摘要
地方政府融资平台是地方政府负债的重要主体,研究其债务特点并揭示其风险状况一直是地方债务研究的方向,但囿于数据所限,以往相关研究缺乏实证支持。文章通过对东部S省的地方政府融资进行定量研究后发现,平台贷款绝大部分投向城市建设公益类项目,土地出让收入是其主要还款来源,2013-2014年面临偿债高峰。在风险方面,不考虑政府层面的隐性担保,平台整体债务风险与地区经济发展水平成正比,区(县)级平台债务风险高于市级平台,城投类平台与开发区类平台的城市建设职责较大,债务风险比交通类和国资管理类要高。
Local government financing platform is the most important subject of local government debt, and the study on its debt characteristics and risk status has always been an important field for local debt researchers. But owing to the difficulty in obtaining related data, the previous researches lack empirical support. Based on local government financing in a certain province in East China, this paper provides the quantitative researctx The research indicates that the majority of platform loans are invested in urban public welfare projects, mainly repaid by land transfer reve- nues, and face repayment peak in 2013 and 2014. As for default risks, without the consideration of government-level implicit guarantee, the overall debt risks of finan- cing platforms are correlated positively with local economic development, and the debt risks of county-level platforms are higher than the ones of city-level platforms; urban-investment and development-zone platforms undertake many functions of ur- ban construction, so their debt risks are higher than traffic and state-owned-assets- management platforms.
出处
《财经研究》
CSSCI
北大核心
2013年第5期123-133,共11页
Journal of Finance and Economics
基金
教育部资助项目"扩大内需条件下提高长三角对外开放水平研究"(11JJD790036)
关键词
融资平台
地方债务
风险分析
financing platform
local debt
risk analysis
