商业银行经营地方财政风险的机制及对财政治理框架的影响

Mechanism of Commercial Banks Engagement in Local Fiscal Risk and Its Impact on Fiscal Governance Framework

在地方政府财政活动边缘不断扩张、财政活动内涵逐渐金融化的背景下,商业银行主动经营地方财政风险形成了该风险的新型扩散机制,从而对现行财政风险管理框架提出严峻挑战。鉴于此,文章试图从商业银行视角,深度剖析商业银行主动经营地方财政风险的深层原因,并在地方政府跨期预算约束及债务可持续性的研究基础上着重分析了现行地方财政风险通过商业银行扩散的新机制和风险形态。由此揭示出要有效管理地方财政风险,有必要调整现行地方财政风险管理框架,以适应新常态下地方政府债务风险管理的新环境。

In the context of the rapid expansion of fiscal activities of local governments and the gradual financialization of con-notation of fiscal governance,the commercial banks take the initiative to operate the local financial risks to form a new diffu-sion mechanism of the risks,might be posing a serious challenge to the current fiscal risk management framework. In view ofthis,this paper attempts to analyze the deep reasons why commercial banks take the initiative to run local financial risks fromthe perspective of commercial banks,and analyzes the new mechanism and appearance of fiscal conveying by commercialbanks based on the study of intertemporal budget constraint and debt sustainability. Therefore,it is necessary to adjust the ex-isting local financial risk management framework to adapt to the new environment of local government debt risk managementunder the new normal state in order to effectively manage the local financial risks.