新型城镇化进程中融资面临的挑战及其突破

The Challenge and Breakthrough of Financing in the Process of New Urbanization

通过对新型城镇化进程中资金需求和供给两个方面的分析,发现城镇化进程中包括基础设施建设与公共设施建设在内的城镇建设所需资金投入巨大,而这些设施建设事关城镇化能否实现实质性的推进;在资金供给方面,地方政府财政能力不足,地方金融机构对城镇化建设参与度较低及企业难以有效利用金融工具,这些原因使得城镇化建设资金不能有效匹配建设所需融资。要解决资金缺口大的问题并且提高资金融通效率,必须从财政、金融以及企业自主融资三方面作出努力:政府可以通过提高地方生产能力及加强税收监管提高财政收入,并对金融机构进行政策引导,健全城镇金融体系,提高金融平台参与度,提高企业自主融资能力。

This paper analyzed thecapital demand and supply in the process of new urbanization,and found that the capital investment for urban construction was huge,which included infrastructure construction and public construction,and related to the real and qualitative promotion of urbanization. In terms of capital supply,it found the reasons for the urbanization construction funds unable to effectively match the financing needed for construction,which included the local government’s insufficientfinancial capacity,the local financial institution’s low participation and the enterprise’s financial instruments usingineffectively. The research believed thatthe efforts needed to be made from three aspects of government finance,finance and enterprise self-financing,aiming to solvethe problem of large capital gap and financingefficiency. More concretely,it thought that the government should improve the financial revenue by improving local production capacity and strengthening tax supervision,guide the financial institutions with policies,improve the urban financial system and the participation of financial platform,and improve the ability of enterprise self-financing.