城投公司非标债务风险防范化解问题研究

Research on Risk Prevention and Resolution of Urban Investment Companies’Non-Standard Debts

近年来,受疫情和经济下行等因素影响,我国地方政府债务风险管控压力不断加大。城投公司作为地方政府事权的主要实施主体,其债务安全性直接关系到地方经济金融的稳定发展。本文对我国城投公司非标债务的总体规模、结构特征、化债实践进行梳理,系统总结当前城投公司非标债务存在的主要问题,提出风险防范化解的政策建议。总体来看,防范化解城投公司非标债务风险是一项需要标本兼治的系统性工程,既要立足当前,综合运用政府特殊再融资债券、金融机构风险资产处置、平台公司债务结构化置换等化债工具,妥善化解当前部分风险暴露的存量非标债务,又要着眼长远,围绕地方政府、监管机构、城投公司、金融机构等不同角度,统筹各方资源、加强政策协同,从根本上科学应对和防范化解城投公司非标债务风险,维护地方金融稳定,助力地方经济平稳可持续发展。

In recent years,affected by factors including Covid-19 pandemic and economic slowdown,China has been facing increasing difficulty in local government debt risk management.As the main executive body of local government authority,the debt security of urban investment companies is directly related to the stable development of local economy and finance.This paper provides a general overview of the overall scale,structural characteristics as well as risk prevention and resolution practices of urban investment companies’non-standard debts.After systematically summarizing the main problems existing in urban investment companies’non-standard debts,it also proposes policy recommendations for risk prevention and resolution of urban investment companies’non-standard debts.All in all,risk prevention and resolution of urban investment companies’non-standard debts is a systematic project requiring both temporary and long-term solutions.In the short run,it is necessary to properly reduce the existing non-standard debts with risk exposure using special refinancing bonds,risk asset disposal of financial institutions and structured debt replacement of urban investment companies.In the long run,it is essential to integrate resources and strengthen policy coordination among local governments,financial regulatory agencies,urban investment companies and financial institutions in order to fundamentally prevent and defuse the non-standard debt risks of urban investment companies,maintain local financial stability and promote the stable and sustainable development of local economy.