转型视域下的融资平台风险治理:政策评估与战略取向

Risk Governance of Financing Platform from the Perspective of Transformation: Policy Evaluation and Strategic Orientation

本文利用2011—2017年融资平台和发债国企微观财务数据,基于倾向得分匹配倍差方法,量化评估了《国务院关于加强地方政府性债务管理的意见》引领的战略转型对融资平台风险的治理效应。计量结果表明,战略转型缓解了融资平台的中长期偿债压力,改善了融资平台流动负债的偿付能力,但治理成效集中体现于转型政策发挥的减债而非增资效应。进一步中介效应检验表明,战略转型的风险治理贡献主要归因于一揽子减债政策中甄别剥离存量负债的直接减债政策,承诺取缔信用背书的间接减债效应有待伴随融资平台市场化转型逐步释放。本文研究为推进新时代融资平台风险治理,提供了资产核实、转型发展、风险控制等战略取向。

Based on the propensity score matching difference-in-differences method,this paper quantitatively evaluates the governance effect of the strategic transformation led by the Opinions of the State Council on Strengthening Local Government Debt Management on the risks of financing platforms using micro-level financial data of financing platforms and bond issuing state-owned enterprises from 2011 to 2017.The measurement results show that the strategic transformation alleviates the medium and long-term debt repayment pressure of the financing platform and improves the solvency of the current debt of the financing platform,but the governance effect is mainly concentrated on the effect of debt reduction rather than capital increase exerted by the transformation policy.The further intermediary test suggests that the risk governance contribution of strategic transformation is mainly attributed to the direct debt reduction policy of identifying and stripping stock debt in the package of debt reduction policies,while the indirect debt reduction effect of the pledge to ban credit endorsement is to be gradually released with the market-oriented transformation of financing platforms.This paper provides strategic orientations for advancing the risk governance of financing platforms in the new era in terms of asset verification,transformational development,and risk management.