摘要
本文通过对地方政府融资平台债务现状的分析,对当前中国地方政府公共资本融资模式面临的问题与挑战进行了探讨。当前因地方融资平台债务激增导致的地方政府债务风险所反映的不只是中央与地方财政分权不当的问题,还深刻地反映了现有的公共资本投融资体制存在的缺陷。为了加快推进地方政府金融管理体制改革,构建地方政府公共资本投资的可持续融资模式,现阶段需要一种综合性的解决方案:一是彻底改变当前以地方政府融资平台为主体、以土地储备作为抵押支持、以银行信贷作为主要资金来源的地方政府融资模式,构建以市政债券市场为基础的多元化的地方政府公共资本融资模式,促进地方债务的显性化和透明化;二是促进地方政府职能的根本性转变,围绕公共财政建设和服务型政府建设的体制改革目标,推进各级地方政府财政预算及其执行情况的透明化,从而强化对公共基础设施建设的长期投资计划及其资本预算约束。
Based on analyses on the usage and sources of the loans of local government-backed financing vehicles, this paper discusses the challenges of public capital financing that local governments in China face. Recently rapid increase of the loans of local government-backed financing vehicles could induce serious risk to local governments’ fiscal stability. The authors argue that the traditional thoughts focusing on inappropriate fiscal decentralization might not bring to light the core problems concerning local government-backed financing vehicles. This paper suggests that the problems indeed reflect the deficiencies of the public capital financing and investment system of local governments in China. Currently, a comprehensive solution is needed in order to establish a sustainable public capital financing system. The authors insist that a public capital financing system based on municipal bonds would be more efficient. Meanwhile, a rigorous public capital budget constraint would be indispensable to maintain local governments’ fiscal sustainability.
出处
《金融评论》
2011年第3期1-18,123,共18页
Chinese Review of Financial Studies
关键词
地方政府
政府债务
融资平台
公共资本
资本预算
Local Government
Governmental Debt
Government-backed Financing Vehicles
