地方政府投融资平台转型改革面临的债务风险及防范

The Debt Risk and Prevention of theTransformation and Reform of Local Government Investment and Financing Platforms

地方政府投融资平台在促进地区经济发展、推动城镇化建设中扮演重要角色,但受制于规模庞大的债务和缺少持续偿还机制等因素,地方政府投融资平台的债务风险始终居高不下。“十四五”期间,地方投融资平台进入转型改革关键阶段,如何缓解或者规避“债务风险”成为重要议题。本文从地方政府投融资平台的缘起出发,分析其特点及未来发展趋势,在此基础上,探究转型中的地方政府投融资平台所存在的各种债务风险及背后成因,并从政府“输血”、平台“造血”、社会资本“活血”三方面提出具体防控路径,以期为地方投融资平台转型发展提供启发。

Local government investment and financing platform can play an important role in promoting re⁃gional economic development and urbanization.However,due to factors such as large-scale debt and lack of con⁃tinuous repayment mechanisms,the debt risk of platforms has always remained high.During the"14th Five-Year Plan"period,local investment and financing platforms enter a critical stage of transformation,and how to alleviate or avoid the stubborn disease of"debt risk"becomes an important issue.This article starts from the origin of local government investment and financing platforms,analyzes their characteristics and future development trends.On this basis,this article explores the various debt risks and underlying causes of the transformation of local govern⁃ment investment and financing platforms,and proposes specific prevention and control paths from the three as⁃pects of government"blood transfusion",platform"blood making",and social capital"blood activating",so as to provide inspiration for the transformation and development of local investment and financing platforms.