基于商业银行视角的中国地方政府债务问题研究——以青岛市为例

Research on China’s local government debt from the perspective of commercial banks——taking Qingdao city as an example

地方政府债务可分为政府负有偿还责任的债务、政府负有担保责任的债务和政府可能承担一定救助责任的债务。我国地方政府债务根本成因是分税制后,中央和地方政府财权和事权“缺口”,省、市、区间的竞争与官员考核制度也促使地方政府债务规模加大。我国地方政府债务显性规模不大,但根据相关研究和信贷实践看,地方政府隐性债务规模较大。目前地方政府融资方式以发行政府债券、PPP项目和政府购买服务为主。地方政府债务总体规模大、与地方财务不匹配,导致偿债风险;部分地方政府隐性融资、违规融资规模大,存在信息不对称和业务合规风险。地方政府类融资对商业银行来说,整体信用风险较小,是商业银行信贷业务的重要组成部分。商业银行应提高合规意识,学习监管政策要点,规避合规风险,全面掌握辖区地方政府债务规模、投向与偿债风险等。地方政府应在熟悉掌握监管政策的前提下,采用合法、合规方式融资。

Local government debt can be divided into the government’s debts with repayment obligations,the government’s debts with guarantee liabilities and the government’s debts that may be responsible for certain bailouts.The fundamental cause of local government debt in China is the“gap”between the financial and administrative powers of the central and local governments after the tax-sharing system.The competition among provinces,cities,regions and official assessment systems also promote the increase in the scale of local government debt.The explicit scale of local government debt in China is small,but according to relevant research and credit practice,the implicit scale of local government debt is large.At present,the financing methods of local government mainly rely on the issuance of government bonds,PPP projects and government purchase services.The overall scale of local government debt is large and does not match local finance,thus leading to debt repayment risks.Some local governments have large scale of hidden financing and illegal financing,and there are risks of information asymmetry and business compliance.Local government financing has a small overall credit risk for commercial banks.For commercial banks,the overall credit risk of local government financing is small,and it is an important part of the credit business of commercial banks.Commercial banks should enhance compliance awareness,learn the key points of regulatory policies and avoid compliance risks,master the scale,investment and repayment risk of local government debt comprehensively.Local governments should adopt legal and compliant financing methods on the premise of being familiar with regulatory policies.