摘要
地方政府财权与事权不匹配的情况下,地方政府融资是地方经济建设的必然需求。本文从地方政府融资的两大主体出发——地方政府和曾经承担地方政府融资职能的城投平台,以融资渠道的合法合规性为主线,根据政府融资模式演进的关键时点,分为三大阶段并对各阶段内地方政府的主要融资模式进行分析,在各阶段宏观经济背景下探讨地方政府融资模式的演进过程。在此基础上,本文进一步探讨地方政府债务扩张机制,发现债务扩张过程中,地方政府融资需求由投资性需求为主转化为偿债性需求为主,并进一步推动债务规模扩张。最后,本文认为地方政府债务问题的根本原因是地方政府财政事权与财权不匹配,应进一步推动财政制度改革、明确地方官员权责、加强建设与规范地方政府信息披露机制。
As the the fiscal earning is not match with the investment needs,the local government has demand to finance so as to increase economics.This paper divides the evolution process into three phased and analyses the evolution of financing pattern,based on the two bodies-the local government and the company which has assumed the financing function of the local government.What’s more,this paper finds that Chinese local government’s financing needs transform from investment demand to solvency demand so that promotes the expansion of debt scale.Finally,the paper supposes that the main reason why the local government’s debt scale became larger and larger is that the government fiscal power and investment demand is not match.The government must promote fiscal system reform,clarify the power and responsibilities of officials and strengthen supervision of local government information disclosure.
作者
程昊
叶宁
Cheng Hao;Ye Ning(Essence Securities Co.,Ltd.;Central University of Finance and Economics)
出处
《金融发展评论》
2019年第12期121-135,共15页
Financial Development Review
关键词
地方政府
融资模式演进
债务扩张
Local Government
the Evolution of Financing Pattern
the Expansion of Debt Scale
