本文關(guān)鍵詞：中國(guó)城市投資債券的風(fēng)險(xiǎn)與對(duì)策研究　出處：《吉林大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：我國(guó)自從1994年實(shí)施分稅制改革以來(lái)，確立了“一級(jí)政府，一級(jí)事權(quán)”的財(cái)政體系，導(dǎo)致中央和地方在財(cái)權(quán)和事權(quán)的分配不對(duì)等，中央財(cái)政收入得到了提高，而地方財(cái)政收入?yún)s不斷下降，加之國(guó)內(nèi)轉(zhuǎn)移支付制度的不完善、城市的高速增長(zhǎng)，地方政府的資金缺口不斷增大。而我國(guó)城鎮(zhèn)化的速度加快，對(duì)城市基礎(chǔ)設(shè)施建設(shè)的需求越加迫切，各級(jí)地方政府大膽創(chuàng)新，借助城投公司在市場(chǎng)上進(jìn)行融資，城投債就此應(yīng)運(yùn)而生。 近年來(lái)，地方融資平臺(tái)所發(fā)行的城市投資債券規(guī)模也呈現(xiàn)爆發(fā)性增長(zhǎng)，無(wú)論從城市投資債券發(fā)行的個(gè)數(shù)、金額和存量上看，都有一個(gè)較大幅度的增長(zhǎng)，主要由于2008年，中央政府為抵制金融危機(jī)的影響所出臺(tái)的4萬(wàn)億投資計(jì)劃，這4萬(wàn)億主要投向基礎(chǔ)設(shè)施建設(shè)，各地政府為了提升政績(jī)，很多未經(jīng)核準(zhǔn)的項(xiàng)目也爭(zhēng)先上馬，這也帶動(dòng)了全國(guó)范圍內(nèi)近20萬(wàn)億的投資。這筆巨大的投資，中央政府的出資只占其中的一小部分，可地方政府財(cái)政能力有限，都想到各種辦法進(jìn)行融資，主要有三種方式：一是搞土地財(cái)政，出讓土地使用權(quán)獲得資金；二是從銀行貸款，借入資金；三是成立地方政府融資平臺(tái)，發(fā)行城投債。可國(guó)家出臺(tái)了一系列政策控制房?jī)r(jià)，以抑制房地產(chǎn)的快速增長(zhǎng)，各大房產(chǎn)公司也開(kāi)始減緩新建速度，土地價(jià)格也隨之下降，多地方政府反復(fù)抵押土地獲得資金的做法難以為繼。而銀行對(duì)政府的貸款也趨于謹(jǐn)慎，導(dǎo)致城投債倍受青睞，發(fā)行規(guī)模呈爆發(fā)性增長(zhǎng)，其信用風(fēng)險(xiǎn)也與日俱增。 本文通過(guò)城投公司自身和地方政府兩個(gè)方面進(jìn)行分析，由于城投公司屬性，有獨(dú)立法人，但是跟地方政府關(guān)系密切，償債資金來(lái)源也多為地方政府財(cái)政補(bǔ)助，所以從這兩個(gè)方面加以分析，能夠更加清楚的看到城投債的風(fēng)險(xiǎn)，得出以下幾點(diǎn)結(jié)論：城投債發(fā)行主體下移、債務(wù)規(guī)模增速過(guò)快、借新還舊的現(xiàn)象頻發(fā)、盈利能力弱、地方政府財(cái)政收支風(fēng)險(xiǎn)大、地方債規(guī)模大易造成系統(tǒng)性風(fēng)險(xiǎn)。 在風(fēng)險(xiǎn)的防范方面，要完善相關(guān)法律法規(guī)，并建議出臺(tái)《地方公債法》，讓城投債有法可依，法律健全的情況下，城投債才能良性發(fā)展；要建立健全的信用評(píng)級(jí)制度，樹(shù)立評(píng)級(jí)機(jī)構(gòu)的公信力，結(jié)合國(guó)際評(píng)級(jí)機(jī)構(gòu)科學(xué)的評(píng)級(jí)方法和我國(guó)城投債獨(dú)有的元素，，建立符合我國(guó)國(guó)情的城投債信用評(píng)級(jí)體系，客觀公正的對(duì)城投債進(jìn)行信用評(píng)級(jí)，減少信息不對(duì)稱，增加市場(chǎng)效率；要完善分稅制改革，增加地方政府收入，加強(qiáng)其償債的能力，從而減少對(duì)土地財(cái)政的依賴；加強(qiáng)信息披露，增加地方財(cái)政透明度，通過(guò)社會(huì)公眾監(jiān)測(cè)，樹(shù)立地方政府公信力的同時(shí)，也能減少城投債的隱性風(fēng)險(xiǎn)；要改變地方政府官員肆意發(fā)債的現(xiàn)象，實(shí)施連帶責(zé)任制，誰(shuí)舉債誰(shuí)償債制，徹底制止這種盲目的行為。
[Abstract]:Since the implementation of the tax sharing reform in 1994, China has established the financial system of "the first level of government, the first level of power", which leads to the unequal distribution between the central and local governments in the financial and administrative powers. The central fiscal revenue has been improved, while the local fiscal revenue has been declining, coupled with the imperfect domestic transfer payment system, the rapid growth of the city. The funding gap of local governments is increasing. However, the speed of urbanization in China is accelerating, and the demand for urban infrastructure construction is becoming more and more urgent. Local governments at all levels have boldly innovated and made use of the City Investment Corporation to raise funds in the market. City investment debt came into being at the historic moment. In recent years, the scale of urban investment bonds issued by local financing platforms has also shown explosive growth, no matter from the number, amount and stock of urban investment bonds issued, there is a large increase. In 2008, the central government launched a 4 tillion investment plan to resist the impact of the financial crisis, which was mainly invested in infrastructure construction and local governments to improve their performance. Many unapproved projects are rushing in, spurring nearly $20 tillion of investment across the country. Central government funding accounts for only a fraction of this huge investment. But the local government has limited financial capacity, all think of a variety of ways to finance, there are mainly three ways: first, land finance, transfer land use rights to obtain funds; Second, borrowing funds from banks; Third, the establishment of local government financing platform to issue debt. But the state has introduced a series of policies to control house prices to curb the rapid growth of real estate, the major real estate companies are also starting to slow down the pace of new construction. Land prices also fell, many local governments repeatedly mortgage land access to finance practices are difficult to sustain. And banks tend to be cautious about government loans, resulting in city debt is favored, the size of the issuance of explosive growth. Its credit risk also increases day by day. This article through the city investment company itself and the local government two aspects carries on the analysis, because of the city investment company attribute, has the independent legal person, but has the close relation with the local government, the debt repayment fund source also mostly is the local government financial subsidy. So from these two aspects of analysis, can more clearly see the risk of city investment debt, draw the following conclusions: city investment debt issuance subject down, debt growth rate is too fast, borrow the old phenomenon frequently. The profitability is weak, the local government fiscal revenue and expenditure risk is large, the local debt scale is easy to cause systemic risk. In the aspect of risk prevention, we should perfect the relevant laws and regulations, and suggest the introduction of "Local Public debt Law", so that the city investment debt has laws to abide by, and only when the law is sound, can the city investment debt develop healthily. It is necessary to establish a sound credit rating system, establish the credibility of rating agencies, combined with the international rating agencies scientific rating methods and the unique elements of China's city investment debt, to establish a credit rating system in accordance with the national conditions of our country. Objectively and fairly to the city investment debt credit rating, reduces the information asymmetry, increases the market efficiency; It is necessary to improve the reform of the tax distribution system, increase the revenue of local governments, and strengthen their ability to repay debt, so as to reduce the dependence on land finance; Strengthen the information disclosure, increase the transparency of the local finance, establish the credibility of the local government through the public monitoring, but also reduce the hidden risk of the city investment debt; It is necessary to change the phenomenon of wanton issuance of bonds by local government officials, to implement joint and several responsibility systems, and to put an end to such blind behavior.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F299.24

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