地方政府融资平台风险分析
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摘要
地方政府融资平台近年来发展迅速,通过成立融资平台,地方政府有效缓解了资金不足的问题,并促进了地方经济的快速发展。然而地方政府融资平台在快速发展过程中由于种种原因也出现了不少问题,融资平台风险累积问题尤为突出,因此研究地方政府融资平台风险的问题对中国经济具有重要的理论和现实意义。
本文的研究内容主要分为四个部分：首先对融资平台的相关内容进行了概况性介绍,包括地方政府融资平台的概念、发展的历程、现状特点,其中对地方政府融资平台的现状特点进行了重点分析。
其次是对地方政府融资平台进行风险一般分析,这部分内容包括融资平台的风险表现形式、融资平台风险影响因素、融资平台风险指标体系的建立。其中融资平台风险表现形式可以从内部风险和外部风险两个角度进行分析。内部风险是地方政府融资平台自身面临的风险,包括投资收益风险、信用风险、平台定位风险、道德风险；外部风险则是由地方政府融资平台的内部风险外溢所引致的,包括财政风险、金融风险、社会风险。融资平台风险影响因素包含：平台层面因素、国家层面因素、地方层面因素。根据融资平台风险因素,笔者建立了地方政府融资平台风险衡量指标体系。
然后在实证分析部分,运用调研获取的数据资料及融资平台风险衡量指标体系对芜湖市建设投资有限公司进行了风险分析。分析结果显示芜湖市建设投资有限公司风险级别为基本安全,但也存在一定程度的风险隐患。风险隐患主要有：公司过多依赖土地出让收入,土地出让收入的波动会影响公司的还款能力；公司投资方向有向竞争性领域发展的趋势,这会加大监管的难度；国家近期加大了对地方政府融资平台的清查力度,地方政府融资平台面临较大的政策风险。
最后在前文分析的基础上笔者从宏观层面和微观层面两个角度对融资平台的风险管理提出了政策建议。其中宏观层面主要针对宏观性政策,包括：财政体制、地方财政自治能力及问责机制等；微观层面主要针对融资平台,包括：融资平台治理,融资平台透明度等。
本文的特色主要体现在：在实地调研和大量搜集数据的基础上,通过案例分析对地方政府融资平台的风险管控提出相关对策。
The financing platform of local government has developed rapidly in recent years. Through the establishment of platform, local governments effectively alleviate the problem of insufficient funds and promote the economic development. However, the platform in the process of development has got some problems resulting from few reasons. Therefore, study the risk problems of the Local government investment and financing platform has extraordinary theoretical and practical significance.
The structure of this paper is divided into four parts. Firstly, The financing platform is described as several sides, including the concept of local government investment and financing platform, the course of the development and present characteristics.
Then is the risk analysis, including risk manifestation, risk influencing factors, the risk index system. The risk of local government investment and financing platform were analyzed from the views of the internal and external risks. Internal risk is the risk faced by the local government investment and financing platform, including investment income risk, credit risk, platform positioning risk and moral hazard. External risks result from the internal risk, including financial risk and social risk.risk influencing factors including:platform factor, national factor, local factor. Risk index system is built on the base of risk influencing factors.
In the empirical analysis stage, the author conducted a risk analysis of Wuhu Construction Investment Co, Ltd. by using the risk index system. The results show the risk level of Wuhu Construction investment Co, Ltd is basic safety but there are some potential risks. The risks are Companies rely too much on land revenue, land revenue fluctuations will affect the company's ability to repay; investment direction to the development trend of the competitive field, which will increase the difficulty of monitoring; country recently stepped up local government financing platform inventory efforts, local government financing platform face greater policy risk.
Finally the author propose the risk management policy from two points including macro factor, micro factor, based on the previous analysis.the policy including macro and micro policy.such as financial system, local fiscal autonomy capability and accountability mechanisms and so on
The innovation of this paper is mainly reflected as following:
On the base of data collection and research in the field,through case studies of local government financing platform and put forward relevant risk control measures.
本文的研究内容主要分为四个部分：首先对融资平台的相关内容进行了概况性介绍,包括地方政府融资平台的概念、发展的历程、现状特点,其中对地方政府融资平台的现状特点进行了重点分析。
其次是对地方政府融资平台进行风险一般分析,这部分内容包括融资平台的风险表现形式、融资平台风险影响因素、融资平台风险指标体系的建立。其中融资平台风险表现形式可以从内部风险和外部风险两个角度进行分析。内部风险是地方政府融资平台自身面临的风险,包括投资收益风险、信用风险、平台定位风险、道德风险；外部风险则是由地方政府融资平台的内部风险外溢所引致的,包括财政风险、金融风险、社会风险。融资平台风险影响因素包含：平台层面因素、国家层面因素、地方层面因素。根据融资平台风险因素,笔者建立了地方政府融资平台风险衡量指标体系。
然后在实证分析部分,运用调研获取的数据资料及融资平台风险衡量指标体系对芜湖市建设投资有限公司进行了风险分析。分析结果显示芜湖市建设投资有限公司风险级别为基本安全,但也存在一定程度的风险隐患。风险隐患主要有：公司过多依赖土地出让收入,土地出让收入的波动会影响公司的还款能力；公司投资方向有向竞争性领域发展的趋势,这会加大监管的难度；国家近期加大了对地方政府融资平台的清查力度,地方政府融资平台面临较大的政策风险。
最后在前文分析的基础上笔者从宏观层面和微观层面两个角度对融资平台的风险管理提出了政策建议。其中宏观层面主要针对宏观性政策,包括：财政体制、地方财政自治能力及问责机制等；微观层面主要针对融资平台,包括：融资平台治理,融资平台透明度等。
本文的特色主要体现在：在实地调研和大量搜集数据的基础上,通过案例分析对地方政府融资平台的风险管控提出相关对策。
The financing platform of local government has developed rapidly in recent years. Through the establishment of platform, local governments effectively alleviate the problem of insufficient funds and promote the economic development. However, the platform in the process of development has got some problems resulting from few reasons. Therefore, study the risk problems of the Local government investment and financing platform has extraordinary theoretical and practical significance.
The structure of this paper is divided into four parts. Firstly, The financing platform is described as several sides, including the concept of local government investment and financing platform, the course of the development and present characteristics.
Then is the risk analysis, including risk manifestation, risk influencing factors, the risk index system. The risk of local government investment and financing platform were analyzed from the views of the internal and external risks. Internal risk is the risk faced by the local government investment and financing platform, including investment income risk, credit risk, platform positioning risk and moral hazard. External risks result from the internal risk, including financial risk and social risk.risk influencing factors including:platform factor, national factor, local factor. Risk index system is built on the base of risk influencing factors.
In the empirical analysis stage, the author conducted a risk analysis of Wuhu Construction Investment Co, Ltd. by using the risk index system. The results show the risk level of Wuhu Construction investment Co, Ltd is basic safety but there are some potential risks. The risks are Companies rely too much on land revenue, land revenue fluctuations will affect the company's ability to repay; investment direction to the development trend of the competitive field, which will increase the difficulty of monitoring; country recently stepped up local government financing platform inventory efforts, local government financing platform face greater policy risk.
Finally the author propose the risk management policy from two points including macro factor, micro factor, based on the previous analysis.the policy including macro and micro policy.such as financial system, local fiscal autonomy capability and accountability mechanisms and so on
The innovation of this paper is mainly reflected as following:
On the base of data collection and research in the field,through case studies of local government financing platform and put forward relevant risk control measures.
引文
[1]周雪光.“逆向软预算约束”：一个政府行为的组织分析[J].中国社会科学,2005(2)
[2]刘星,文政.财政分权理论述评[J].管理世界,2008(5)
[3]冯静.我国地方政府发债面临的问题及对策[J].财政研究,2009(4)
[4]周黎安.晋升博弈中政府官员的激励与合作[J].经济研究,2004(6)
[5]杨灿明,薛刚.中国地方政府或有债务问题研究[M].中国财政经济出版社,2004.
[6]范从来.论城市建设举债理论基础和方式对南京市的实证分析[J].南京社会科学(增刊),2002(9)
[7]姜彬.从制度演进的角度考察地方财政融资与担保[J].生产力研究,2008(12)
[8]蔡国华,冯喆.县乡财政困难的制度原因及对策[J].经济纵横,2007(1)
[9]李俊文.地方政府机构的银行融资情况研究[J].经济问题探索,2008(10)
[10]左新文.社会公益性设施政府投融资模式探讨[J].宏观经济研究,2004(5)
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[12]赵优红,张宇飞.我国政府投融资体系的现状及完善[J].财政研究,2005(10)
[13]平新乔,白洁.中国财政分权与地方公共品的供给[J].财贸经济,2006(2)
[14]李建盛.政府公共投资的国际比较及启示[J].经济纵横,2008(6)
[15]杨之刚.财政分权理论与基层公共财政体制改革[M].北京：经济科学出版社,2006(8)
[16]贾康,孟艳.运用长期建设国债资金规范和创新地方融资平台的可行思路探讨[J].前沿论坛,2009(8)
[17]巴曙松.地方政府投融资平台的发展及其风险评估[J].西南金融,2009(9)
[18]谭长路.地方政府投融资平台建设的模式分析[J].甘肃金融,2009(7)
[19]余萍.地方政府投融资平台建设研究[J].黑龙江对外经贸,2009(5)
[20]高立,张令奇.采取综合措施规范地方融资平台[J].宏观经济管理,2010(10)
[21]贾银萍.关注地方融资平台贷款风险[J].银行家,2009(7)
[22]郭励弘.实施债权人对融资平台的信用评级[J].中国金融,2009(20)
[23]王朝阳,谢晨,何德旭.规范地方政府融资平台的若干建议[J].中国发展观察,2010(9)
[24]魏国雄.建立地方政府融资平台的融资约束机制[J].中国金融,2009(20)
[25]舒杏.地方政府融资平台存在的风险及对策分析[J].经济管理者,2011(2)
[26]苏晓鹏.地方政府融资平台风险预警与化解对策[J].农村金融研究,2009(12)
[27]常友玲.我国地方政府投融资平台存在的问题及对策[J].经济纵横,2010(5)
[28]徐灵超,吴光伟.地方政府投融资平台的意义及风险防范[J].全国商情,2010(23)
[29]肖东平.规范和完善地方政府投融资平台的建议[J].财会研究,2010(23)
[30]张志华.国外地方政府债务的规模控制与风险预警[J].经济研究参考,2008(22)
[31]李侠.地方政府投融资平台的风险成因与规范建设[J].经济问题探索,2010(2)
[32]国家统计局.中国统计年鉴2012年[M].
[33]住房和城乡建设部综合财务司.中国城市建设统计年鉴2011年[M].北京：中国计划出版社,2012年
[34]安徽省统计局.安徽省统计年鉴2012年[M]
[35]芜湖市财政局.芜湖市统计年鉴2012年[M]
[36]中华人民共和国国土资源部.2011中国国土资源公报[EB/OL]
[37]亚诺什·科尔内,个人自由和社会主义经济改革[J].科技导报,1988(4)
[38]Samulson P A. The Pure Theory of Expenditure[J].The Review of Economics and Statistics,1954,36(4)
[39]George Stigler, G Tenable range of functions of local government. Washington, D. C.:Joint Economic Committee. Subcommittee on Fiscal Policy,1957
[40]Charles M. Tiebout:A Pure Theory of Local Expenditure[J]. The Journal of Political Economy,1956,(10)
[41]Musgrave, R.A. Public finance in theory and Practice:a study in Public economy.NewYork:MeGrave-Hill,1959
[2]刘星,文政.财政分权理论述评[J].管理世界,2008(5)
[3]冯静.我国地方政府发债面临的问题及对策[J].财政研究,2009(4)
[4]周黎安.晋升博弈中政府官员的激励与合作[J].经济研究,2004(6)
[5]杨灿明,薛刚.中国地方政府或有债务问题研究[M].中国财政经济出版社,2004.
[6]范从来.论城市建设举债理论基础和方式对南京市的实证分析[J].南京社会科学(增刊),2002(9)
[7]姜彬.从制度演进的角度考察地方财政融资与担保[J].生产力研究,2008(12)
[8]蔡国华,冯喆.县乡财政困难的制度原因及对策[J].经济纵横,2007(1)
[9]李俊文.地方政府机构的银行融资情况研究[J].经济问题探索,2008(10)
[10]左新文.社会公益性设施政府投融资模式探讨[J].宏观经济研究,2004(5)
[11]杨海霞.正确认识城投债[J].中国投资,2009(6)
[12]赵优红,张宇飞.我国政府投融资体系的现状及完善[J].财政研究,2005(10)
[13]平新乔,白洁.中国财政分权与地方公共品的供给[J].财贸经济,2006(2)
[14]李建盛.政府公共投资的国际比较及启示[J].经济纵横,2008(6)
[15]杨之刚.财政分权理论与基层公共财政体制改革[M].北京：经济科学出版社,2006(8)
[16]贾康,孟艳.运用长期建设国债资金规范和创新地方融资平台的可行思路探讨[J].前沿论坛,2009(8)
[17]巴曙松.地方政府投融资平台的发展及其风险评估[J].西南金融,2009(9)
[18]谭长路.地方政府投融资平台建设的模式分析[J].甘肃金融,2009(7)
[19]余萍.地方政府投融资平台建设研究[J].黑龙江对外经贸,2009(5)
[20]高立,张令奇.采取综合措施规范地方融资平台[J].宏观经济管理,2010(10)
[21]贾银萍.关注地方融资平台贷款风险[J].银行家,2009(7)
[22]郭励弘.实施债权人对融资平台的信用评级[J].中国金融,2009(20)
[23]王朝阳,谢晨,何德旭.规范地方政府融资平台的若干建议[J].中国发展观察,2010(9)
[24]魏国雄.建立地方政府融资平台的融资约束机制[J].中国金融,2009(20)
[25]舒杏.地方政府融资平台存在的风险及对策分析[J].经济管理者,2011(2)
[26]苏晓鹏.地方政府融资平台风险预警与化解对策[J].农村金融研究,2009(12)
[27]常友玲.我国地方政府投融资平台存在的问题及对策[J].经济纵横,2010(5)
[28]徐灵超,吴光伟.地方政府投融资平台的意义及风险防范[J].全国商情,2010(23)
[29]肖东平.规范和完善地方政府投融资平台的建议[J].财会研究,2010(23)
[30]张志华.国外地方政府债务的规模控制与风险预警[J].经济研究参考,2008(22)
[31]李侠.地方政府投融资平台的风险成因与规范建设[J].经济问题探索,2010(2)
[32]国家统计局.中国统计年鉴2012年[M].
[33]住房和城乡建设部综合财务司.中国城市建设统计年鉴2011年[M].北京：中国计划出版社,2012年
[34]安徽省统计局.安徽省统计年鉴2012年[M]
[35]芜湖市财政局.芜湖市统计年鉴2012年[M]
[36]中华人民共和国国土资源部.2011中国国土资源公报[EB/OL]
[37]亚诺什·科尔内,个人自由和社会主义经济改革[J].科技导报,1988(4)
[38]Samulson P A. The Pure Theory of Expenditure[J].The Review of Economics and Statistics,1954,36(4)
[39]George Stigler, G Tenable range of functions of local government. Washington, D. C.:Joint Economic Committee. Subcommittee on Fiscal Policy,1957
[40]Charles M. Tiebout:A Pure Theory of Local Expenditure[J]. The Journal of Political Economy,1956,(10)
[41]Musgrave, R.A. Public finance in theory and Practice:a study in Public economy.NewYork:MeGrave-Hill,1959