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论文编号：	3661
作者编号：	2120092731
上传时间：	2011/11/18 1:01:07
中文题目：	我国地方政府融资平台问题研究
英文题目：	Study On Local Government Financing Platform In China
指导老师：	齐寅峰
中文关键字：	地方政府；融资平台；问题；城投资产交易所
英文关键字：	local government; financing platform;problem; city investment property exchange
中文摘要：	为应对国际金融危机对我国经济的冲击，2008年以来，我国实施积极地财政政策和宽松的货币政策，并出台4万亿元的经济刺激计划，意在通过拉动内需来刺激国内经济。在国家宏观经济调控的政策推动下，地方政府加大了基础设施的投资力度，这使得地方政府的建设资金十分紧张。为筹措必要的项目建设配套资金，大量地方政府融资平台出现，地方债务规模承井喷式发展。从历史的发展来看，地方政府融资平台在应对我国国际金融危机方面起到了积极地稳定作用。但在其高速发展过程中，地方政府融资平台在组建及运作中隐藏了部分风险。 2009年底迪拜危机的爆发，近期欧盟各国的债务危机，以及美国的长期国债评级下调危机，都对我国地方政府过度依靠投融资平台大举借债敲响了警钟。我国央行的调研结果显示，地方政府融资平台的平均资产负债率已达到将近60%，平均资产利润率不到1.3%。而根据财政部的估算，目前我国地方投融资平台负债约8万亿元，约相当于GDP的16.5%、财政收入的80.2%。如此大规模地方债务风险的成因，是因为地方政府融资平台在组织与运营中存在不少问题，地方政府过度投资、政府意识过度控制、融资过程中过度依赖土地、融资渠道单一等问题困扰着地方政府融资平台的发展。本文从国家干预经济学、项目区分理论及投融资基本理论入手，在理论基础上，对我国地方政府融资平台的产生、发展及现状进行分析，并结合对案例的研究，将我国地方政府融资平台中普遍存在的问题暴露出来，针对问题所在，提出对地方政府行为的约束，控制单一依靠土地扩大融资的模式，并提出建立城投资产交易所这一创新型机构，来约束与控制地方政府对公益性及准公益性项目的融资规模，为未来发行地方债券或其他依托地方政府信用的金融产品，提供了具有参考价值的交易方式。
英文摘要：	In order to cope with the international financial crisis on Chinese economic impact, since 2008, our country implemented the proactive fiscal policy and monetary policy, and introduced 4 trillion yuan economic stimulus plan, intended by stimulating domestic demand to stimulate the domestic economy. In the country macroscopical economy adjusting control policy, the local government has increased investment in infrastructure, which makes the construction of local government financing is very tight. In order to raise the necessary project construction funds, a lot of local government financing platform appear, local debt pile of development scale blowout. From a historical perspective of the development, financing platform of local government in our country to deal with the international financial crisis has played a positive role to stability. But in the process of rapid development, financing platform of local government in the construction and operation of hidden risks. These risks are mainly concentrated in the local government is excessive investment, excessive dependence on land in the process of financing, financing channel is single. In this paper, on the basis of theory, to analysis our country local government financing platform for the generation, development and the status quo. Through the real case, our country local government financing platforms common problems have exposed. Aiming at these problems, put forward to local government behavior constraint, control single rely on land to expand financing mode, and proposes to establish the city investment property exchange which innovative mechanism, to restrain and control of local government to the public welfare and commonweal project financing scale, for the future of issuing local bonds or other depend on the local government credit financial products, to provide a reference value with the transaction.
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