关于“地方政府融资平台债务”的冷思考

Rational Thinking of the Debt of Local Government Financing Vehicle(LGFV)

2009年10月以后,有关地方政府融资平台债务的论题充斥于学界和媒体,但其中有着太多的不清之处。"地方政府融资平台"不是一个科学范畴,从各项文件的界定看,它在内容和范围上并不一致;对地方政府融资平台的作用认识存在严重分歧;在全国各地方并不存在一家挂着"地方政府融资平台"的机构。地方政府融资平台"债务风险"的种种依据并不可靠,其中,债务风险、对银行贷款风险的评估并不确实,对偿还贷款的估算缺乏财务常识,债务特性不清;"土地财政"是个错误用语,地方政府担保含义不清。要真正解决各地方政府拓展城镇化建设资金不足的问题,需要从改革财政体制入手,处理好相关关系。

Since October 2009, there are so many arguments of LGFV in China＇s academia and media, which are not clarified. LGFV is not a scientifically defined concept, and its contents and scopes are different according to different government documents. There are many significant divergences on the roles and functions of LGFV. Actually, not one Chinese organization named ＂ LGFV＂. Concerning ＂debt risk＂ of LGFV, existing evidences sound unreliable. For example, the assessment of the risk of bank loans is not true/certain, the estimation of the repayment of the loan lacks of financial common sense, while ＂Land Finance＂ is an wrong term. Moreover, the nature of LGFV debt and its local government guarantee are ambiguous. To address the lack of funds of local government for urbanization, reform of financial system and relevant issues should be emphasized