地方政府融资平台及其风险成因研究——基于财政机会主义的视角

Study on Local Government Invest-Finance Podium and Its Risk Causes

我国在财政体制上属行政集权下的财政联邦主义,在政绩合法性建设环境中,形成了强激励机制与软约束机制的制度安排,地方政府融资平台的建设和发展是这一制度安排下财政机会主义的产物;在国际金融危机背景下,中央政府的系列应对政策进一步加剧了原有制度安排的非均衡性,致使地方政府的财政机会主义泛滥,并在融资平台的建设上出现"井喷",融资平台风险凸现;因此,化解融资平台风险的根本性措施应是改善制度环境、扭转现有制度安排的非均衡性并进行优化。

In the current institutional environment,the fiscal Federalism under centralization and construction of political achievement legalization lead to strong excitation mechanism together with commitment mechanism.Under this institutional arrangement,invest-finance podium is a result of fiscal opportunism of local government.In the background of international financial crash,the responsive measures taken by the central government further aggravate the former imbalance of institutional arrangement.As a result,fiscal opportunism breaks out thoroughly and the risk from invest-finance podium rises.So the fundamental measure should be to change the imbalance of institution.