【摘要】：隨著各級(jí)地方政府財(cái)政缺口的不斷擴(kuò)大,2008年開始,地方政府設(shè)立的融資平臺(tái)數(shù)量快速增加,并迅速成為地方政府負(fù)債的主體。根據(jù)銀監(jiān)會(huì)的統(tǒng)計(jì)數(shù)據(jù)顯示,截至2016年3月末,全國已有近12000家地方融資平臺(tái)。地方融資平臺(tái)數(shù)量的快速增加推動(dòng)了地方政府債務(wù)規(guī)模的快速擴(kuò)張。截至2015年末,納入預(yù)算管理的中央和地方兩級(jí)政府債務(wù)規(guī)模共計(jì)26.66萬億,其中,地方政府負(fù)債16萬億元。地方政府的負(fù)債行為絕大多數(shù)是通過其設(shè)立的地方融資平臺(tái)進(jìn)行,一旦地方融資平臺(tái)發(fā)生實(shí)質(zhì)性的債務(wù)違約,則違約責(zé)任將會(huì)通過地方財(cái)政、金融系統(tǒng)和實(shí)體經(jīng)濟(jì)等路徑進(jìn)行傳導(dǎo),最終導(dǎo)致國家層面的債務(wù)危機(jī)。隨著地方融資平臺(tái)債務(wù)規(guī)模的不斷擴(kuò)大,地方融資平臺(tái)債務(wù)風(fēng)險(xiǎn)問題也越來越受到國家的重視,并出臺(tái)了相應(yīng)的債務(wù)風(fēng)險(xiǎn)應(yīng)對(duì)政策。2014年10月,國務(wù)院發(fā)布《關(guān)于加強(qiáng)地方政府性債務(wù)管理的意見》,要求剝離地方融資平臺(tái)的政府融資功能。2015年1月1日,我國新《預(yù)算法》正式實(shí)行,規(guī)定省級(jí)地方政府可以發(fā)行地方債,從實(shí)際需求角度切斷了融資平臺(tái)的負(fù)債空間。在之后的2015到2016年,各地也都相應(yīng)出臺(tái)了應(yīng)對(duì)地方融資平臺(tái)債務(wù)風(fēng)險(xiǎn)的政策,例如安徽省財(cái)政廳于2016年9月出臺(tái)了《關(guān)于財(cái)政支持政府融資平臺(tái)公司轉(zhuǎn)型發(fā)展的意見》,同年12月又出臺(tái)了《關(guān)于深化投融資體制改革的實(shí)施意見》,要求逐步剝離地方融資平臺(tái)政府負(fù)債功能,加強(qiáng)地方融資平臺(tái)債務(wù)的后續(xù)管理。但實(shí)際上,盡管新《預(yù)算法》和43-號(hào)文件實(shí)施已有兩年多的時(shí)間,且企業(yè)信用和政府信用的分離也是必然的趨勢,但是經(jīng)濟(jì)增長對(duì)基建投資的需求依然很大,在穩(wěn)增長的目的之下,地方政府自發(fā)自還的債券要完全代替融資平臺(tái)融資的可能性很小。從現(xiàn)在的情況來看,地方融資平臺(tái)真正停止為地方政府進(jìn)行融資的很少,更多的只是變換形式轉(zhuǎn)向了政府購買服務(wù)或者PPP等其他途徑。所以地方融資平臺(tái)的債務(wù)規(guī)模非但沒有隨著一系列政策措施的出臺(tái)而減少,反而有越演越烈的趨勢。從近兩年融資平臺(tái)的融資規(guī)模上就可以看出端倪,受新《預(yù)算法》和43號(hào)文件的影響,地方融資平臺(tái)的融資規(guī)模經(jīng)過2015年的短暫下降之后,2016年又呈現(xiàn)爆發(fā)式增長,僅城投債發(fā)行規(guī)模一項(xiàng),就創(chuàng)下了自城投債券產(chǎn)生以來的歷史之最。2016年地方融資平臺(tái)企業(yè)債發(fā)行規(guī)模較2015年增加了 73.21%,發(fā)行規(guī)模高達(dá)5925.70億元。銀行貸款問題上,在43號(hào)文件出臺(tái)一年之后,2015年8月10日,銀監(jiān)會(huì)發(fā)布《關(guān)于銀行業(yè)支持重點(diǎn)領(lǐng)域重大工程項(xiàng)目建設(shè)的指導(dǎo)意見》(下稱《意見》),在對(duì)融資平臺(tái)貸款問題上的態(tài)度與43號(hào)文件出現(xiàn)了較大的轉(zhuǎn)變。對(duì)于融資平臺(tái)承擔(dān)的重大工程項(xiàng)目,《意見》允許銀行業(yè)金融機(jī)構(gòu)予以信貸支持,銀行業(yè)金融機(jī)構(gòu)對(duì)融資平臺(tái)的信貸支持規(guī)模又在快速回升。同時(shí),新《預(yù)算法》和43號(hào)文件的出臺(tái)確實(shí)給地方融資平臺(tái)造成了很大的壓力,融資平臺(tái)紛紛由公益性業(yè)務(wù)向經(jīng)營性業(yè)務(wù)轉(zhuǎn)型,融資平臺(tái)的債務(wù)結(jié)構(gòu)已不僅僅局限在公益性項(xiàng)目的負(fù)債上,可以說融資平臺(tái)的存量債務(wù)風(fēng)險(xiǎn)沒有消除,新增債務(wù)風(fēng)險(xiǎn)已經(jīng)產(chǎn)生。因此,本文主要針對(duì)我國地方融資平臺(tái)債務(wù)風(fēng)險(xiǎn),通過梳理地方融資平臺(tái)債務(wù)規(guī)模、債務(wù)結(jié)構(gòu)和近年來融資平臺(tái)債務(wù)發(fā)展的新特點(diǎn)等因素,并通過安徽某融資平臺(tái)進(jìn)行債務(wù)風(fēng)險(xiǎn)案例分析,進(jìn)而提出針對(duì)地方融資平臺(tái)債務(wù)風(fēng)險(xiǎn)防控的建議。具體來看,本文首先對(duì)我國地方融資平臺(tái)發(fā)展現(xiàn)狀進(jìn)行回顧,對(duì)其債務(wù)規(guī)模、結(jié)構(gòu)和2015年之后融資平臺(tái)債務(wù)的新特點(diǎn)進(jìn)行深入探討。在此基礎(chǔ)上從三個(gè)方面對(duì)融資平臺(tái)債務(wù)風(fēng)險(xiǎn)的成因進(jìn)行分析。在成因分析之后,本文對(duì)融資平臺(tái)債務(wù)風(fēng)險(xiǎn)向財(cái)政風(fēng)險(xiǎn)、金融風(fēng)險(xiǎn)和實(shí)體經(jīng)濟(jì)風(fēng)險(xiǎn)的傳導(dǎo)路徑進(jìn)行了論述。之后,以A融資平臺(tái)作為對(duì)象進(jìn)行案例分析。并從A融資平臺(tái)自身發(fā)展經(jīng)營的缺陷和宏觀經(jīng)濟(jì)發(fā)展以及政策變動(dòng)等方面,深入分析影響融資平臺(tái)償債能力的因素和A融資平臺(tái)債務(wù)風(fēng)險(xiǎn)的具體表現(xiàn)。最后,在前文分析的基礎(chǔ)上,指出在融資平臺(tái)債務(wù)風(fēng)險(xiǎn)防控上的不足,并從政府、金融機(jī)構(gòu)和地方融資平臺(tái)等方面提出相應(yīng)的解決對(duì)策。
[Abstract]:With the expansion of the financial gap of local governments at all levels, the number of financing platforms set up by local governments has increased rapidly in 2008, and has quickly become the subject of local government debt. According to the statistics of the CBRC, as of the end of March 2016, there were nearly 12,000 local financing platforms in the country. The rapid increase in the number of local financing platforms has contributed to the rapid expansion of the local government's debt scale. As of the end of 2015, the total amount of government debt, which was included in the budget management at the central and local levels, amounted to $26.66 trillion, of which local government liabilities were 16 trillion yuan. The majority of the liabilities of the local government are carried out through the local financing platform established by the local finance platform. Once the local financing platform has a substantial debt default, the liability for breach of contract will be conducted through the local financial, financial system and the entity economy. Resulting in a debt crisis at the national level. With the expansion of the debt scale of the local financing platform, the problem of the debt risk of the local financing platform has been paid more and more attention by the state, and the corresponding debt risk response policy has been introduced. In October 2014, the State Council issued the Opinions on the Strengthening of Local Government's Debt Management. The government financing function of the local financing platform is required. On January 1,2015, the new "pre-algorithm" of our country is put into practice, and the provincial local government can issue local debt, and cut off the debt space of the financing platform from the actual demand angle. After the post-2015 and 2016, there are also policies to deal with the debt risk of the local financing platform, such as the introduction of the Financial Services Department of Anhui Province in September 2016 and the Opinions on the Financial Support of the Development of the Company's Financing Platform in September 2016. In December of the same year, the "Implementation Opinions on Deepening the Reform of the Investment and Financing System" was put in place, and the government's liability function of the local financing platform should be gradually peeled off, and the subsequent management of the local financing platform's debts should be strengthened. But in fact, although the implementation of new and 43-number has been more than two years, and the separation of enterprise credit and government credit is an inevitable trend, the demand of economic growth for infrastructure investment is still large, and under the purpose of stable growth, The possibility of the local government's own self-government bonds to be completely replaced by the financing platform is very small. In the present case, the local financing platform really stops the financing of the local government, and more is the change of the form to the government's purchase service or other means such as PPP. So far, the debt scale of the local financing platform has not been reduced with the introduction of a series of policy measures, but the more intense it is. From the financing scale of the two-year financing platform, it can be seen that the financing scale of the local financing platform has been affected by the new and the No.43 document, and the financing scale of the local financing platform after the short-term decline in 2015, and the explosive growth in 2016, only one of the size of the city's debt issuance, The most of the history since the creation of a bond-in-city bond has increased by 73.21% in 2015 and up to $5925.7 billion by 2015. On the bank loan issue, after the issuance of document No.43 a year, the CBRC issued the Guide to the Construction of Major Project in the Key Areas of Banking Support (hereinafter referred to as the "Opinion") on August 10,2015. The attitude to the financing platform loan issue has changed greatly with the No.43 document. With respect to the major projects undertaken by the financing platform, the allows the banking financial institutions to lend their credit support, and the banking financial institution's credit support scale for the financing platform is increasing rapidly. At the same time, the introduction of new and No.43 does give a great deal of pressure to the local financing platform. The financing platform has shifted from the public welfare business to the operational business, and the debt structure of the financing platform is not only limited to the liabilities of the public welfare projects, It can be said that the debt risk of the stock debt of the financing platform is not eliminated, and the new debt risk has been generated. Therefore, this paper mainly aims at the debt risk of the local financing platform in China, and through the analysis of the debt risk case of the local financing platform, the debt structure and the new characteristics of the debt development of the financing platform in recent years, and the analysis of the debt risk case through a certain financing platform in Anhui, In addition, the suggestion on the prevention and control of the debt risk of the local financing platform is put forward. In particular, this paper reviews the current situation of the development of the local finance platform in China, and probes into the new features of the debt scale, structure and post-2015 financing platform's debt. On this basis, the cause of the debt risk of the financing platform is analyzed from three aspects. After the cause analysis, this paper discusses the conduction path of the debt risk of the financing platform to the financial risk, the financial risk and the real economic risk. Then, the case analysis is carried out with the A-financing platform as the object. The paper also analyzes the factors that affect the ability of the financing platform and the concrete performance of the debt risk of the A-financing platform from the aspects of the defects of the development and management of the A-financing platform and the development of the macro-economy as well as the policy changes. Finally, on the basis of the above analysis, the paper points out the deficiency in the prevention and control of the debt risk of the financing platform, and puts forward the corresponding countermeasures from the government, the financial institution and the local financing platform.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F812.5

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