当前地方政府融资平台存在的问题及对策探讨

The Study on Problems and Measures of the Current Financing Platform of Local Government

20世纪90年代以来,地方政府融资平台的产生加快了城市化进程。2009年3月,为应对国际金融危机而支持地方融资平台加快发展,导致融资平台债务总量猛增。2010年6月,国务院要求对地方融资平台进行清理规范,加上2011年银根持续收紧,融资平台遭遇前所未有的困境,所有问题都暴露出来。如地方政府融资平台管理不够规范,地方财政负有较多债务连带责任,平台债务存在逾期风险,平台存在资金链断裂的风险,平台负债规模增长过快过猛等问题。这些问题的产生,既有地方政府本身的投资冲动而偿债机制并不完善的原因,也有融资平台公司体制和运作的原因,还有商业银行信贷审查不严的原因。在深入分析这些原因的基础上,提出改善平台公司的政策建议,一是地方政府要从根本上建立投资的理性控制机制,二是中央政府要调整分税制给地方政府更多的财权,三是规范平台公司自身的运行机制,四是商业银行对地方政府投资项目进行严格审查,五是社会公众对政府投资项目应加强监督。

Since the 1990s, financing platform of local government has accelerated the course of urbanization. In March, 2009, in order to cope with the international financial crisis, local financing platform developed dramatically which led to the enormous increase in debt. In June, 2010, the State Council asked local financing platform to rectify the order. Furthermore, this year banking continued to tighten credit controls. So financing platform is faced with unprecedented difficulties and all problems are exposed （e.g. the unstandardized management of local government financing platform, more joint liability on the local finance, overdue debt risk, the break risk of fund chain, rapid growth of platform debt scale and so on.）. The reasons of these problems are deficient payment mechanism which is caused by impulsive investment of local government, and system and function of financing platform corporations, and credit relief of commercial banks. In depth analysis of these reasons, the author proposed some recommendations to improve the platform companies. First, the local government should establish rational control of investment mechanism. Second, the central government should adjust the tax system and give the local government more authority. Third, the operation mechanism of platform companies should be standardized. Fourth, commercial banks should give strict examination on the local government investment projects. Fifth, the public should strengthen the supervision on government investment projects.