西部地区政府融资平台发展战略研究
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摘要
地方政府融资平台公司指由地方政府及其部门和机构等通过财政拨款或注入土地、股权等资产设立,承担政府投资项目融资功能,并拥有独立法人资格的经济实体。其功能主要是通过举债融资,为地方经济和社会发展筹集资金。在应对国际金融危机、保持国内经济稳定方面起了重要作用,但由于近年来举债规模迅速膨胀,运作不规范,潜藏着巨大的财政风险和金融风险,受到国家及相关部门的高度重视,特别是国发19号文对地方政府融资平台提出了清理规范的要求,在严格的外部约束下,必须重新寻找新业务定位和运作模式,探索适合自身发展的方式。
西部地区融资平台运作模式相对落后,随着国家新一轮西部大开发战略的实施,必将承担起更为繁重的地区内建设项目融资任务,这就要求西部地方政府融资平台必须加快转变,制定适合的发展战略。从全国范围看,西部各省融资平台运营模式和所处的环境、经济发展水平等有许多共同之处,因此本文结合宁夏自治区的案例,对融资平台的发展战略进行研究。通过PEST和SWOT分析,对融资平台所处的外部宏观环境、产业环境以及自身资源和能力的分析,对平台公司的优势、劣势,与环境中的机会、威胁进行匹配,提出了基于地区的资源特点的战略定位,实施政府项目市场化运作,坚持阶段性持股的理念,将公益性业务与经营性业务独立运作、相互支持的运作模式。最后提出了西部地区融资平台战略调整要遵循的“四个转变”的建议。即融资平台的运营要从“公益性为主”向“兼顾公益性和盈利性”转变；从“空壳化运作”向“市场化运作”转变；从“实业经营”向“产融结合”转变；从“单一融资”向“多元化融资”转变。
Local government-backed investment units is an enterprise established by local government departments and agencies through budgetary funds or into the land, equity and other assets and to funding for the government investment projects, it is entitled to an independent legal agency. Its main function is to raise funds for local economic and social development through debt. During the international financial crisis, it has played an important role in stabilizing the domestic economy. But in recent years, the scale of the debt rapid growth. Its operation was being the irregular. There was tremendous financial risk and financial risks in it, and attach great importance of the authority and relevant departments. Especially the 19 document issued by state council proposed to clean up and standardize the local government platform for financing. Owing to severe external constraints, it must be looking for the position of new business model, and explore ways to develop its.
Operational mode of platform for financing the western region is relatively backward. as the national implementation of a new development strategy in the west; it will take on more arduous task in the financing for development projects. The platform model for financing the western local government must expedite the change. And the appropriate development strategies must be formulated.. In the national, there are many common aspects in platform operation model and economic environment, the level of economic development of western provinces, Therefore, with the case of the NingXia autonomous regions for financing platform will be researched in development strategy. With the analyzing method of PEST and SWOT, to the platform for financing the external environment, environment and resources and capacity of the company itself, the matching of superiority and inferiority and environment, opportunities and threats. Suggestion mentioned including the government projects, market-oriented operation, the initial idea of holding out on the region, the resources and strategic location. To form operational mode of operation platform for financing and business services operate independently and mutual support. Finally, Four changes were suggested that be the strategic readjustment of the western region. the platform for financing operations need to change from the public to take the public and profit, from their operation to a market-oriented operation, from industry to industry in the capital and financial integration, from single to raise funds through various channels.
西部地区融资平台运作模式相对落后,随着国家新一轮西部大开发战略的实施,必将承担起更为繁重的地区内建设项目融资任务,这就要求西部地方政府融资平台必须加快转变,制定适合的发展战略。从全国范围看,西部各省融资平台运营模式和所处的环境、经济发展水平等有许多共同之处,因此本文结合宁夏自治区的案例,对融资平台的发展战略进行研究。通过PEST和SWOT分析,对融资平台所处的外部宏观环境、产业环境以及自身资源和能力的分析,对平台公司的优势、劣势,与环境中的机会、威胁进行匹配,提出了基于地区的资源特点的战略定位,实施政府项目市场化运作,坚持阶段性持股的理念,将公益性业务与经营性业务独立运作、相互支持的运作模式。最后提出了西部地区融资平台战略调整要遵循的“四个转变”的建议。即融资平台的运营要从“公益性为主”向“兼顾公益性和盈利性”转变；从“空壳化运作”向“市场化运作”转变；从“实业经营”向“产融结合”转变；从“单一融资”向“多元化融资”转变。
Local government-backed investment units is an enterprise established by local government departments and agencies through budgetary funds or into the land, equity and other assets and to funding for the government investment projects, it is entitled to an independent legal agency. Its main function is to raise funds for local economic and social development through debt. During the international financial crisis, it has played an important role in stabilizing the domestic economy. But in recent years, the scale of the debt rapid growth. Its operation was being the irregular. There was tremendous financial risk and financial risks in it, and attach great importance of the authority and relevant departments. Especially the 19 document issued by state council proposed to clean up and standardize the local government platform for financing. Owing to severe external constraints, it must be looking for the position of new business model, and explore ways to develop its.
Operational mode of platform for financing the western region is relatively backward. as the national implementation of a new development strategy in the west; it will take on more arduous task in the financing for development projects. The platform model for financing the western local government must expedite the change. And the appropriate development strategies must be formulated.. In the national, there are many common aspects in platform operation model and economic environment, the level of economic development of western provinces, Therefore, with the case of the NingXia autonomous regions for financing platform will be researched in development strategy. With the analyzing method of PEST and SWOT, to the platform for financing the external environment, environment and resources and capacity of the company itself, the matching of superiority and inferiority and environment, opportunities and threats. Suggestion mentioned including the government projects, market-oriented operation, the initial idea of holding out on the region, the resources and strategic location. To form operational mode of operation platform for financing and business services operate independently and mutual support. Finally, Four changes were suggested that be the strategic readjustment of the western region. the platform for financing operations need to change from the public to take the public and profit, from their operation to a market-oriented operation, from industry to industry in the capital and financial integration, from single to raise funds through various channels.
引文
①资料来源：《国务院关于加强地方政府融资平台公司管理有关问题的通知》国发[2010]19号
②资料来源：《国务院关于加强地方政府融资平台公司管理有关问题的通知》国发[2010]19号
③资料来源：《2010年城市蓝皮书》中国社会科学院
④资料来源： 余萍.地方政府融资平台建设研究.黑龙江对外经贸,2009年第5期
⑥据统计,中国在2009年工业用电量占到74%,而美国的这一数据为25%。
⑦相关资料来源于《电力与新能源(研究报告)》,中国国际金融有限公司,2010年6月。
⑧ http://www.coal.com.cn/Gratis/2010-6-17/ArticleDisplay_237224.shtml
[1](美)Michael E. Porter著 陈小悦译.《竞争战略》.华夏出版社,2005年
[2](美)彭维刚著,孙卫刘新梅译.《全球企业战略》.人民邮电出版社,2007年
[3]刘英骥主编.《企业战略管理教程》.经济管理出版社,2006年
[4]杨帆,梁邦海,李勇.区域经济增长中的地方政府融资平台效应研究.西安交通大学2010年
[5]陈柳钦.规范发展地方政府融资平台.天津社会科学院城市经济研究所.2010年
[6]张莉.地方政府债务风险初探.环渤海经济瞭望,2010年第9期
[7]秦德安,田靖宇.地方政府融资平台研究综述.地方财政研究,2010年第4期
[8]余萍.地方政府融资平台建设研究.黑龙江对外经贸,2009年第5期
[9]路军伟.中国地方政府投融资平台风险及防范.石家庄经济学院党报,2010,33
[10]李侠.地方政府投融资平台的风险成因与规范建设.经济问题探索,2010(2)
[11]刘新.中国企业集团产融结合的必要性.环渤海经济瞭望
[12]张庆亮,王珍.产融结合：大企业集团发展的必由之路.中国经贸导刊,2005年
[13]肖玉香.地方政府投融资平台设立股权投资基金的可行性探讨.云南师范大学学报2010,42
[14]陈浩然.地方政府融资平台存在的风险及对策分析.金融理论与实践,2010(8)
[15]郭宝华,熊英.地方政府投融资平台问题研究,市场论坛,2010(11)
[16]马兴华.新形势下的地方政府融资平台风险及防范.中国商界,2010(3)
[17]赵文广.企业集团产融结合理论与实践.经济管理出版社,2004年
[18]赵国杰,于海洋.企业发展战略的选择.天津大学出版社,2009
[19]段晓梅,刘红.地方政府投融资平台建设的框架研究.社会科学家,2009(12)
[20]王丹莉.浅谈地方政府投融资平台现状及对策.商场现代化,2010(10)
[21]魏颖.浅谈地方政府投融资平台的运作和风险防范.现代经济信息,2010(17)
[22]朱疆.市政债券：地方政府融资新渠道.经济论坛,2006(02)
[23]高旺.西方国家公用事业民营化改革的经验及其对我国的启示.经济社会体制比较,2006(06)
[24]孙洁.城市基础设施的公私合作管理模式研究.2005
[25]陈冬.城市公用事业运营模式改革：以上海为例的研究.上海经济研究,2006(11)
[26]谢地,高光勇.城市公用事业动作方式转变与公司治理结构.经营与管理,2004
②资料来源：《国务院关于加强地方政府融资平台公司管理有关问题的通知》国发[2010]19号
③资料来源：《2010年城市蓝皮书》中国社会科学院
④资料来源： 余萍.地方政府融资平台建设研究.黑龙江对外经贸,2009年第5期
⑥据统计,中国在2009年工业用电量占到74%,而美国的这一数据为25%。
⑦相关资料来源于《电力与新能源(研究报告)》,中国国际金融有限公司,2010年6月。
⑧ http://www.coal.com.cn/Gratis/2010-6-17/ArticleDisplay_237224.shtml
[1](美)Michael E. Porter著 陈小悦译.《竞争战略》.华夏出版社,2005年
[2](美)彭维刚著,孙卫刘新梅译.《全球企业战略》.人民邮电出版社,2007年
[3]刘英骥主编.《企业战略管理教程》.经济管理出版社,2006年
[4]杨帆,梁邦海,李勇.区域经济增长中的地方政府融资平台效应研究.西安交通大学2010年
[5]陈柳钦.规范发展地方政府融资平台.天津社会科学院城市经济研究所.2010年
[6]张莉.地方政府债务风险初探.环渤海经济瞭望,2010年第9期
[7]秦德安,田靖宇.地方政府融资平台研究综述.地方财政研究,2010年第4期
[8]余萍.地方政府融资平台建设研究.黑龙江对外经贸,2009年第5期
[9]路军伟.中国地方政府投融资平台风险及防范.石家庄经济学院党报,2010,33
[10]李侠.地方政府投融资平台的风险成因与规范建设.经济问题探索,2010(2)
[11]刘新.中国企业集团产融结合的必要性.环渤海经济瞭望
[12]张庆亮,王珍.产融结合：大企业集团发展的必由之路.中国经贸导刊,2005年
[13]肖玉香.地方政府投融资平台设立股权投资基金的可行性探讨.云南师范大学学报2010,42
[14]陈浩然.地方政府融资平台存在的风险及对策分析.金融理论与实践,2010(8)
[15]郭宝华,熊英.地方政府投融资平台问题研究,市场论坛,2010(11)
[16]马兴华.新形势下的地方政府融资平台风险及防范.中国商界,2010(3)
[17]赵文广.企业集团产融结合理论与实践.经济管理出版社,2004年
[18]赵国杰,于海洋.企业发展战略的选择.天津大学出版社,2009
[19]段晓梅,刘红.地方政府投融资平台建设的框架研究.社会科学家,2009(12)
[20]王丹莉.浅谈地方政府投融资平台现状及对策.商场现代化,2010(10)
[21]魏颖.浅谈地方政府投融资平台的运作和风险防范.现代经济信息,2010(17)
[22]朱疆.市政债券：地方政府融资新渠道.经济论坛,2006(02)
[23]高旺.西方国家公用事业民营化改革的经验及其对我国的启示.经济社会体制比较,2006(06)
[24]孙洁.城市基础设施的公私合作管理模式研究.2005
[25]陈冬.城市公用事业运营模式改革：以上海为例的研究.上海经济研究,2006(11)
[26]谢地,高光勇.城市公用事业动作方式转变与公司治理结构.经营与管理,2004