【摘要】：各級地方政府為加快推進城市建設和經(jīng)濟發(fā)展,財政支出規(guī)模迅速擴大,在原來地方政府財權(quán)與事權(quán)就不相匹配的情況下,形成了巨大的財政資金缺口。為繞開各級地方政府不得作為融資主體的法律約束,“合法”地籌集大量資金,各地紛紛發(fā)展各類地方政府投融資平臺。然而,由于融資規(guī)模大、監(jiān)管不到位以及其他體制機制因素影響,地方政府投融資平臺在發(fā)揮應有作用的同時,也產(chǎn)生了一系列負面問題。因此,地方政府投融資平臺成為學界和政府都關注的研究熱點。本文研究認為,地方政府投融資平臺作為名義上的市場經(jīng)濟主體,與其他經(jīng)營性的以營利為目的的經(jīng)濟主體是有本質(zhì)區(qū)別的,屬于特定目的公司的范疇。地方政府投融資平臺之所以在較短時間內(nèi)大量出現(xiàn),有其各方面的背景因素。經(jīng)濟增長過度依賴投資驅(qū)動、城市化進程加快推進、大量貨幣沉積以及經(jīng)濟環(huán)境惡化、巨額國有資產(chǎn)的存在等構(gòu)成了投融資平臺出現(xiàn)的經(jīng)濟背景。同時,財政分權(quán)與地方政府競爭以及軟約束的預算制度形成了制度背景。《預算法》、《擔保法》等法律法規(guī)在法律層面上對政府主體的一系列約束形成了催生投融資平臺產(chǎn)生的法律背景。全國各地在發(fā)展地方政府投融資平臺的過程中,相繼探索建立了各類典型模式,并積累了成功經(jīng)驗。本文簡要討論了上海、重慶、天津等地的地方政府投融資平臺運行模式,同時對平臺存在的主要問題進行了分析。本文認為,由于地方政府投融資平臺存在的各種問題,以及其本身出現(xiàn)所帶有的不得已性,其快速發(fā)展也必然帶來諸多負面影響。隨著投融資平臺的擴張以及債務規(guī)模的擴大,必然帶來資產(chǎn)泡沫加劇與通貨膨脹風險,抑制民營經(jīng)濟發(fā)展活力,不利于完善市場經(jīng)濟體制和我國經(jīng)濟轉(zhuǎn)型升級,同時間接推高房價造成民生壓力,最后還挑戰(zhàn)法律權(quán)威。在地方政府投融資平臺的發(fā)展過程中,中央政府的態(tài)度幾經(jīng)轉(zhuǎn)折,很大程度上影響了平臺的發(fā)展或停滯。本文對中央政府歷年來對地方投融資平臺的宏觀政策進行了總結(jié)分析,并提出了政策述評。在其基礎上,本文對規(guī)范地方政府投融資平臺發(fā)展提出了政策建議。本文認為,短期來看,應該盡快清理投融資平臺及其債務,完善投融資平臺管理體系,建立健全法人治理結(jié)構(gòu),完善地方政府投融資活動相關立法。長期來看,要著力改變經(jīng)濟增長方式,推進財稅體制改革和投融資體制改革,建立更加科學合理的黨政領導考核體系,并重建政府融資體系。
[Abstract]:In order to speed up urban construction and economic development, local governments at all levels have expanded the scale of fiscal expenditure rapidly. Under the circumstances that the original financial and administrative powers of local governments do not match, there is a huge gap in financial funds. In order to avoid the legal restriction that local governments at all levels cannot act as the main body of financing and raise a large amount of funds legally, various localities have developed various investment and financing platforms of local governments. However, due to the large scale of financing, inadequate supervision and other institutional and institutional factors, local government investment and financing platform not only play its due role, but also produce a series of negative problems. Therefore, local government investment and financing platform has become the focus of academic and government research. This paper argues that local government investment and financing platform, as a nominally market economy subject, is essentially different from other profit-making economic subjects, and belongs to the category of specific purpose company. Local government investment and financing platform in a relatively short period of time, there are various background factors. The economic background of investment and financing platform is the excessive dependence of economic growth on investment, the acceleration of urbanization, the deposition of a large amount of money and the deterioration of economic environment, and the existence of huge state-owned assets. At the same time, the budget system of fiscal decentralization and local government competition as well as soft constraints formed the institutional background. The legal background of the emergence of investment and financing platform is formed by a series of restrictions on the government subject by laws and regulations, such as the Law of guarantee and other laws and regulations on the legal level. In the process of developing local government investment and financing platform all over the country, various typical models have been explored and established one after another, and successful experiences have been accumulated. This paper briefly discusses the operation mode of local government investment and financing platform in Shanghai, Chongqing and Tianjin, and analyzes the main problems existing in the platform. This paper argues that the rapid development of local government investment and financing platform is bound to bring a lot of negative effects due to the various problems existing in the investment and financing platform of local government as well as the necessity of its own appearance. With the expansion of the investment and financing platform and the expansion of the debt scale, the asset bubble will inevitably increase and the risk of inflation will be increased, and the vitality of the private economy will be restrained. At the same time indirectly pushing up housing prices cause pressure on people's livelihood, and finally challenge the legal authority. In the process of the development of local government investment and financing platform, the attitude of the central government has changed several times, which greatly affected the development or stagnation of the platform. This paper summarizes and analyzes the macro-policies of the central government over the years to the local investment and financing platform, and puts forward a review of the policies. On the basis of it, this paper puts forward some policy suggestions to standardize the development of local government investment and financing platform. In the short term, we should clean up the investment and financing platform and its debt as soon as possible, perfect the management system of the investment and financing platform, establish and perfect the corporate governance structure, and perfect the relevant legislation of local government investment and financing activities. In the long run, we should make great efforts to change the way of economic growth, promote the reform of the fiscal and taxation system and the system of investment and financing, establish a more scientific and rational system of party and government leadership and assessment, and rebuild the system of government financing.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F812.7

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