基于融资平台公司的地方政府隐性债务变动趋势分析

Local Government Implicit Liability Trend Analysis Based on Data from Financing Platform Corporation

地方平台公司债务融资曾是地方政府传统融资渠道之一,新《预算法》颁布实施后,新的监管政策下地方融资平台公司债务虽不会被纳入地方政府新增债务范围,但融资平台与地方政府的隐性债务关系却始终存在。本文选取若干家融资平台公司作为研究样本,分析了2011年以来这些平台公司的财务数据,梳理了样本平台公司债务变动对地方政府隐性债务的影响。本文提出以系统思维统筹考量融资平台债务监管,在债务认定上坚持划清平台债务与政府债务的边界,在债务监管上应跳出融资平台公司债务只是"存量债务"的逻辑,关注平台新增债务对地方政府债务风险的影响,筑牢防范地方政府债务风险的制度体系。

Debt financing by local platform corpor ation is a traditional financing method of local government.Since the circulation of new budget law, under new supervision policy, the debt of local financing platform will not be part of increment debt of local government, the implicit debt relationship between the local government and the financing platform still exists. The thesis takes quite a few financing platform corporations as research objects, analyzes their financial data since 2011, sorts out the effect from financing platform debt change on local government implicit liability. The thesis recommends a new liability supervision of financing platform under systematic mechanism, clarifies the difference between platform debt and local government debt and their territory. It should be important that beyond the logic that platform debt is only a stock and not a current one, highlight the risk from increment debt of platform corporation, builds up a sound system to prevent local government debt risk.