摘要
本文以2013—2018年地方政府下属融资平台作为研究样本,围绕市场化转型改革的"真实效果-原因-后果"这一行文逻辑,从实证上考察了市场化转型的效果及相关问题。研究发现:(1)市场化转型降低了融资平台的投资效率,债务违约风险也呈现出上升趋势,导致转型改革成为现实效果与理论逻辑相悖的"舍本逐末"行为;(2)融资平台市场化转型,地方政府关注的焦点是如何在短期内提高再融资能力,对提高平台公司市场竞争力和化解债务风险缺乏激励和约束,进而引发了地方政府的道德风险;(3)市场化转型干扰了宏观调控政策的有效性。
Taking Local Government Financing Vehicles(LGFVs)as sample,this paper has followed the logic of"real effect-reason–consequences"to research the effect of market transition of LGFVs from 2013 to 2018.(1)Market transition reduced investment efficiency as well as increase default risk of LGFVs,so that market transition led to conflict between theory and reality.(2)The aim of local government is to enhance the financing ability of LGFVs,they had not enough motivation to improve investment efficiency and resolve default risk.Therefore,market transition triggered moral hazard.(3)Market transition interfered the validity of macro-control policies.
作者
严宝玉
方昕
张柏杨
Yan Baoyu;Fang Xin;Zhang Baiyang
出处
《财经科学》
CSSCI
北大核心
2020年第8期13-24,共12页
Finance & Economics
关键词
融资平台
市场化转型
融资约束
Financing Platform
Market Transition
Financing Constraints
