards the policy proposal of strengthening supervision.
4. Make deep research on the risk problem of the local government investing and financing. Risk assessment and risk control become a very important question, because using the financial capital which is the main investment source of the local government to invest and finance would bring financial risk problem. Especially when the repayment period of the government debt is long, the financial risk has the tendency of the accumulating expansion under the influence of the finite tenure of every government and the investment impulsion from the achievement assessment. Research on the risk identification, evaluation process and risk index designing of the local government investing and financing, and put forwards the policy proposal of risk early warning and risk aversion by empirical analysis on the local government investing and financing using the risk evaluation model.
1、分析政府职能、政府投融资和经济增长的关系。实证研究了我国政府投融资对与经济增长之间关系,创新地在博弈论的视角下分析了地方政府投融资的悖论问题,认为当前条件下地方的大规模政府投资是纳什均衡,但却并非最优解,各地方政府投融资存在着悖论。
2、对国内外政府投融资理论及实践进行比较分析并得出启示与借鉴。对我国政府投融资现状和演变路径进行了较为深入细致地研究,结合天津案例分析,总结存在的突出问题。对美国、德国、日本等发达国家政府投融资运作机制和主要特点进行比较分析,从发展过程和现实成效研究其规律性和特殊性,对照我国地方政府投融资实际及存在的问题,有的放矢地提出启示与借鉴。
3、对地方政府投融资改革和监管问题进行深入研究。根据国内外政府投融资管理实践的正反经验,结合地方政府发展要求,研究提出地方政府投融资改革的总体思路和目标模式,围绕避免政府失效和强化政府投融资监管,通过设计博弈模型对地方政府国资管理部门、政府投资公司和国有经营企业之间的关系进行了深入探讨,并提出加强监管的政策建议。
4、对地方政府投融资风险问题进行深入分析。地方政府投资来源主要是财政性资金,以此投资和融资必将带来财政风险问题,特别是政府举借债务偿还期较长,在每届政府任期有限和政绩考核产生的投资冲动影响下,财政风险有累积扩张趋势,风险评估和风险控制成为非常重要的课题。对政府投融资风险识别、评估流程、风险指标构建等进行了研究,利用风险评估模型对地方政府投融资风险进行实证分析,提出风险预警和规避风险的政策建议。
The activities of government investing and financing are the important means of realizing the government function, and also are the effective means of government macro-control to the national economy. Consolidation of investing and financing reform has important significance for changing the government function, realizing resource optimal allocation and promoting the national economy development under the condition of socialist market economy. This paper on the basis of comprehensive research of the investing and financing theory at home and abroad starts with the relationship between the government function and the government investing and financing and the relationship between the government investing and financing and the economic growth, and according to the problem of the local government investing and financing mechanisms put forwards the general idea and the target model of the local government investing and financing reform by comparative analysis of government investing and financing mode at home and abroad. This paper also gives reasonable thinking over supervision problems and risk control and put forwards the related policy proposal. The full text carries out research following four aspects:
1. Analysis on the relationship among the government function, the government investing and financing and the economic growth. Empirically study on the relationship between the government investing and financing and the economic growth and innovatively research on the paradox of the local government investing and financing in perspective of game theory. The result is that the local government investing is Nash equilibrium under the current condition, but isn’t the optimal solution, and local governments investing and financing exist the paradox.
2. We get some conclusion and revelation by comparative analysis of government investing and financing mode at home and abroad. Combined with Tianjin case deeply research on the present situation and the evolutionary path of the Chinese government investing and financing, and then conclude the outstanding problems. Comparative analysis on the mode and the characteristic of the advanced countries including the American, Germany and Japanese government investing and financing, study on the regularity and complexity through their development and reality effects. Make great efforts to get some conclusion and revelation according to the problem existing in the investing and financing of local government in china.
3. Make thorough research on the local government investing and financing reform and the supervision problem. Combined with the local government development requirement, according to the positive and negative experiences in the government investing and financing management at home and abroad, we put forwards the general idea and the target model of the local government investing and financing. Against the government failure and strengthen the government investing and financing supervision, make a further discussion on the relationship among the management work of state-owned assets, investment company and the state-owned management enterprises of the local government and put forwards the policy proposal of strengthening supervision.
4. Make deep research on the risk problem of the local government investing and financing. Risk assessment and risk control become a very important question, because using the financial capital which is the main investment source of the local government to invest and finance would bring financial risk problem. Especially when the repayment period of the government debt is long, the financial risk has the tendency of the accumulating expansion under the influence of the finite tenure of every government and the investment impulsion from the achievement assessment. Research on the risk identification, evaluation process and risk index designing of the local government investing and financing, and put forwards the policy proposal of risk early warning and risk aversion by empirical analysis on the local government investing and financing using the risk evaluation model.
引文
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