財政與金融分家:中國經濟“去杠桿”的關鍵
發(fā)布時間：2019-07-13 17:17
【摘要】：中國日益增長的債務問題引發(fā)了各界的擔憂,地方政府債務問題的化解成為中國經濟"去杠桿"的關鍵所在。當下"去杠桿"的困難在于財政和金融的不分家,從而導致財政投資項目的低收益、地方政府融資的高成本和金融產品的"剛性兌付"三個現(xiàn)象同時出現(xiàn),構成了一個"最壞的組合",也帶來了影子銀行高速發(fā)展、民營企業(yè)融資困難和地方融資平臺債務歸屬不確定等一系列問題。從財政與金融分家的視角出發(fā),未來中國經濟"去杠桿"的重點是:推動地方融資平臺的市場化轉型,放松地方政府債券融資規(guī)模限制并推進債券發(fā)行的市場化定價,加強金融監(jiān)管部門和財政部門之間協(xié)調。通過"去杠桿",最終實現(xiàn)金融體系資源配置效率的優(yōu)化。
[Abstract]:China's growing debt problem has raised concerns from all walks of life, and the resolution of the local government debt problem has become the key to the "deleveraging" of the Chinese economy. At present, the difficulty of "deleveraging" lies in the inseparation of finance and finance, which leads to the low return of financial investment projects, the high cost of local government financing and the "rigid payment" of financial products at the same time, which constitutes a "worst combination", and also brings a series of problems, such as the rapid development of shadow banking, the financing difficulties of private enterprises and the uncertainty of debt ownership of local financing platforms. From the perspective of the separation of finance and finance, the focus of "deleveraging" of China's economy in the future is to promote the marketization transformation of local financing platforms, relax the restrictions on the scale of local government bond financing and promote the market-oriented pricing of bond issuance, and strengthen the coordination between financial regulatory and financial departments. Through deleveraging, the optimization of resource allocation efficiency of financial system is finally realized.
【作者單位】： 上海對外經貿大學金融學院;上海交通大學安泰經濟與管理學院;
【基金】：國家社會科學基金重大項目“推動我國經濟持續(xù)健康發(fā)展的基本要求、根本途徑和政策選擇研究”(13&ZD015) “上海高校青年教師培養(yǎng)資助計劃” 上海交通大學中國發(fā)展研究院 復旦大學當代中國經濟與社會工作室成果
【分類號】：F124;F812;F832
[Abstract]:China's growing debt problem has raised concerns from all walks of life, and the resolution of the local government debt problem has become the key to the "deleveraging" of the Chinese economy. At present, the difficulty of "deleveraging" lies in the inseparation of finance and finance, which leads to the low return of financial investment projects, the high cost of local government financing and the "rigid payment" of financial products at the same time, which constitutes a "worst combination", and also brings a series of problems, such as the rapid development of shadow banking, the financing difficulties of private enterprises and the uncertainty of debt ownership of local financing platforms. From the perspective of the separation of finance and finance, the focus of "deleveraging" of China's economy in the future is to promote the marketization transformation of local financing platforms, relax the restrictions on the scale of local government bond financing and promote the market-oriented pricing of bond issuance, and strengthen the coordination between financial regulatory and financial departments. Through deleveraging, the optimization of resource allocation efficiency of financial system is finally realized.
【作者單位】： 上海對外經貿大學金融學院;上海交通大學安泰經濟與管理學院;
【基金】：國家社會科學基金重大項目“推動我國經濟持續(xù)健康發(fā)展的基本要求、根本途徑和政策選擇研究”(13&ZD015) “上海高校青年教師培養(yǎng)資助計劃” 上海交通大學中國發(fā)展研究院 復旦大學當代中國經濟與社會工作室成果
【分類號】：F124;F812;F832
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