投融资平台公司信用风险与地方政府信用失序——以法律为视角

Credit Risk of Companies on Investment and Financing Platforms and the Disorder of Local Government Credit

法律冲突与制度扭曲环境下的投融资平台公司,从诞生之日起即具有结构性信用风险,而平台公司的信用风险与地方政府的信用具有相关性,其所具有的传导效应构成地方政府信用风险、宏观经济结构调整风险、土地政策调整风险、银行系统风险、财政风险这样一条具有多米诺骨牌效应的信用风险链并或将成为推手。加强地方政府的信用治理,从财政体制上、法律制度上规范地方政府信用秩序是防范平台公司信用风险的根本手段。

Companies on investment and financing platforms that are in the environment of law conflict and institutional distortion have a structural credit risk.The credit risk of companies on investment and financing platforms is related with the credit of local government.The credit risk chain,with Domino effect,consists of the company＇s credit risk,the credit risk of local government,the risk of adjusting macro-economy,the risk of adjusting land policy,the banking system risk and the financial risk.Therefore,strengthening local government＇s credit management and standardizing local government＇s credit from the aspect of financial system and legal system are the fundamental means of preventing the credit risk of companies on investment and financing platforms.