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论文编号：	9495
作者编号：	2120152886
上传时间：	2017/12/6 17:45:48
中文题目：	商业银行参与政府融资模式及其风险研究
英文题目：	Research on Commercial Banks'' Participation in Government Financing Model and Risk
指导老师：	秦家琦
中文关键字：	地方政府融资；地方政府投融资平台；商业银行；授信
英文关键字：	local government financing, local government financing platform, Commercial banks, Credit
中文摘要：	在我国高度中央集权的管理机制下，地方政府的权利受到了严格限制。特别是财权和事权的分离，地方政府逐渐成为我国融资体制的创新主体，随后地方政府投融资平台便应运而生并成为地方政府融资的重要主体。随着社会经济的进一步快速发展，地方政府融资已然轻车熟路，参与各方都尝到了甜头，特别是商业银行面对这种基于政府背景的期限较长、收益稳定的授信项目，当然乐此不疲地参与其中。随着地方政府债务的逐步积累，偿债来源与债务负担之间的关系逐渐失去平衡。中央对此高度重视，近年来通过新《预算法》等一系列政策法规来规范地方举债行为，防范地方债务风险。商业银行也注意到此类授信风险的累积必须及时管控，逐步收紧信贷敞口。 地方政府融资工具主要包括商业银行贷款、城投债、地方债、信托融资、股权投资基金、保险资金等。其中，商业银行贷款是总体表述，实际上合作的方式有很多种，包括BOT、TOT、PFI、PPP等。地方政府融资模式流程要点和环节各有不同，但是在很多方面不同模式之间共有着一般性风险，包括偿债风险、政治风险、经营风险、政策风险、金融风险与法律风险等；同时，不同模式又有着自己独特的风险，包括完工风险、移交风险与设计风险等。我国正式的地方政府融资实际发展了20余年，相对发达国家而言起步较晚，但近年来在宏观及微观领域有了长足的进步，逐渐摸索并初步形成了具有中国特色的地方政府投融资体系。同时，在国家政策、法律、执行、监督、考核等领域还有着一定的提升空间。对于商业银行来讲，在国家不断完善相关体制建设的基础上，应更好地充分参与其中，提升金融综合服务能力，在风险可控的前提下稳健发展，积极推动国家基础设施建设。一是必须强化基础风险管理。商业银行应加强客户营销条线和风险管理条线人员业务学习，深入了解地方政府和社会资本合作模式；多部门联动，制定相关营销授信政策，创新综合金融服务方案，通过提高自身的管理和协调能力，提升协作效率和综合收益水平。二是明晰授信风险偏好。商业银行应结合自身特点和实际从区域和投向维度制定准入门槛和分类标准，确定不同层次的授信偏好策略。三是严格审查审批工作。商业银行应关注操作流程中的每个节点和细节，正确科学解读监管政策，确保授信风险可控的同时，严格执行合规风险要求，落实监管导向。 本文通过理论与实际的结合，经过阅研大量的政府融资相关文献和资料，总结相关基本理论用以分析市场主要运行模式，在对不同模式进行横向比较，总结归纳模式特征与优劣，从而有针对性地提出具体建议。同时，通过整体分析与典型案例的结合，从商业银行多年来参与政府融资的特征进行整体介绍和分析，之后遴选市场普遍认可的参与模式下的典型案例进行进一步地深入分析，形成本文结论。 全文首先介绍了地方政府融资的内涵、外延以及国内外的发展历史，总结了经过多年的尝试和运行中的经验和教训，并归纳了我国地方政府融资所形成和面临的主要风险。之后，将目前国内经多方认可并形成共识的商业银行与地方政府融资合作模式进行逐一分析和阐述，并结合实际工作中的典型案例加以介绍。最后，在全文研究和分析的基础上，结合本人自身的工作经验，就商业银行参与地方政府融资提出政策制度、运行机制、合作模式、导向偏好和风险防范等方面提出建议。同时，阐明基于研究局限性而存在的不尽完善之处，并对商业银行参与地方政府融资未来的可持续发展提出展望。
英文摘要：	The power of China’s local government has been strictly constrained because of the highly centralized management mechanism. Functions of finance and management are separated which gradually made local government the main body of innovation on funding mechanism of China. Local government financing platform was established and became the important borrower working for local government. As the fast development of social economic, local government know deeply about this financing program. Every participates were well rewarded, especially commercial banks who were attracted and very active at these credit projects with long term and stable income supported by government. But the debt burden on local government accumulated and the imbalance between income and expenditure appeared. The central government took this seriously. New Budget Law was published along with other regulations in order to restrict local government’s growing liabilities and to prevent local debt risk. Banks thought this risk must be managed as well. The credit exposure on local government’ debt was gradually reduced. Local government financing instruments mainly include commercial bank loans, city debt, local debt, trust financing, equity investment funds, insurance funds. Commercial bank loans also include BOT, TOT, PFI, PPP and so on. Different local government financing models have general risks including debt risk, political risk, operational risk, policy risk, financial risk and legal risk, but also they have their unique risks, including completion risk, transfer risk and design risk, etc. Chinese local government financing has developed about 20 years, later than developed countries, but in recent years, it has made great progress in the macro and micro areas. The local government investment and financing system with the Chinese characteristics has established but need to be improved in the area of national policy, law, implementation, supervision and assessment. On the basis of relevant system construction, commercial banks should improve the financial comprehensive service capability and promote the national infrastructure construction under risk control. First, commercial banks should strengthen staff’s training to make them understand the local government and social capital cooperation model. The departments need to develop relevant marketing credit policy and enhance the efficiency of collaboration and comprehensive income level by improving their management and coordination capacity. Second, commercial banks should develop access threshold and classification standard, also should determine the different levels of credit preference strategy combined with their own characteristics. Third, commercial banks should pay attention to every detail in the operation process, correctly interpret the regulatory policy, strictly enforce the compliance risk requirements, and implement the regulatory guidance. Through the combination of theory and practice, this paper summarized the relevant basic theories to analyze the main mode of operation of the market. After comparing the different models, this paper also summarized the advantages and disadvantages of the model, and then put forward specific suggestions. At the same time, through the combination of the overall analysis and the typical cases, this paper introduced the characteristics of government financing and drawn the conclusions. Above all this paper introduces the local government financing about the content, extension and development at home and abroad. Experience and implications from years of real work are shared. Main sources of risk that exist in the progress of the local government financing are generalized. Well accepted modes of corporation between commercial banks and local government in financing are thoroughly discussed. In the final part based on researches and analyses above as well as personal working experience, suggestions on how commercial banks successfully participate in local government financing are made. The suggestions conclude policy, mechanism, corporation, risk aversion and risk management. Limits of this research are clarified which explain the imperfect parts. Some outlooks about commercial banks participating in the developing of local government financing in the future are revealed at the end.
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