治理系统性金融风险的财政政策研究

Public Finance Policy Study to Govern Systemic Finance Risk

系统性金融风险已经成为影响中国宏观经济稳定运行的重大风险,也是党的十九大确定的三大攻坚战的重要对象,2018年中央经济工作会议明确指出,"打好防范化解重大风险攻坚战,重点是防控金融风险"。当前,我国的系统性金融风险主要表现为高杠杆风险、地方政府债务风险、资产泡沫风险和社会保险体系的可持续风险。这些金融风险既相互独立,各自都形成了较大的风险隐患;又相互叠加,并逐步从点状强化成了互动式的网状。这种风险体系使得风险的应对更加缺乏有效的目标和针对性的手段。我们从财政政策的作用机理和手段体系出发,以风险运行规律、表现特征和敏感指标作为切入点,通过构建系统性的财政政策防控和应对框架,有效控制金融风险的演化,并与货币金融政策协力,采用PPP等新型手段和模式,有效化解重大系统性风险的压力和冲击。

Systematic finance risk has been an important risk affecting China macro-economic stability, and is also one of the three tough assignments determined by the 19th General Meeting of China Communist Party. The Central Economic Work Conference in 2018 determines that "it's a tough assignment to prevent and reduce major risks, it's a core assignment to prevent finance risk". Now China's systematic finance risk have such phenomena as high-leverage, local government debt risk, asset bubble price, the sustainability of social pension system. These financial risks are independent and are individually risky, also they are related, and gradually evolving from individual points to related network. This kind of risk system makes risk counter more difficult to find its goals and responsive means. Based on public finance mechanism and means, the article analyzed risk operation, characters, and sensitive measures, sets up systematic finance prevention and react framework to effectively control the evolvement of finance risk, coordinate with monetary finance policy and try to reduce the systematic risk pressure and attack by PPP and other new means and models.