中国地方政府融资平台的分类转型研究

Strategic Research on the Categorized Transformation of Chinese Local Government Financing Platforms

推进地方政府融资平台转型是化解地方政府债务风险的关键举措。考虑到中国地方政府债务的发展现状以及潜在风险,尤其是融资平台的隐性债务风险最突出这一情况,文章梳理中国地方政府隐性债务规模的估算结果;在此基础上,从融资平台偿债压力、债务风险、运作模式等角度探讨融资平台转型对缓解地方政府债务的必要性。文章最后提出五种融资平台分类转型方案,包括清产核算并注销、将平台架构整合为国有企业、实现公共服务型国有企业转型、成为授予特许经营权的国有企业、整合优质资产上市重组。这些方案旨在为地方政府融资平台的转型发展提供一定的政策指导。

Promoting the transformation of local government financing platforms is a crucial measure to mitigate the risk of local government debt.Considering the current development status and potential risks of local government debt in China,particularly the significant implicit debt risk associated with financing platforms,this article summarizes the estimated scale of implicit local government debt in China.Based on this analysis,the article explores the necessity of transforming financing platforms to alleviate local government debt from the perspectives of debt repayment pressure,debt risk,and operational mode.Finally,the article proposes five transformation plans:clearing assets and accounting for cancellation,integrating platform architecture into state-owned enterprises,transitioning to public service-oriented state-owned enterprises,granting franchise rights to state-owned enterprises,and integrating high-quality assets for listing and restructuring.These plans aim to provide policy guidance for the future transformation and development of local government financing platforms.