“土地财政”视角下的地方政府融资平台债务风险研究——以中部地区C市融资平台为例

An Analysis of Local Government Financing Platform Debt Risks Based on the "Land Finance" Perspective——Taking the Financing Platform of C City in the Middle Area of China as an Example

"土地财政"对于地方政府融资平台债务运作来说就像一把"双刃剑",在房地产市场火爆发展时期,"土地财政"成为地方政府融资平台债务迅速膨胀的"催化剂",而一旦房地产市场出现拐点迅速降温,"土地财政"又成为地方政府融资平台债务风险爆发的"导火线"。要化解地方政府融资平台债务风险,应以改革"土地财政"为契机,一方面,通过构建稳定的地方财政收入机制,减少融资平台对于"土地财政"的依赖,降低融资平台债务运行的不可持续性;另一方面,通过加强融资平台债务监管,创新融资平台市场化融资方式,提高融资平台自身的借债和偿债能力,确保融资平台债务能按期偿还。

＂Land finance＂ is a ＂double-edged sword＂ for the operation of local government financing plat- form debt. When the real estate market is hot, ＂land finance＂ becomes the ＂catalyst＂ for the rapid expan- sion of local government financing platform debt. But once the bubble of real estate market began to burst, ＂land finance＂ will become the ＂fuse＂ for the outbreak of the local government financing platform debt risks. To prevent the local government financing platform debt risks, the reform of the ＂land finance＂ should catch the opportunity, on the one hand, reducing the dependence of the financing platform on ＂land finance＂ and lowering the unsustainable of the financing platform debt by building a stable local revenue system; on the other hand, improving the debt-service ability of the financing platform to ensure that the debt can be repay by strengthening the regulatory for financing platform debt and creative the market-ori- ented financing of the financing platform. ＂