地方政府融资平台债务重构及其风险缓释

Debt Restructuring of Local Government Financing Platforms and Its Risk Mitigation

融资平台兼具企业和准主权的双重或有属性,融资平台债务被视为地方政府的或有、隐性和有限承诺债务。基于融资平台的上述特点和相关文献分布状况,本文对地方政府债务成因及其治理对策、主权债务可持续性及其潜在风险、主权债务违约机制及其潜在影响、主权有关债务的重构策略及其管理激励等进行了综述,它们是分析和推演融资平台债务问题的理论基础。基于融资平台债务问题根植的体制背景等,本文提出了融资平台债务重构及其风险缓释的理论分析框架,其主要包括四大维度:融资平台的融资模式及其演变规律、融资平台的潜在风险及其扩散机制、融资平台债务重构及其风险缓释之策、融资平台债务的政策应对及其制度设计,且每个维度内嵌了诸多有待思考和探索的具体问题。对诸此问题之探索不仅有理论前瞻性,亦有现实紧迫性,其对缓释与化解融资平台债务风险有重要的指导意义。

Local government financing platforms （LGFPs） have the common attributes of enterprise and quasi- sovereignty. LGFPs debts are the contingent, implicit and limited commitment debts of local governments. Based on the above characteristics of LGPFs and related literature distribution, the paper reviews the causes and countermeasures of local government debts, the sustainability and potential risks, debt default mechanism, debt restructuring strategies and management incentives of sovereign-related debts, which lay the theoretical basis to analyze LGPFs＇ debt problems. The paper also puts forward a theoretical analysis framework for LGPFs debt restructuring and risk mitigation, which mainly includes the following four dimensions： financing modes and evolution laws, risk diffusion or transmission mechanisms, debt restructuring strategies, and policy responses and institutional designs. There are some specific questions to be considered and explored in each dimension. The exploration of these problems has theoretical foresightedness and realistic urgency, and also has implications for the risk mitigation and crisis resolution of LGPFs debts.