中国基础设施融资结构、投资效率与财政金融风险

The Financing Structure,Investment Efficiency and Financial Risks of China's Infrastructure Investment

基础设施是经济社会发展的重要支撑,构建现代化基础设施体系是全面建设社会主义现代化国家的坚实基础。在“十四五”及未来的很长时期,基础设施投融资仍将是我国需要持续关注的核心现实问题,融资结构、投资效率与财政金融风险则是把握中国基础设施投融资问题的三大关键抓手。本文在系统性梳理中国基础设施融资模式演变与融资结构现状、从多维度分析中国基础设施投资效率的基础上,对中国基础设施融资结构、投资效率与地方财政金融风险的内在关联性进行深入探究,揭示了投资效率是基础设施债务融资引致财政金融风险形成的关键因素。最后,本文结合研究结果与具体问题,从优化融资结构、提高投资效率、防范化解财政金融风险三个方面为中国基础设施投融资创新发展提出政策建议。

Infrastructure is an important pillar of economic and social development.Building a modern infrastructure system is the solid foundation for building a modern socialist country in all respects.In the 14th Five-Year period and a long time for the future,infrastructure investment and financing will still be a core practical problem that needs sustained attention,and financing structure,investment efficiency and financial risks are the three key points to grasp the problem of infrastructure investment and financing in China.Based on the systematic review of the evolution of China's infrastructure financing modes and the current situation of the financing structure,and the analysis and measurement of China's infrastructure investment efficiency from a multi-dimensional perspective,this paper conducts an in-depth investigation into the intrinsic correlation between China's infrastructure financing structure,investment efficiency,and local financial risks,emphasizing the key role of investment efficiency between infrastructure debt financing and financial risks.Finally,based on the research results and specific problems,this paper puts forward policy suggestions for the innovative development of China's infrastructure investment and financing from three aspects:optimizing the financing structure,improving the investment efficiency,and preventing and resolving financial risks.