摘要
2014年国发43号文和《新预算法》确立了地方政府投融资新体系,经过几年的实践,确实为促进地方政府投融资、推动地方经济发展发挥了一定作用。但是,这一体系的顶层设计方面仍然存在一定缺陷,一些理想化的设想忽视了中国经济发展的客观规律和阶段性要求,监督和管理成本较高,而实际的效果却不好,导致地方政府隐性债务风险急剧膨胀。地方政府投融资模式需要系统设计,要处理好激励与约束的关系,顶层设计与底层设计的关系,新与旧的关系。继续发挥好融资平台的主体作用,整合与规范地方融资平台公司。探索可持续的公共资源生财道路,实现土地财政向股权财政的转变。创新债权和股权融资工具,探索地方政府股权投资方式。实现项目综合开发和持久运营,推动由“开发方式”向“经营模式”转变。从源头加强债务监管,增强地方政府的危机意识。
The new system of local government investment and financing was established by National Development Document No.43 of the State Council in 2014 and the New Budget Law,and after several years of practice,it has indeed played a certain role in promoting local government investment and financing and promoting local economic development.Howev⁃er,there are still some defects in the top-level design of this system,some idealized visions ignore the objective laws and stage requirements of China’s economic development,and the cost of supervision and management is high,while the actual effect is not good,leading to the sharp expansion of the hid⁃den debt risk of local governments.Local government investment and financing modes need to be systemati⁃cally designed to deal with the relationship between incentives and constraints,the relationship between top-level and bottom-level design,and the rela⁃tionship between the new and the old.Continue to play the main role of financing platforms,integrate and standardize local financing platform companies.Explore the sustainable road of generating wealth from public resources and realize the transformation of land finance to equity finance.Innovate debt and equity financing tools and explore local government equity investment methods.Realize comprehensive development and sustainable operation of projects,and promote the transformation from‘development mode’to‘operation mode’.Strengthen debt su⁃pervision at the source and enhance local govern⁃ments’crisis awareness.
作者
刘立峰
曹开琛
冯程程
By Liu Lifeng;Cao Kaichen;Feng Chengcheng
出处
《宏观经济研究》
北大核心
2023年第12期4-11,共8页
Macroeconomics
关键词
地方政府
投融资模式
融资平台
调整优化
Local government
Investment and financing mode
Financing platform
Adjust⁃ment and optimization
