我国城镇化推进过程中地方政府投融资平台风险和治理分析

Risk and Management Analysis of Local Government Investment and Financing Platform in China's Urbanization Process

近年来,我国城镇化发展速度不断加快,城市发展水平不断提高,随之而来的是地方政府在城市基础建设方面产生了大量的资金需求。投融资平台作为地方政府进行投融资运作的新型实体,在此过程中得到了迅速发展,平台数量和债务水平持续增长。然而,地方政府投融资平台在管理和运作过程中存在着公司治理结构不规范、债务结构不清、负债率过高等问题,这给我国地方经济发展、金融市场乃至宏观经济都带来了不可忽视的风险。治理地方政府投融资平台问题可以从提高债务能力、市场化经营、宏观调控和财税体制改革多方面入手。

Recent years,China had rapid growth in urbanization and city development. In such circumstance,urban construction investment and financing needs growing constantly. As an important financing entity for local government,investment and financing platforms grew rapidly,both in quantity and debt amount. But,there are many problems in the operation of local government investment and financing platform,such as poor corporate governance structure and debt structure,high debt ratio etc. It brings much risks and impacts to local economic development,financial market and even macro-economy. Therefore,to improve governance level of the local government investment and financing platform,the government should try the ways like improving solvency,market-oriented operation,macroeconomic control and tax system reform.