導語：如何才能寫好一篇平臺公司(si)融資(zi)(zi)管理，這就需要搜集整理更多的資(zi)(zi)料(liao)和文獻，歡迎閱讀由公務員之家整理的十篇范文，供你(ni)借鑒。

篇1

一、重要意義

2009年以來，為積極應對國際金融危機，緩解政府有限財力與經濟社會發展需求之間的矛盾，我市政府通過推進政府投融資體制改革，充分發揮政府融資平臺公司在加強經濟和社會發展中籌集資金的積極作用，有力地促進了我市城市基礎設施建設，加快了老工業基地改造步伐。但是，我市政府投融資管理工作在(zai)舉債規模科學(xue)、償(chang)債資(zi)金(jin)落實、債務風(feng)(feng)險(xian)控制、融(rong)(rong)資(zi)資(zi)金(jin)管(guan)(guan)理(li)等方(fang)面(mian)存在(zai)的(de)問題亟待改進(jin)和(he)加強。為有效防(fang)范(fan)(fan)財(cai)政金(jin)融(rong)(rong)風(feng)(feng)險(xian)，構(gou)建可持續發(fa)(fa)展的(de)政府投(tou)融(rong)(rong)資(zi)體系，促進(jin)我市(shi)經濟(ji)持續健康發(fa)(fa)展，必須(xu)按照國發(fa)(fa)19號文件(jian)要求(qiu)，認真清(qing)理(li)我市(shi)政府融(rong)(rong)資(zi)平臺公(gong)司債務，規范(fan)(fan)政府融(rong)(rong)資(zi)平臺公(gong)司運營管(guan)(guan)理(li)，完善政府投(tou)融(rong)(rong)資(zi)管(guan)(guan)理(li)體制。

二、目標及原則

（一）工作目標。

加強政(zheng)(zheng)(zheng)府(fu)融資(zi)平(ping)臺公司(si)(si)管(guan)理(li)工(gong)作是按照《中(zhong)華(hua)人民共和(he)(he)國公司(si)(si)法》等有(you)關規定，通過清理(li)政(zheng)(zheng)(zheng)府(fu)融資(zi)平(ping)臺公司(si)(si)債務，充實(shi)資(zi)本(ben)(ben)金(jin)，完善法人治理(li)結(jie)構(gou)(gou)，建(jian)立符合市場經(jing)(jing)濟(ji)體制、多元(yuan)經(jing)(jing)濟(ji)結(jie)構(gou)(gou)、具有(you)運營和(he)(he)發展實(shi)力的(de)經(jing)(jing)濟(ji)實(shi)體，形成(cheng)“低成(cheng)本(ben)(ben)借入、高效率使用(yong)、嚴格風險控(kong)制”的(de)運作模式，以滿(man)足政(zheng)(zheng)(zheng)府(fu)投資(zi)需求(qiu)，實(shi)現政(zheng)(zheng)(zheng)府(fu)融資(zi)平(ping)臺公司(si)(si)的(de)良性(xing)運轉和(he)(he)可持續(xu)發展。

（二）基本原則。

1.分級負(fu)責的原則。市政(zheng)府(fu)負(fu)責加強(qiang)市本級政(zheng)府(fu)融資平臺公司(si)的管理工(gong)作(zuo)，區(qu)、縣（市）政(zheng)府(fu)負(fu)責加強(qiang)本地區(qu)政(zheng)府(fu)融資平臺公司(si)的管理工(gong)作(zuo)。

2.分(fen)類管理(li)(li)的(de)原則。按照國家政策確(que)定的(de)分(fen)類標準(zhun)，對(dui)政府(fu)融資(zi)平臺(tai)公司及其負(fu)擔(dan)的(de)債務進(jin)行(xing)分(fen)類管理(li)(li)。

3.可持續(xu)發(fa)展的原則。通過加強(qiang)政(zheng)府(fu)(fu)融(rong)資(zi)平臺公司(si)管理(li)，按照(zhao)現代企(qi)業(ye)制度(du)要(yao)求加強(qiang)公司(si)建設，促進(jin)政(zheng)府(fu)(fu)投融(rong)資(zi)管理(li)工(gong)作(zuo)健康發(fa)展。

三、主要任務

（一）清(qing)理政府融資平臺公司債務。

清理(li)范圍(wei)包括政府(fu)融資平臺公司(si)直(zhi)接(jie)借入、拖欠或(huo)因提供(gong)擔保、回購等(deng)信用(yong)支持形(xing)成(cheng)的債(zhai)務(wu)。按照國發(fa)19號文(wen)件要求，清理(li)后區別不(bu)同(tong)類型的債(zhai)務(wu)，分(fen)別進(jin)行妥善處理(li)：

1.對于政府融資(zi)平臺公(gong)司因(yin)承擔公(gong)益性(xing)項(xiang)目建設舉借、項(xiang)目本身沒有經營(ying)收入的債務，主要依靠財政性(xing)資(zi)金償(chang)還。

2.對(dui)于政府融資平臺公司因(yin)承擔公益性項(xiang)目(mu)建設舉(ju)借(jie)、項(xiang)目(mu)本身(shen)有穩(wen)定(ding)經營性收(shou)(shou)入并(bing)主要(yao)依(yi)靠(kao)自身(shen)收(shou)(shou)益償還的債(zhai)(zhai)務，要(yao)落實債(zhai)(zhai)務人償債(zhai)(zhai)責任(ren)和償債(zhai)(zhai)計劃(hua)，按照協議約定(ding)按時足額(e)償還債(zhai)(zhai)務。

3.對于政府(fu)(fu)融資(zi)平臺公(gong)司因(yin)承擔非公(gong)益性項(xiang)目建設舉借的債務，政府(fu)(fu)融資(zi)平臺公(gong)司要制定(ding)償(chang)債計(ji)劃，落實償(chang)債資(zi)金，切(qie)實承擔還本付(fu)息責(ze)任。

（二）規范政府融資平臺公司運營。

納入規范(fan)(fan)范(fan)(fan)圍的(de)政(zheng)(zheng)府(fu)融資(zi)(zi)平臺(tai)(tai)公司，是指由地方政(zheng)(zheng)府(fu)及(ji)其部門(men)(men)和機構等通過財政(zheng)(zheng)撥(bo)款或注入土(tu)地、股權等資(zi)(zi)產設立，承(cheng)擔政(zheng)(zheng)府(fu)投(tou)資(zi)(zi)項目(mu)融資(zi)(zi)功能(neng)，并擁(yong)有(you)獨立法(fa)人(ren)資(zi)(zi)格(ge)的(de)經(jing)濟(ji)實體。既包括專(zhuan)門(men)(men)承(cheng)擔政(zheng)(zheng)府(fu)項目(mu)融資(zi)(zi)任務的(de)融資(zi)(zi)平臺(tai)(tai)公司，也(ye)包括同時承(cheng)擔其他項目(mu)融資(zi)(zi)任務的(de)融資(zi)(zi)平臺(tai)(tai)公司。按照(zhao)國發19號文件要(yao)求，要(yao)劃分平臺(tai)(tai)公司類(lei)別，區別不(bu)同類(lei)型的(de)政(zheng)(zheng)府(fu)融資(zi)(zi)平臺(tai)(tai)公司，并采取不(bu)同的(de)方式(shi)進(jin)行規范(fan)(fan)：

1.只承(cheng)擔(dan)公益性項(xiang)目融資任(ren)務(wu)且主要依靠財政性資金償還債務(wu)的(de)政府融資平臺公司，在落實(shi)償債責任(ren)和還款措(cuo)施的(de)基(ji)礎(chu)上，可采取整合、重組等方式建(jian)立能夠承(cheng)擔(dan)項(xiang)目建(jian)設和運(yun)營任(ren)務(wu)的(de)市場(chang)經濟主體；充(chong)分利(li)用現有政府支(zhi)持(chi)政策，充(chong)實(shi)資本金，完善(shan)法(fa)人治理結構，實(shi)現投資主體多(duo)元化，逐步(bu)做大做強。

2.承擔公(gong)益性(xing)項目(mu)融(rong)(rong)資任(ren)務(wu)，同(tong)(tong)時還承擔公(gong)益性(xing)項目(mu)建設、運(yun)營任(ren)務(wu)的政(zheng)府融(rong)(rong)資平(ping)臺(tai)公(gong)司，在落(luo)實償債責任(ren)和還款措施的基礎上，不再保留融(rong)(rong)資平(ping)臺(tai)職(zhi)能(neng)(neng)，在完成(cheng)政(zheng)府確(que)定(ding)(ding)項目(mu)建設和運(yun)營任(ren)務(wu)的同(tong)(tong)時，明確(que)發展方向，確(que)定(ding)(ding)職(zhi)能(neng)(neng)定(ding)(ding)位，實現可持續發展。

3.承擔有(you)穩定經(jing)營性收入的(de)公益(yi)(yi)性項目融(rong)資(zi)任(ren)務并主(zhu)要依靠(kao)自身收益(yi)(yi)償還(huan)債務的(de)政府融(rong)資(zi)平臺公司(si)，以(yi)及承擔非公益(yi)(yi)性項目融(rong)資(zi)任(ren)務的(de)政府融(rong)資(zi)平臺公司(si)，要建立適應市場經(jing)濟發(fa)展(zhan)需要的(de)運營管理模(mo)式(shi)，不(bu)斷發(fa)展(zhan)壯大。

4.其他兼有不同類型融資功能(neng)的(de)政府融資平臺公司，也要按照上述方式進行規(gui)范(fan)。

（三）完(wan)善政府投融資管理體系。

在清理(li)政(zheng)(zheng)府(fu)融(rong)資平臺(tai)公司債務(wu)、規范政(zheng)(zheng)府(fu)融(rong)資平臺(tai)公司運營的(de)(de)基礎上，健(jian)全(quan)完善我市(shi)政(zheng)(zheng)府(fu)投(tou)(tou)融(rong)資管(guan)(guan)(guan)理(li)制度，明(ming)確各相關部門在政(zheng)(zheng)府(fu)投(tou)(tou)融(rong)資管(guan)(guan)(guan)理(li)過程中的(de)(de)職(zhi)責，完善政(zheng)(zheng)府(fu)支持融(rong)資平臺(tai)公司發展(zhan)的(de)(de)政(zheng)(zheng)策，加強對政(zheng)(zheng)府(fu)融(rong)資平臺(tai)公司的(de)(de)監督(du)管(guan)(guan)(guan)理(li)，使我市(shi)政(zheng)(zheng)府(fu)投(tou)(tou)融(rong)資管(guan)(guan)(guan)理(li)體系更加科學合理(li)。

四、組織領導

市投融(rong)資(zi)管理委(wei)員會負(fu)責(ze)(ze)全市加強政府融(rong)資(zi)平臺(tai)公司管理工作(zuo)的(de)組織領導。市投融(rong)資(zi)管理中心負(fu)責(ze)(ze)日常調(diao)(diao)度和綜合協調(diao)(diao)工作(zuo)。具體責(ze)(ze)任分(fen)工如下(xia)：

（一）政(zheng)府融資平(ping)臺公司(si)：負責全(quan)面真實(shi)反映債(zhai)務(wu)情況，分類統(tong)計(ji)債(zhai)務(wu)并分別(bie)提出(chu)妥善(shan)處理意見(jian)；按(an)照國發19號文件(jian)要(yao)求，確(que)定平(ping)臺公司(si)類型(xing)，查找(zhao)自身(shen)存在的(de)問題；從自求平(ping)衡、自謀發展的(de)角度出(chu)發，合理確(que)定運營模(mo)式，定位業務(wu)范(fan)圍，提出(chu)完(wan)善(shan)平(ping)臺公司(si)建設、規范(fan)自身(shen)管理的(de)方(fang)案。

（二）政府(fu)投融(rong)資平(ping)臺公司(si)(si)的(de)(de)主管部門(men)：按照(zhao)隸屬關系，負(fu)責核實政府(fu)融(rong)資平(ping)臺公司(si)(si)的(de)(de)資產負(fu)債(zhai)、注(zhu)冊(ce)資本、業(ye)務范(fan)圍等基本情況；組織(zhi)協調項目計劃管理部門(men)、項目主管部門(men)、財政部門(men)、人民銀(yin)行、銀(yin)監局等相關部門(men)，審(shen)定政府(fu)融(rong)資平(ping)臺公司(si)(si)的(de)(de)債(zhai)務分類及處(chu)理意見(jian)；審(shen)定政府(fu)融(rong)資平(ping)臺公司(si)(si)提出的(de)(de)完善平(ping)臺公司(si)(si)建設(she)和(he)規范(fan)自身(shen)管理的(de)(de)方案(an)；按照(zhao)現代企業(ye)制(zhi)度和(he)市場化運作的(de)(de)要(yao)求，提出政府(fu)融(rong)資平(ping)臺公司(si)(si)改進運營模式、明(ming)確業(ye)務范(fan)圍等方面的(de)(de)意見(jian)。

（三(san)）項目(mu)計劃管理部門和項目(mu)主管部門：負責(ze)配合政(zheng)府(fu)融(rong)(rong)(rong)資(zi)平(ping)臺(tai)公(gong)司(si)主管部門或政(zheng)府(fu)融(rong)(rong)(rong)資(zi)平(ping)臺(tai)公(gong)司(si)按照國發(fa)19號文件的(de)分類(lei)(lei)標準，認定政(zheng)府(fu)融(rong)(rong)(rong)資(zi)平(ping)臺(tai)公(gong)司(si)的(de)融(rong)(rong)(rong)資(zi)項目(mu)類(lei)(lei)型(xing)及債(zhai)務類(lei)(lei)型(xing)，特(te)別是(shi)對融(rong)(rong)(rong)資(zi)的(de)在建項目(mu)后續(xu)資(zi)金要提出安排意見。

（四）財政(zheng)(zheng)部門(men)(men)：負責配(pei)合(he)政(zheng)(zheng)府融資(zi)(zi)平(ping)臺(tai)公(gong)司(si)主管(guan)部門(men)(men)或(huo)政(zheng)(zheng)府融資(zi)(zi)平(ping)臺(tai)公(gong)司(si)認定(ding)需要財政(zheng)(zheng)性(xing)(xing)資(zi)(zi)金償還的(de)債(zhai)(zhai)務(wu)(wu)情況，并對(dui)與財政(zheng)(zheng)相關的(de)內容提出意見；擬定(ding)全(quan)市政(zheng)(zheng)府性(xing)(xing)債(zhai)(zhai)務(wu)(wu)管(guan)理制(zhi)度并組(zu)織實施，承擔政(zheng)(zheng)府債(zhai)(zhai)務(wu)(wu)有關管(guan)理工(gong)作，按照上級部門(men)(men)和政(zheng)(zheng)府要求進行債(zhai)(zhai)務(wu)(wu)統(tong)計，上報(bao)統(tong)計數據及分(fen)析報(bao)告。

（五）人民銀(yin)行沈(shen)陽營業管理部(bu)：負責銜接金(jin)融(rong)機(ji)構，配合政府(fu)融(rong)資(zi)平(ping)臺公(gong)司(si)主管部(bu)門或政府(fu)融(rong)資(zi)平(ping)臺公(gong)司(si)做(zuo)好加強政府(fu)融(rong)資(zi)平(ping)臺公(gong)司(si)管理工作(zuo)。

（六）規劃國土(tu)和資產管(guan)理等(deng)相關部門(men)：負責配合政(zheng)府融(rong)資平臺(tai)公司主(zhu)管(guan)部門(men)或政(zheng)府融(rong)資平臺(tai)公司核實認定政(zheng)府融(rong)資平臺(tai)公司注冊(ce)資本中涉及的土(tu)地、國有資產等(deng)相關內容(rong)。

（七）監(jian)察和審計(ji)部門：負責對加強政(zheng)府(fu)融資平臺公(gong)司管理工作進行檢查和監(jian)督。

（八）區、縣（市）政府(fu)：負責制定本地(di)區加強政府(fu)融資(zi)平(ping)臺公司管(guan)理工作方(fang)案，做好(hao)相關工作。

五、實施步驟

市政府(fu)各相關部門和單位要(yao)(yao)明確加(jia)強政府(fu)融(rong)資平臺公司(si)管理工作(zuo)的(de)(de)內容和時(shi)限(xian)，周密部署，細(xi)致(zhi)安排，確保工作(zuo)的(de)(de)順利推進和按(an)時(shi)完成(cheng)。本(ben)次(ci)加(jia)強政府(fu)融(rong)資平臺公司(si)管理工作(zuo)要(yao)(yao)在年底(di)前完成(cheng)，分四個階段進行：

（一）政(zheng)府融資平(ping)臺公司自我檢查階段。

由各政府融(rong)資平(ping)(ping)臺公(gong)司填寫(xie)投融(rong)資項目債務(wu)相關表格，以及平(ping)(ping)臺公(gong)司財務(wu)報表；按(an)照(zhao)國發19號文(wen)件要求(qiu)，對債務(wu)進行分類并分別提出(chu)處理(li)意見；確定平(ping)(ping)臺公(gong)司類型，查找在融(rong)資項目運作(zuo)、債務(wu)償還、經營管(guan)理(li)等(deng)方面存在的問題(ti)，并有針(zhen)對性地(di)提出(chu)改進措施；提出(chu)規范管(guan)理(li)、完善平(ping)(ping)臺公(gong)司建(jian)設的方案。

（二(er)）政府各相關部門(men)審(shen)核認定階段。

市(shi)本(ben)級政(zheng)(zheng)(zheng)府融(rong)(rong)資(zi)平臺(tai)(tai)公(gong)司(si)主管(guan)部(bu)(bu)(bu)門對政(zheng)(zheng)(zheng)府融(rong)(rong)資(zi)平臺(tai)(tai)公(gong)司(si)的(de)債(zhai)務(wu)相關(guan)報表、債(zhai)務(wu)分類及處理(li)(li)意見、存(cun)在問題及改進(jin)措(cuo)施、完善(shan)平臺(tai)(tai)公(gong)司(si)建設方(fang)案等進(jin)行審(shen)定，并在征求項(xiang)目計劃管(guan)理(li)(li)部(bu)(bu)(bu)門、項(xiang)目主管(guan)部(bu)(bu)(bu)門、財政(zheng)(zheng)(zheng)部(bu)(bu)(bu)門、人(ren)民銀行沈陽營管(guan)部(bu)(bu)(bu)等相關(guan)部(bu)(bu)(bu)門意見后，報市(shi)投融(rong)(rong)資(zi)管(guan)理(li)(li)中心(xin)(xin)。區(qu)、縣（市(shi)）政(zheng)(zheng)(zheng)府也要將(jiang)本(ben)地區(qu)加(jia)強政(zheng)(zheng)(zheng)府融(rong)(rong)資(zi)平臺(tai)(tai)公(gong)司(si)管(guan)理(li)(li)工作(zuo)情(qing)況報市(shi)投融(rong)(rong)資(zi)管(guan)理(li)(li)中心(xin)(xin)。

（三）匯總上報階段(duan)。

市(shi)(shi)投融資管(guan)理(li)中心將(jiang)各政府融資平臺(tai)公司主管(guan)部(bu)門(men)（政府融資平臺(tai)公司）和區、縣（市(shi)(shi)）政府報(bao)(bao)送的(de)加強政府融資平臺(tai)公司管(guan)理(li)工作情況，匯(hui)總后報(bao)(bao)市(shi)(shi)投融資管(guan)理(li)委員會。

（四）總結(jie)提高階段(duan)。

 市投(tou)融(rong)資(zi)(zi)管(guan)理(li)委(wei)員會根據全市加(jia)強(qiang)(qiang)政(zheng)府(fu)(fu)融(rong)資(zi)(zi)平(ping)(ping)(ping)臺公司(si)管(guan)理(li)工(gong)作情況，研究制定(ding)(ding)加(jia)強(qiang)(qiang)我(wo)市政(zheng)府(fu)(fu)融(rong)資(zi)(zi)平(ping)(ping)(ping)臺公司(si)建設的(de)(de)措施，明確(que)各政(zheng)府(fu)(fu)融(rong)資(zi)(zi)平(ping)(ping)(ping)臺公司(si)的(de)(de)職(zhi)能定(ding)(ding)位(wei)和業(ye)(ye)務(wu)(wu)領域，制定(ding)(ding)市政(zheng)府(fu)(fu)支持政(zheng)府(fu)(fu)融(rong)資(zi)(zi)平(ping)(ping)(ping)臺公司(si)建設的(de)(de)政(zheng)策。各政(zheng)府(fu)(fu)融(rong)資(zi)(zi)平(ping)(ping)(ping)臺公司(si)要妥善(shan)處理(li)債務(wu)(wu)，根據自身的(de)(de)職(zhi)能定(ding)(ding)位(wei)和業(ye)(ye)務(wu)(wu)領域，結合市政(zheng)府(fu)(fu)支持政(zheng)策，進一步加(jia)強(qiang)(qiang)自身建設，規(gui)范投(tou)融(rong)資(zi)(zi)行為(wei)，提高管(guan)理(li)工(gong)作水(shui)平(ping)(ping)(ping)。

六、有關要求

（一(yi)）統一(yi)思想、高度重視(shi)。

各(ge)地(di)區、各(ge)有關部門要統一思想(xiang)，高度重視，充分認識加(jia)強(qiang)政府(fu)融資平(ping)臺(tai)公(gong)司(si)管理(li)工作(zuo)的重要性和緊(jin)迫性，認真做好加(jia)強(qiang)政府(fu)融資平(ping)臺(tai)公(gong)司(si)管理(li)工作(zuo)。各(ge)區、縣（市）政府(fu)要明確責任部門，盡(jin)快制(zhi)定本(ben)地(di)區加(jia)強(qiang)政府(fu)融資平(ping)臺(tai)公(gong)司(si)管理(li)工作(zuo)方案。

（二）密(mi)切(qie)配合、精心(xin)組織(zhi)。

加強(qiang)政府融資平(ping)臺公司管理工(gong)作(zuo)政策性(xing)強(qiang)，時間緊，任務(wu)(wu)重，涉及的部門(men)和單位多、任務(wu)(wu)交叉(cha)多、項目數量多、債(zhai)務(wu)(wu)情況復雜，各地區、各有關部門(men)要(yao)各司其職、精(jing)心組織、密切配合，各項工(gong)作(zuo)都要(yao)有指定(ding)部門(men)和專(zhuan)人負(fu)責，確保工(gong)作(zuo)順利(li)進行(xing)。

篇2

關(guan)鍵詞：地(di)方投融(rong)資平(ping)臺公司(si);金融(rong)風險;防范;化解

自20世紀80年(nian)代我國地(di)(di)方(fang)(fang)(fang)政府(fu)投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)(tai)(tai)(tai)開始出現(xian)以(yi)來(lai)，地(di)(di)方(fang)(fang)(fang)政府(fu)普(pu)遍(bian)建立了(le)投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)(tai)(tai)(tai)，并且隨著地(di)(di)方(fang)(fang)(fang)政府(fu)越來(lai)越重視投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)(tai)(tai)(tai)建設，地(di)(di)方(fang)(fang)(fang)投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)司的(de)數(shu)量和(he)規模(mo)不斷擴大，盡(jin)管為地(di)(di)方(fang)(fang)(fang)經濟(ji)發展(zhan)創造了(le)一定的(de)條件，同(tong)時也(ye)取(qu)得(de)了(le)較好的(de)成效(xiao)，但同(tong)時也(ye)面臨著一定的(de)金融(rong)(rong)(rong)風險(xian)，特別是地(di)(di)方(fang)(fang)(fang)政府(fu)債務(wu)危(wei)機的(de)現(xian)象比較普(pu)遍(bian)，而且部(bu)分地(di)(di)區的(de)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)(tai)(tai)(tai)當期(qi)債務(wu)本息(xi)已(yi)遠超當地(di)(di)財(cai)政收入，潛在的(de)金融(rong)(rong)(rong)風險(xian)一觸即發。這就需要(yao)地(di)(di)方(fang)(fang)(fang)政府(fu)及相關方(fang)(fang)(fang)面一定要(yao)高(gao)度重視地(di)(di)方(fang)(fang)(fang)投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)司金融(rong)(rong)(rong)風險(xian)防范與化解工(gong)作(zuo)，特別是要(yao)運用系統思維(wei)和(he)創新理念，著眼于破解地(di)(di)方(fang)(fang)(fang)投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)司面臨的(de)一系列金融(rong)(rong)(rong)風險(xian)，采取(qu)更加(jia)有效(xiao)的(de)措施(shi)，推動地(di)(di)方(fang)(fang)(fang)投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)司金融(rong)(rong)(rong)風險(xian)防范與化解工(gong)作(zuo)取(qu)得(de)更大突破。

1地方投融(rong)(rong)資平(ping)臺公司面(mian)臨的(de)金(jin)融(rong)(rong)風險

地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)的(de)(de)(de)(de)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)已經被國家(jia)(jia)(jia)銀行、金(jin)融(rong)(rong)(rong)(rong)(rong)監管部(bu)門(men)列(lie)為(wei)行業(ye)最高(gao)的(de)(de)(de)(de)三(san)類風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)之(zhi)一。從當前地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)面(mian)臨的(de)(de)(de)(de)金(jin)融(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)來看，比(bi)較突出(chu)(chu)(chu)的(de)(de)(de)(de)是(shi)(shi)債務(wu)率(lv)過(guo)(guo)高(gao)，普遍存在(zai)償(chang)債能力不(bu)足的(de)(de)(de)(de)問(wen)題。比(bi)如(ru)(ru)(ru)(ru)一些地(di)(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)為(wei)了能夠獲取更(geng)多的(de)(de)(de)(de)建設(she)(she)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)，利用地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)進行舉(ju)債，而(er)(er)且已經超過(guo)(guo)全年財政(zheng)收(shou)入(ru)水平(ping)(ping)(ping)，這使地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)在(zai)發(fa)展的(de)(de)(de)(de)過(guo)(guo)程(cheng)(cheng)中(zhong)可(ke)(ke)能面(mian)臨較大(da)的(de)(de)(de)(de)金(jin)融(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)；再比(bi)如(ru)(ru)(ru)(ru)還有(you)(you)一些地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)不(bu)注(zhu)重自身發(fa)展模式(shi)創新(xin)，特別是(shi)(shi)在(zai)開(kai)展投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)過(guo)(guo)程(cheng)(cheng)中(zhong)還沒有(you)(you)進行科(ke)學的(de)(de)(de)(de)研究和分(fen)析，特別是(shi)(shi)在(zai)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)領域過(guo)(guo)于(yu)重視基礎設(she)(she)施(shi)建設(she)(she)，導(dao)致地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)收(shou)效不(bu)高(gao)，進而(er)(er)可(ke)(ke)能引發(fa)一定的(de)(de)(de)(de)償(chang)債危(wei)機。還有(you)(you)一些地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)在(zai)開(kai)展投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)活動的(de)(de)(de)(de)過(guo)(guo)程(cheng)(cheng)中(zhong)，面(mian)臨一系(xi)列(lie)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)收(shou)益風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)，比(bi)如(ru)(ru)(ru)(ru)某地(di)(di)(di)通過(guo)(guo)對12家(jia)(jia)(jia)地(di)(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)進行調(diao)查(cha)，投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)收(shou)益風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)主(zhu)要來自項目建設(she)(she)前、中(zhong)、后期三(san)個階(jie)段，占比(bi)分(fen)別42.5%、31.7%、25.8%，投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)決(jue)(jue)策(ce)缺(que)乏科(ke)學性(xing)的(de)(de)(de)(de)問(wen)題比(bi)較突出(chu)(chu)(chu)，因(yin)而(er)(er)面(mian)臨一系(xi)列(lie)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)決(jue)(jue)策(ce)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)。此外，很(hen)多地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)還面(mian)臨國家(jia)(jia)(jia)宏觀(guan)政(zheng)策(ce)變(bian)動風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)，特別是(shi)(shi)由于(yu)國家(jia)(jia)(jia)越來越重視地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)管理工作，同時也要求在(zai)防(fang)范(fan)和控(kong)(kong)制(zhi)系(xi)統(tong)性(xing)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)方(fang)(fang)(fang)面(mian)狠下(xia)工夫(fu)，這就對地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)如(ru)(ru)(ru)(ru)何更(geng)有(you)(you)效的(de)(de)(de)(de)防(fang)范(fan)和控(kong)(kong)制(zhi)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)提(ti)出(chu)(chu)(chu)了新(xin)的(de)(de)(de)(de)更(geng)高(gao)的(de)(de)(de)(de)要求，但很(hen)多地(di)(di)(di)方(fang)(fang)(fang)投(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)公司(si)由于(yu)具有(you)(you)一定的(de)(de)(de)(de)“行政(zheng)化(hua)”特點，因(yin)而(er)(er)在(zai)金(jin)融(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)防(fang)范(fan)與(yu)控(kong)(kong)制(zhi)方(fang)(fang)(fang)面(mian)仍然存在(zai)諸多不(bu)足，特別是(shi)(shi)在(zai)金(jin)融(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)防(fang)范(fan)與(yu)控(kong)(kong)制(zhi)方(fang)(fang)(fang)面(mian)缺(que)乏高(gao)度重視，導(dao)致出(chu)(chu)(chu)現(xian)一系(xi)列(lie)不(bu)該出(chu)(chu)(chu)現(xian)的(de)(de)(de)(de)風(feng)(feng)(feng)險(xian)(xian)(xian)(xian)。

2地方投(tou)融資(zi)平臺公司(si)金融風險管理(li)存在的(de)問題

2.1金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)范(fan)意(yi)(yi)(yi)識(shi)(shi)不(bu)(bu)(bu)(bu)(bu)強(qiang)(qiang)。從(cong)當前(qian)(qian)(qian)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)來看，盡管(guan)(guan)在(zai)服(fu)務(wu)(wu)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)經(jing)濟發(fa)展(zhan)(zhan)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)面(mian)做(zuo)了大(da)量卓有(you)(you)(you)成(cheng)效的(de)(de)(de)(de)(de)工(gong)作(zuo)(zuo)(zuo)(zuo)，但由(you)于地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)府投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)活動(dong)越(yue)(yue)來越(yue)(yue)多(duo)(duo)，而(er)(er)(er)(er)且很(hen)多(duo)(duo)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)府還出(chu)現(xian)(xian)(xian)了“過度(du)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)”的(de)(de)(de)(de)(de)現(xian)(xian)(xian)象，這(zhe)(zhe)就直(zhi)接(jie)導(dao)致(zhi)(zhi)(zhi)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)面(mian)臨著一(yi)(yi)系(xi)列金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)，但地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)并沒(mei)(mei)(mei)有(you)(you)(you)深(shen)刻認識(shi)(shi)到(dao)防(fang)范(fan)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)重(zhong)(zhong)大(da)價值(zhi)，在(zai)經(jing)營與(yu)發(fa)展(zhan)(zhan)的(de)(de)(de)(de)(de)過程中，還沒(mei)(mei)(mei)有(you)(you)(you)將(jiang)(jiang)穩定市場預期、防(fang)范(fan)區域(yu)性(xing)(xing)(xing)(xing)、系(xi)統(tong)性(xing)(xing)(xing)(xing)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)上升到(dao)戰略(lve)層面(mian)，地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)“債務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)”相對比(bi)(bi)較(jiao)突出(chu)。深(shen)入(ru)分析(xi)(xi)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)范(fan)意(yi)(yi)(yi)識(shi)(shi)不(bu)(bu)(bu)(bu)(bu)強(qiang)(qiang)的(de)(de)(de)(de)(de)原因(yin)，最根(gen)本的(de)(de)(de)(de)(de)就是(shi)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)府為了促(cu)進(jin)(jin)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)經(jing)濟發(fa)展(zhan)(zhan)，投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)規模越(yue)(yue)來越(yue)(yue)大(da)，但卻(que)沒(mei)(mei)(mei)有(you)(you)(you)對金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)進(jin)(jin)行(xing)(xing)系(xi)統(tong)的(de)(de)(de)(de)(de)研(yan)究(jiu)和分析(xi)(xi)，這(zhe)(zhe)也直(zhi)接(jie)導(dao)致(zhi)(zhi)(zhi)很(hen)多(duo)(duo)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)缺乏(fa)(fa)“量力(li)而(er)(er)(er)(er)行(xing)(xing)”的(de)(de)(de)(de)(de)意(yi)(yi)(yi)識(shi)(shi)。2.2金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)體(ti)系(xi)落后。目前(qian)(qian)(qian)很(hen)多(duo)(duo)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)在(zai)這(zhe)(zhe)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)面(mian)做(zuo)得不(bu)(bu)(bu)(bu)(bu)夠到(dao)位(wei)(wei)。比(bi)(bi)如(ru)一(yi)(yi)些(xie)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)還沒(mei)(mei)(mei)有(you)(you)(you)深(shen)刻認識(shi)(shi)到(dao)國家對于防(fang)范(fan)和控制(zhi)(zhi)系(xi)統(tong)性(xing)(xing)(xing)(xing)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)高(gao)度(du)重(zhong)(zhong)視(shi)，在(zai)開(kai)展(zhan)(zhan)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)工(gong)作(zuo)(zuo)(zuo)(zuo)的(de)(de)(de)(de)(de)過程中缺乏(fa)(fa)深(shen)入(ru)地(di)(di)(di)(di)(di)(di)(di)研(yan)究(jiu)和積極地(di)(di)(di)(di)(di)(di)(di)探(tan)索，特(te)別(bie)是(shi)沒(mei)(mei)(mei)有(you)(you)(you)從(cong)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)特(te)殊性(xing)(xing)(xing)(xing)入(ru)手將(jiang)(jiang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)工(gong)作(zuo)(zuo)(zuo)(zuo)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)工(gong)作(zuo)(zuo)(zuo)(zuo)進(jin)(jin)行(xing)(xing)有(you)(you)(you)效結(jie)合，甚至(zhi)一(yi)(yi)些(xie)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)沒(mei)(mei)(mei)有(you)(you)(you)建立(li)(li)(li)比(bi)(bi)較(jiao)完善(shan)的(de)(de)(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)制(zhi)(zhi)度(du)，金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)工(gong)作(zuo)(zuo)(zuo)(zuo)缺乏(fa)(fa)規范(fan)化(hua)和有(you)(you)(you)效性(xing)(xing)(xing)(xing)。還有(you)(you)(you)一(yi)(yi)些(xie)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)在(zai)開(kai)展(zhan)(zhan)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)的(de)(de)(de)(de)(de)過程中，沒(mei)(mei)(mei)有(you)(you)(you)建立(li)(li)(li)比(bi)(bi)較(jiao)完善(shan)的(de)(de)(de)(de)(de)組織(zhi)體(ti)系(xi)，同時也沒(mei)(mei)(mei)有(you)(you)(you)將(jiang)(jiang)其納入(ru)績效考核及(ji)目標責(ze)任體(ti)系(xi)當中。2.3金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)化(hua)解(jie)(jie)(jie)機制(zhi)(zhi)薄弱。從(cong)當前(qian)(qian)(qian)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)來看，普(pu)遍面(mian)臨一(yi)(yi)定的(de)(de)(de)(de)(de)“債務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)”，但很(hen)多(duo)(duo)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)還沒(mei)(mei)(mei)有(you)(you)(you)建立(li)(li)(li)比(bi)(bi)較(jiao)完善(shan)的(de)(de)(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)化(hua)解(jie)(jie)(jie)機制(zhi)(zhi)，導(dao)致(zhi)(zhi)(zhi)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)越(yue)(yue)來越(yue)(yue)大(da)。由(you)于地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)屬于國有(you)(you)(you)企業(ye)，因(yin)而(er)(er)(er)(er)很(hen)多(duo)(duo)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)不(bu)(bu)(bu)(bu)(bu)重(zhong)(zhong)視(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)治(zhi)理(li)改革和創新，特(te)別(bie)是(shi)由(you)于地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)設(she)立(li)(li)(li)的(de)(de)(de)(de)(de)初衷是(shi)為本地(di)(di)(di)(di)(di)(di)(di)基礎設(she)施(shi)建設(she)提供融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)服(fu)務(wu)(wu)，平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)后所投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)入(ru)的(de)(de)(de)(de)(de)項目大(da)多(duo)(duo)是(shi)半(ban)經(jing)營性(xing)(xing)(xing)(xing)或(huo)非經(jing)營性(xing)(xing)(xing)(xing)的(de)(de)(de)(de)(de)，因(yin)而(er)(er)(er)(er)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)治(zhi)理(li)不(bu)(bu)(bu)(bu)(bu)夠完善(shan)，特(te)別(bie)是(shi)由(you)于地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)項目投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)計(ji)劃、資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)(jin)回籠情(qing)況、貸款(kuan)余額、融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)規模等(deng)普(pu)遍不(bu)(bu)(bu)(bu)(bu)對外(wai)公(gong)(gong)(gong)(gong)(gong)布，這(zhe)(zhe)也直(zhi)接(jie)導(dao)致(zhi)(zhi)(zhi)無法形成(cheng)科學地(di)(di)(di)(di)(di)(di)(di)監(jian)督機制(zhi)(zhi)，特(te)別(bie)是(shi)外(wai)部監(jian)督不(bu)(bu)(bu)(bu)(bu)夠到(dao)位(wei)(wei)，對于出(chu)現(xian)(xian)(xian)的(de)(de)(de)(de)(de)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)也沒(mei)(mei)(mei)有(you)(you)(you)采取有(you)(you)(you)效措(cuo)施(shi)進(jin)(jin)行(xing)(xing)化(hua)解(jie)(jie)(jie)，因(yin)而(er)(er)(er)(er)導(dao)致(zhi)(zhi)(zhi)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)債務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)愈演愈烈。2.4金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)測(ce)工(gong)作(zuo)(zuo)(zuo)(zuo)滯后。要想更好的(de)(de)(de)(de)(de)防(fang)范(fan)和化(hua)解(jie)(jie)(jie)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)，至(zhi)關重(zhong)(zhong)要的(de)(de)(de)(de)(de)就是(shi)要加強(qiang)(qiang)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)測(ce)工(gong)作(zuo)(zuo)(zuo)(zuo)，但目前(qian)(qian)(qian)很(hen)多(duo)(duo)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)對金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)測(ce)工(gong)作(zuo)(zuo)(zuo)(zuo)還沒(mei)(mei)(mei)有(you)(you)(you)給予(yu)高(gao)度(du)重(zhong)(zhong)視(shi)，這(zhe)(zhe)也直(zhi)接(jie)導(dao)致(zhi)(zhi)(zhi)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)面(mian)臨更多(duo)(duo)的(de)(de)(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)，特(te)別(bie)是(shi)當出(chu)現(xian)(xian)(xian)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)時候無法更有(you)(you)(you)效地(di)(di)(di)(di)(di)(di)(di)化(hua)解(jie)(jie)(jie)。比(bi)(bi)如(ru)一(yi)(yi)些(xie)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)沒(mei)(mei)(mei)有(you)(you)(you)利用大(da)數(shu)據(ju)技術開(kai)展(zhan)(zhan)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)測(ce)工(gong)作(zuo)(zuo)(zuo)(zuo)，對投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)、融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)等(deng)活動(dong)可能(neng)出(chu)現(xian)(xian)(xian)的(de)(de)(de)(de)(de)各類風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)缺乏(fa)(fa)數(shu)據(ju)收集與(yu)分析(xi)(xi)，金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)范(fan)的(de)(de)(de)(de)(de)前(qian)(qian)(qian)瞻性(xing)(xing)(xing)(xing)、戰略(lve)性(xing)(xing)(xing)(xing)以及(ji)針對性(xing)(xing)(xing)(xing)不(bu)(bu)(bu)(bu)(bu)強(qiang)(qiang)；還有(you)(you)(you)一(yi)(yi)些(xie)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)不(bu)(bu)(bu)(bu)(bu)重(zhong)(zhong)視(shi)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)測(ce)工(gong)作(zuo)(zuo)(zuo)(zuo)的(de)(de)(de)(de)(de)系(xi)統(tong)性(xing)(xing)(xing)(xing)建設(she)，比(bi)(bi)如(ru)很(hen)多(duo)(duo)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)府以及(ji)監(jian)管(guan)(guan)部門(men)在(zai)防(fang)范(fan)和化(hua)解(jie)(jie)(jie)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)面(mian)做(zuo)得不(bu)(bu)(bu)(bu)(bu)夠到(dao)位(wei)(wei)，同時也重(zhong)(zhong)視(shi)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)收益，導(dao)致(zhi)(zhi)(zhi)出(chu)現(xian)(xian)(xian)了一(yi)(yi)定的(de)(de)(de)(de)(de)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)收益風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)。

3地方投(tou)融(rong)(rong)資平臺公司金融(rong)(rong)風(feng)險防范(fan)與化解措施

3.1強(qiang)(qiang)化(hua)(hua)(hua)(hua)(hua)(hua)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)意(yi)識(shi)。地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)要(yao)(yao)(yao)將金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)與(yu)(yu)(yu)(yu)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)工(gong)(gong)作(zuo)(zuo)上升到(dao)(dao)戰略(lve)層面(mian)，將其與(yu)(yu)(yu)(yu)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)經(jing)營(ying)、管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)、創新等(deng)緊(jin)密結合(he)起來(lai)，通過(guo)卓有(you)(you)(you)成(cheng)(cheng)效(xiao)的(de)(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)體(ti)(ti)系(xi)(xi)和(he)(he)運(yun)(yun)行(xing)(xing)(xing)(xing)(xing)(xing)機(ji)制(zhi)(zhi)建(jian)(jian)(jian)設(she)，最大(da)限度(du)(du)(du)提升金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)與(yu)(yu)(yu)(yu)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)能力(li)。這就需(xu)(xu)要(yao)(yao)(yao)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)在(zai)經(jing)營(ying)與(yu)(yu)(yu)(yu)發展(zhan)的(de)(de)(de)(de)(de)(de)(de)(de)過(guo)程(cheng)(cheng)(cheng)中(zhong)，要(yao)(yao)(yao)將行(xing)(xing)(xing)(xing)(xing)(xing)政(zheng)(zheng)化(hua)(hua)(hua)(hua)(hua)(hua)與(yu)(yu)(yu)(yu)市場(chang)化(hua)(hua)(hua)(hua)(hua)(hua)緊(jin)密結合(he)起來(lai)，特(te)別(bie)是(shi)(shi)要(yao)(yao)(yao)更(geng)(geng)加(jia)重(zhong)視市場(chang)導向，地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)政(zheng)(zheng)府應(ying)當(dang)(dang)賦予地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)自主經(jing)營(ying)的(de)(de)(de)(de)(de)(de)(de)(de)權(quan)(quan)利，使地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)真正成(cheng)(cheng)為(wei)市場(chang)主體(ti)(ti)。地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)則(ze)要(yao)(yao)(yao)大(da)力(li)加(jia)強(qiang)(qiang)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)工(gong)(gong)作(zuo)(zuo)，在(zai)開(kai)(kai)展(zhan)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)活動的(de)(de)(de)(de)(de)(de)(de)(de)過(guo)程(cheng)(cheng)(cheng)中(zhong)，應(ying)當(dang)(dang)將落(luo)實(shi)國家防(fang)(fang)(fang)范(fan)(fan)(fan)系(xi)(xi)統性(xing)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)作(zuo)(zuo)為(wei)重(zhong)中(zhong)之(zhi)重(zhong)，積極(ji)探索財權(quan)(quan)與(yu)(yu)(yu)(yu)事權(quan)(quan)合(he)理(li)(li)(li)(li)(li)(li)劃分的(de)(de)(de)(de)(de)(de)(de)(de)運(yun)(yun)行(xing)(xing)(xing)(xing)(xing)(xing)模式，強(qiang)(qiang)化(hua)(hua)(hua)(hua)(hua)(hua)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)活動與(yu)(yu)(yu)(yu)防(fang)(fang)(fang)范(fan)(fan)(fan)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)有(you)(you)(you)效(xiao)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)合(he)。3.2完善(shan)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)體(ti)(ti)系(xi)(xi)。對于(yu)(yu)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)來(lai)說，開(kai)(kai)展(zhan)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)與(yu)(yu)(yu)(yu)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)工(gong)(gong)作(zuo)(zuo)，至(zhi)關重(zhong)要(yao)(yao)(yao)的(de)(de)(de)(de)(de)(de)(de)(de)是(shi)(shi)要(yao)(yao)(yao)構建(jian)(jian)(jian)更(geng)(geng)加(jia)科學和(he)(he)完善(shan)的(de)(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)體(ti)(ti)系(xi)(xi)。這就需(xu)(xu)要(yao)(yao)(yao)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)要(yao)(yao)(yao)從(cong)有(you)(you)(you)利于(yu)(yu)促進自身可(ke)持續發展(zhan)的(de)(de)(de)(de)(de)(de)(de)(de)戰略(lve)高度(du)(du)(du)入(ru)(ru)手，切(qie)實(shi)加(jia)強(qiang)(qiang)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)工(gong)(gong)作(zuo)(zuo)。要(yao)(yao)(yao)進一(yi)(yi)步(bu)健全和(he)(he)完善(shan)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)制(zhi)(zhi)度(du)(du)(du)建(jian)(jian)(jian)設(she)，從(cong)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)特(te)殊性(xing)入(ru)(ru)手，將管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)工(gong)(gong)作(zuo)(zuo)與(yu)(yu)(yu)(yu)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)進行(xing)(xing)(xing)(xing)(xing)(xing)有(you)(you)(you)效(xiao)地(di)(di)(di)(di)(di)(di)(di)結合(he)，努(nu)力(li)構建(jian)(jian)(jian)既具(ju)有(you)(you)(you)針對性(xing)又具(ju)有(you)(you)(you)系(xi)(xi)統性(xing)的(de)(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)制(zhi)(zhi)度(du)(du)(du)，并(bing)加(jia)強(qiang)(qiang)制(zhi)(zhi)度(du)(du)(du)的(de)(de)(de)(de)(de)(de)(de)(de)執(zhi)行(xing)(xing)(xing)(xing)(xing)(xing)力(li)，比如(ru)(ru)可(ke)以(yi)將投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)活動與(yu)(yu)(yu)(yu)績效(xiao)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)進行(xing)(xing)(xing)(xing)(xing)(xing)有(you)(you)(you)效(xiao)結合(he)，并(bing)且(qie)(qie)要(yao)(yao)(yao)建(jian)(jian)(jian)立(li)目標(biao)責任制(zhi)(zhi)度(du)(du)(du)。完善(shan)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)體(ti)(ti)系(xi)(xi)，還要(yao)(yao)(yao)更(geng)(geng)加(jia)高度(du)(du)(du)重(zhong)視金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)組織體(ti)(ti)系(xi)(xi)建(jian)(jian)(jian)設(she)，特(te)別(bie)是(shi)(shi)要(yao)(yao)(yao)將全面(mian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)作(zuo)(zuo)為(wei)重(zhong)要(yao)(yao)(yao)的(de)(de)(de)(de)(de)(de)(de)(de)原(yuan)則(ze)，使各個方(fang)(fang)面(mian)、各個部(bu)門(men)、各層次人(ren)員(yuan)都參與(yu)(yu)(yu)(yu)到(dao)(dao)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)當(dang)(dang)中(zhong)，努(nu)力(li)形(xing)成(cheng)(cheng)合(he)力(li)。3.3優化(hua)(hua)(hua)(hua)(hua)(hua)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)機(ji)制(zhi)(zhi)。由于(yu)(yu)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)面(mian)臨(lin)的(de)(de)(de)(de)(de)(de)(de)(de)最大(da)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)就是(shi)(shi)“債(zhai)(zhai)務風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)”，因而(er)(er)應(ying)當(dang)(dang)建(jian)(jian)(jian)立(li)相(xiang)(xiang)對比較(jiao)完善(shan)的(de)(de)(de)(de)(de)(de)(de)(de)“債(zhai)(zhai)務風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)”等(deng)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)機(ji)制(zhi)(zhi)。比如(ru)(ru)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)為(wei)了更(geng)(geng)加(jia)有(you)(you)(you)效(xiao)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)“債(zhai)(zhai)務風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)”，可(ke)以(yi)采取債(zhai)(zhai)務分類管(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)的(de)(de)(de)(de)(de)(de)(de)(de)方(fang)(fang)式，既要(yao)(yao)(yao)盡量(liang)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)存(cun)量(liang)債(zhai)(zhai)務，又要(yao)(yao)(yao)盡量(liang)減少新增債(zhai)(zhai)務，特(te)別(bie)是(shi)(shi)要(yao)(yao)(yao)從(cong)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)政(zheng)(zheng)府的(de)(de)(de)(de)(de)(de)(de)(de)財政(zheng)(zheng)收(shou)(shou)入(ru)(ru)情況入(ru)(ru)手，強(qiang)(qiang)化(hua)(hua)(hua)(hua)(hua)(hua)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)債(zhai)(zhai)務化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)的(de)(de)(de)(de)(de)(de)(de)(de)有(you)(you)(you)效(xiao)措(cuo)施，并(bing)且(qie)(qie)要(yao)(yao)(yao)多聽取地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)意(yi)見和(he)(he)建(jian)(jian)(jian)議。優化(hua)(hua)(hua)(hua)(hua)(hua)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)機(ji)制(zhi)(zhi)，還要(yao)(yao)(yao)進一(yi)(yi)步(bu)規(gui)范(fan)(fan)(fan)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)行(xing)(xing)(xing)(xing)(xing)(xing)為(wei)，特(te)別(bie)是(shi)(shi)要(yao)(yao)(yao)嚴(yan)格(ge)按照相(xiang)(xiang)關法律(lv)法規(gui)的(de)(de)(de)(de)(de)(de)(de)(de)要(yao)(yao)(yao)求開(kai)(kai)展(zhan)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)活動。要(yao)(yao)(yao)進。一(yi)(yi)步(bu)優化(hua)(hua)(hua)(hua)(hua)(hua)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)監(jian)(jian)督機(ji)制(zhi)(zhi)建(jian)(jian)(jian)設(she)，要(yao)(yao)(yao)對地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)活動進行(xing)(xing)(xing)(xing)(xing)(xing)多層次、立(li)體(ti)(ti)化(hua)(hua)(hua)(hua)(hua)(hua)、全方(fang)(fang)位監(jian)(jian)督，確保地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)效(xiao)率(lv)和(he)(he)效(xiao)益。3.4加(jia)強(qiang)(qiang)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)(jian)測(ce)工(gong)(gong)作(zuo)(zuo)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)在(zai)開(kai)(kai)展(zhan)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)與(yu)(yu)(yu)(yu)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)的(de)(de)(de)(de)(de)(de)(de)(de)過(guo)程(cheng)(cheng)(cheng)中(zhong)，要(yao)(yao)(yao)把加(jia)強(qiang)(qiang)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)(jian)督工(gong)(gong)作(zuo)(zuo)作(zuo)(zuo)為(wei)重(zhong)中(zhong)之(zhi)重(zhong)，只有(you)(you)(you)做好這項(xiang)工(gong)(gong)作(zuo)(zuo)，才能在(zai)防(fang)(fang)(fang)范(fan)(fan)(fan)和(he)(he)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)方(fang)(fang)面(mian)取得更(geng)(geng)好的(de)(de)(de)(de)(de)(de)(de)(de)成(cheng)(cheng)效(xiao)。這就需(xu)(xu)要(yao)(yao)(yao)地(di)(di)(di)(di)(di)(di)(di)方(fang)(fang)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)公(gong)(gong)(gong)司(si)建(jian)(jian)(jian)立(li)相(xiang)(xiang)應(ying)的(de)(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)(jian)測(ce)機(ji)制(zhi)(zhi)，比如(ru)(ru)在(zai)開(kai)(kai)展(zhan)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)活動的(de)(de)(de)(de)(de)(de)(de)(de)過(guo)程(cheng)(cheng)(cheng)中(zhong)，對于(yu)(yu)可(ke)能出(chu)(chu)現的(de)(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)應(ying)當(dang)(dang)做好“風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)點(dian)”監(jian)(jian)測(ce)工(gong)(gong)作(zuo)(zuo)，制(zhi)(zhi)定相(xiang)(xiang)應(ying)的(de)(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)與(yu)(yu)(yu)(yu)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)預案(an)，一(yi)(yi)旦(dan)出(chu)(chu)現金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)可(ke)以(yi)做到(dao)(dao)迅速反應(ying)。加(jia)強(qiang)(qiang)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)監(jian)(jian)測(ce)工(gong)(gong)作(zuo)(zuo)，還要(yao)(yao)(yao)進一(yi)(yi)步(bu)強(qiang)(qiang)化(hua)(hua)(hua)(hua)(hua)(hua)數(shu)據思維，通過(guo)對各類信息和(he)(he)數(shu)據進行(xing)(xing)(xing)(xing)(xing)(xing)收(shou)(shou)集與(yu)(yu)(yu)(yu)分析，找出(chu)(chu)存(cun)在(zai)的(de)(de)(de)(de)(de)(de)(de)(de)薄(bo)弱(ruo)環節，制(zhi)(zhi)定有(you)(you)(you)針對性(xing)的(de)(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)防(fang)(fang)(fang)范(fan)(fan)(fan)與(yu)(yu)(yu)(yu)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)措(cuo)施，并(bing)且(qie)(qie)在(zai)開(kai)(kai)展(zhan)投(tou)(tou)(tou)(tou)(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)活動過(guo)程(cheng)(cheng)(cheng)中(zhong)進行(xing)(xing)(xing)(xing)(xing)(xing)有(you)(you)(you)針對性(xing)的(de)(de)(de)(de)(de)(de)(de)(de)防(fang)(fang)(fang)范(fan)(fan)(fan)與(yu)(yu)(yu)(yu)落(luo)實(shi)，進而(er)(er)能夠有(you)(you)(you)效(xiao)地(di)(di)(di)(di)(di)(di)(di)化(hua)(hua)(hua)(hua)(hua)(hua)解(jie)(jie)(jie)(jie)各類潛在(zai)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)。

綜(zong)上所述，作為(wei)(wei)為(wei)(wei)地(di)(di)方(fang)(fang)經濟(ji)發(fa)(fa)(fa)展提(ti)供(gong)資(zi)金(jin)(jin)支撐的(de)(de)地(di)(di)方(fang)(fang)投融(rong)(rong)(rong)(rong)資(zi)平(ping)(ping)臺(tai)公司(si)(si)，盡管(guan)已經成為(wei)(wei)市場主體，但由于很(hen)多(duo)(duo)地(di)(di)方(fang)(fang)投融(rong)(rong)(rong)(rong)資(zi)平(ping)(ping)臺(tai)公司(si)(si)具有一定的(de)(de)行政(zheng)化(hua)特點(dian)，還沒(mei)有將(jiang)自身的(de)(de)發(fa)(fa)(fa)展與(yu)市場進行有效對接(jie)，這也(ye)直接(jie)導(dao)致地(di)(di)方(fang)(fang)投融(rong)(rong)(rong)(rong)資(zi)平(ping)(ping)臺(tai)公司(si)(si)面臨(lin)更多(duo)(duo)金(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)，但目前很(hen)多(duo)(duo)地(di)(di)方(fang)(fang)投融(rong)(rong)(rong)(rong)資(zi)平(ping)(ping)臺(tai)公司(si)(si)還沒(mei)有深(shen)刻(ke)認識到加(jia)強(qiang)金(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)防范與(yu)化(hua)解(jie)(jie)重(zhong)要(yao)(yao)性的(de)(de)認識，積(ji)極探索防范和(he)化(hua)解(jie)(jie)金(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)的(de)(de)有效模式，重(zhong)點(dian)要(yao)(yao)在強(qiang)化(hua)金(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)防范意識、完善金(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)管(guan)理體系、優化(hua)金(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)化(hua)解(jie)(jie)機(ji)制、加(jia)強(qiang)金(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)監測工(gong)作等諸多(duo)(duo)方(fang)(fang)面取得突破，努力使地(di)(di)方(fang)(fang)投融(rong)(rong)(rong)(rong)資(zi)平(ping)(ping)臺(tai)公司(si)(si)科學和(he)健康發(fa)(fa)(fa)展。

參考文獻

[1]薛(xue)眉眉.地方政府(fu)融(rong)資平臺風險管理研究(jiu)[D].揚州:揚州大學,2018.

篇3

地方(fang)政(zheng)府(fu)通過組建(jian)(jian)(jian)融(rong)(rong)(rong)資(zi)平臺(tai)進(jin)行(xing)城市基(ji)礎設施建(jian)(jian)(jian)設方(fang)面的(de)(de)融(rong)(rong)(rong)資(zi)由來已久，但投(tou)融(rong)(rong)(rong)資(zi)平臺(tai)發(fa)(fa)揮主導作用則是(shi)從2008年應(ying)對金融(rong)(rong)(rong)危機的(de)(de)沖擊開始。2009年初中(zhong)國人民銀(yin)行(xing)與中(zhong)國銀(yin)行(xing)業監督(du)管理委員會聯合《關于進(jin)一步加(jia)強信貸結(jie)構(gou)調整促(cu)進(jin)國民經濟平穩較快發(fa)(fa)展的(de)(de)指導意見(jian)》，提出“支持有(you)條件的(de)(de)地方(fang)政(zheng)府(fu)組建(jian)(jian)(jian)投(tou)融(rong)(rong)(rong)資(zi)平臺(tai)，發(fa)(fa)行(xing)企業債(zhai)、中(zhong)期(qi)票據等融(rong)(rong)(rong)資(zi)工具，拓寬中(zhong)央政(zheng)府(fu)投(tou)資(zi)項目的(de)(de)配套資(zi)金融(rong)(rong)(rong)資(zi)渠(qu)道”，這被視為對地方(fang)政(zheng)府(fu)組建(jian)(jian)(jian)投(tou)融(rong)(rong)(rong)資(zi)平臺(tai)的(de)(de)肯定和鼓(gu)勵。

隨著地(di)(di)方(fang)政(zheng)府融(rong)資(zi)平(ping)(ping)臺(tai)(tai)的(de)(de)(de)數(shu)量和(he)融(rong)資(zi)規模的(de)(de)(de)飛速發展(zhan)，其(qi)潛在風險引起管(guan)理部門的(de)(de)(de)高度重視。為有效防范財(cai)政(zheng)金(jin)融(rong)風險，加強對地(di)(di)方(fang)政(zheng)府融(rong)資(zi)平(ping)(ping)臺(tai)(tai)公(gong)司的(de)(de)(de)管(guan)理，2010年6月國(guo)務院了《關于(yu)加強地(di)(di)方(fang)政(zheng)府融(rong)資(zi)平(ping)(ping)臺(tai)(tai)公(gong)司管(guan)理有關問題》的(de)(de)(de)通知，這體現了管(guan)理部門在肯定地(di)(di)方(fang)融(rong)資(zi)平(ping)(ping)臺(tai)(tai)公(gong)司應對國(guo)際金(jin)融(rong)危機中(zhong)發揮(hui)積極作用的(de)(de)(de)同時，也關注其(qi)亟需解決的(de)(de)(de)問題。

本文通過對某地區融資平臺公司的(de)調研(yan)，對其面(mian)臨的(de)問(wen)題進(jin)(jin)行剖析，進(jin)(jin)而提出政策建議，以促進(jin)(jin)其規范發展。

二、地方(fang)政(zheng)府(fu)融(rong)資平臺的(de)基本(ben)情況

1、融資平臺主要集中在(zai)區縣，但融資總額各區縣相差較大(da)

在(zai)(zai)該地(di)區(qu)(qu)可(ke)以(yi)界定為(wei)政府融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)平(ping)(ping)臺的公(gong)司(si)中，23%的融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)平(ping)(ping)臺公(gong)司(si)隸(li)屬(shu)于(yu)市(shi)本(ben)級(ji)(ji)，77%的融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)平(ping)(ping)臺公(gong)司(si)隸(li)屬(shu)于(yu)區(qu)(qu)縣(xian)級(ji)(ji)。在(zai)(zai)該地(di)區(qu)(qu)的融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)金額(e)中，64%的資(zi)(zi)(zi)金為(wei)市(shi)本(ben)級(ji)(ji)的融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)平(ping)(ping)臺公(gong)司(si)所融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)，36%的資(zi)(zi)(zi)金為(wei)區(qu)(qu)縣(xian)級(ji)(ji)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)平(ping)(ping)臺公(gong)司(si)所融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)，在(zai)(zai)區(qu)(qu)縣(xian)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)的總額(e)中，融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)最多的區(qu)(qu)縣(xian)占區(qu)(qu)縣(xian)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)總額(e)的33%，融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)最少(shao)的區(qu)(qu)縣(xian)僅占區(qu)(qu)縣(xian)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)總額(e)的0.8%。

2、資金主(zhu)要投向公益(yi)性(xing)項目，且以基礎設施為主(zhu)

目(mu)前，融資(zi)(zi)平(ping)臺(tai)公(gong)(gong)(gong)司所籌(chou)資(zi)(zi)金(jin)(jin)用(yong)(yong)于(yu)(yu)公(gong)(gong)(gong)益性(xing)(xing)項(xiang)目(mu)的(de)(de)資(zi)(zi)金(jin)(jin)占融資(zi)(zi)總額的(de)(de)59%，用(yong)(yong)于(yu)(yu)準公(gong)(gong)(gong)益性(xing)(xing)項(xiang)目(mu)的(de)(de)資(zi)(zi)金(jin)(jin)占融資(zi)(zi)總額的(de)(de)22%，用(yong)(yong)于(yu)(yu)非公(gong)(gong)(gong)益性(xing)(xing)項(xiang)目(mu)的(de)(de)資(zi)(zi)金(jin)(jin)占融資(zi)(zi)總額的(de)(de)19%，由此可見(jian)，融資(zi)(zi)平(ping)臺(tai)公(gong)(gong)(gong)司所籌(chou)資(zi)(zi)金(jin)(jin)的(de)(de)81%用(yong)(yong)于(yu)(yu)公(gong)(gong)(gong)益性(xing)(xing)和(he)準公(gong)(gong)(gong)益性(xing)(xing)項(xiang)目(mu)。在用(yong)(yong)于(yu)(yu)公(gong)(gong)(gong)益性(xing)(xing)項(xiang)目(mu)的(de)(de)資(zi)(zi)金(jin)(jin)中57%投向(xiang)基礎設施(shi)建設領域。

3、融資(zi)方式單一，且融資(zi)期限較長(chang)

截至2010年(nian)3月，融(rong)資(zi)平臺(tai)公司通過銀行貸(dai)款(kuan)(kuan)(kuan)方式(shi)所獲取資(zi)金占融(rong)資(zi)總(zong)額的(de)(de)85%，其他方式(shi)融(rong)資(zi)僅為融(rong)資(zi)總(zong)額的(de)(de)15%。在(zai)通過銀行貸(dai)款(kuan)(kuan)(kuan)所籌資(zi)金中中長(chang)期貸(dai)款(kuan)(kuan)(kuan)占全部(bu)貸(dai)款(kuan)(kuan)(kuan)的(de)(de)84.69%，短期貸(dai)款(kuan)(kuan)(kuan)僅為全部(bu)貸(dai)款(kuan)(kuan)(kuan)的(de)(de)15.31%。

4、融資平臺盈利能(neng)力較差(cha)，還款以政府性(xing)資金(jin)為主

從某地區的(de)調(diao)研(yan)情況(kuang)來看，該地區政(zheng)府(fu)融(rong)資平(ping)(ping)臺(tai)(tai)公司的(de)凈(jing)資產收(shou)益率僅為(wei)4%，低(di)于全國(guo)同(tong)行業的(de)平(ping)(ping)均值。融(rong)資平(ping)(ping)臺(tai)(tai)公司只能依靠政(zheng)府(fu)資金(jin)來償還(huan)剩余(yu)的(de)銀行貸款(kuan)，需要(yao)政(zheng)府(fu)還(huan)款(kuan)的(de)金(jin)額(e)(e)占(zhan)(zhan)總額(e)(e)的(de)47.67%，項目收(shou)益還(huan)款(kuan)占(zhan)(zhan)總額(e)(e)的(de)36.7%，單位自有(you)收(shou)入還(huan)款(kuan)占(zhan)(zhan)總額(e)(e)的(de)15.63%。

三、地(di)方政府融資(zi)平臺面(mian)臨的問題(ti)

1、宏觀經濟方面

（1）政(zheng)(zheng)策規(gui)(gui)定強調整齊(qi)劃一，未能體現地(di)(di)(di)區(qu)特點。從目前國(guo)家頒布的有關地(di)(di)(di)方政(zheng)(zheng)府(fu)融資(zi)平臺(tai)政(zheng)(zheng)策來看，在文件中關于地(di)(di)(di)方政(zheng)(zheng)府(fu)融資(zi)平臺(tai)的相關管(guan)理(li)規(gui)(gui)范及(ji)建議，都是采用(yong)全國(guo)統一的標準，沒有將各地(di)(di)(di)區(qu)經濟(ji)發展的不同狀況及(ji)職(zhi)能一并進行考慮。根據(ju)這種統一標準的政(zheng)(zheng)策來規(gui)(gui)范地(di)(di)(di)方政(zheng)(zheng)府(fu)融資(zi)平臺(tai)必然(ran)會(hui)造成某些地(di)(di)(di)區(qu)管(guan)理(li)上(shang)的扭曲。

（2）政策(ce)變(bian)動(dong)(dong)頻繁(fan)，影響融(rong)資(zi)平(ping)(ping)臺的(de)(de)預期(qi)(qi)。2008年(nian)(nian)底為應對(dui)金融(rong)危機的(de)(de)沖擊，中(zhong)國(guo)人民(min)(min)銀行和中(zhong)國(guo)銀監會聯合了《關于進一步加強(qiang)信(xin)貸結(jie)構(gou)調(diao)整(zheng)促進國(guo)民(min)(min)經濟平(ping)(ping)穩較快發展的(de)(de)指導(dao)意見》，該意見被視為鼓勵地(di)方政府(fu)組建融(rong)資(zi)平(ping)(ping)臺。時(shi)(shi)隔一年(nian)(nian)，國(guo)家有(you)關部門又出臺了對(dui)地(di)方政府(fu)融(rong)資(zi)平(ping)(ping)臺的(de)(de)清理規范(fan)。在這短(duan)短(duan)的(de)(de)一年(nian)(nian)時(shi)(shi)間內，前后政策(ce)變(bian)動(dong)(dong)使(shi)(shi)得地(di)方融(rong)資(zi)平(ping)(ping)臺處在“冰火兩重(zhong)天”之中(zhong)。政策(ce)的(de)(de)這種逆轉(zhuan)式變(bian)動(dong)(dong)，會嚴重(zhong)影響地(di)方融(rong)資(zi)平(ping)(ping)臺的(de)(de)預期(qi)(qi)，使(shi)(shi)其無所適從。

（3）貨(huo)幣政策趨緊，后續(xu)融(rong)資(zi)不足。“十二五(wu)”期間，我國(guo)宏觀經濟政策從(cong)(cong)“保(bao)增(zeng)長(chang)”向“促轉(zhuan)型(xing)”轉(zhuan)變(bian)(bian)。貨(huo)幣政策由適(shi)度(du)(du)寬(kuan)松(song)變(bian)(bian)為穩健，這表明未來五(wu)年(nian)，我國(guo)貨(huo)幣信(xin)貸(dai)(dai)的增(zeng)速(su)將(jiang)會放緩。同時，銀(yin)監會要求各商業銀(yin)行在貨(huo)幣從(cong)(cong)緊的背景下，要確保(bao)全(quan)年(nian)的小(xiao)企業貸(dai)(dai)款增(zeng)幅(fu)不低于本機構當年(nian)全(quan)部貸(dai)(dai)款的平(ping)(ping)均增(zeng)長(chang)速(su)度(du)(du)。由此可見，政府融(rong)資(zi)平(ping)(ping)臺的信(xin)貸(dai)(dai)額度(du)(du)將(jiang)會減少，這在一定程度(du)(du)上(shang)會導致(zhi)融(rong)資(zi)平(ping)(ping)臺公(gong)司在建項目的后續(xu)資(zi)金供(gong)給不足。

2、銀行系統方面

（1）銀行(xing)收(shou)(shou)益(yi)壓力大，貸(dai)(dai)款金額迅速膨脹。大多數商業銀行(xing)的收(shou)(shou)入(ru)(ru)還嚴重依賴息(xi)差(cha)，凈利(li)息(xi)收(shou)(shou)入(ru)(ru)在銀行(xing)營業收(shou)(shou)入(ru)(ru)中所占比重平(ping)均(jun)高達83.74%。商業銀行(xing)要保(bao)持收(shou)(shou)入(ru)(ru)增長(chang)就(jiu)(jiu)必須擴大信貸(dai)(dai)規模(mo)，以(yi)量(liang)保(bao)利(li)。2009年以(yi)來地方(fang)政(zheng)府(fu)融(rong)資平(ping)臺需要大量(liang)資金的同(tong)時，商業銀行(xing)為(wei)了(le)保(bao)證收(shou)(shou)益(yi)需要大量(liang)放貸(dai)(dai)，二者一拍即合，這(zhe)就(jiu)(jiu)造就(jiu)(jiu)了(le)2009年地方(fang)政(zheng)府(fu)融(rong)資平(ping)臺的貸(dai)(dai)款金額急劇增加。

（2）銀(yin)行(xing)(xing)風(feng)(feng)險控(kong)制(zhi)嚴(yan)格(ge)，政(zheng)府(fu)(fu)(fu)貸(dai)款(kuan)(kuan)有保障。我國的(de)(de)銀(yin)行(xing)(xing)監(jian)管(guan)(guan)體系一直將商業銀(yin)行(xing)(xing)的(de)(de)風(feng)(feng)險控(kong)制(zhi)放在首位。雖然大多數企業經(jing)營面臨資(zi)金壓力(li)，但依托政(zheng)府(fu)(fu)(fu)信用的(de)(de)地方財政(zheng)，包括其直接擔保或(huo)隱性擔保的(de)(de)政(zheng)府(fu)(fu)(fu)融(rong)資(zi)平(ping)臺(tai)，成為商業銀(yin)行(xing)(xing)唯(wei)一可(ke)以信賴的(de)(de)對(dui)(dui)象。為了能(neng)夠吸引政(zheng)府(fu)(fu)(fu)融(rong)資(zi)平(ping)臺(tai)的(de)(de)貸(dai)款(kuan)(kuan)，各商業銀(yin)行(xing)(xing)對(dui)(dui)政(zheng)策(ce)的(de)(de)把(ba)握不同(tong)，放貸(dai)標(biao)準也不同(tong)，行(xing)(xing)業內(nei)的(de)(de)不規范競(jing)爭問題(ti)嚴(yan)重(zhong)，而(er)政(zheng)府(fu)(fu)(fu)融(rong)資(zi)平(ping)臺(tai)傾向于選擇條件寬松(song)的(de)(de)銀(yin)行(xing)(xing)作為合作對(dui)(dui)象，這些反而(er)不利于銀(yin)行(xing)(xing)信貸(dai)風(feng)(feng)險的(de)(de)管(guan)(guan)理(li)和控(kong)制(zhi)。

（3）監(jian)管不(bu)力，存在(zai)多頭(tou)放貸(dai)(dai)。由于地(di)方政(zheng)(zheng)(zheng)府(fu)(fu)(fu)融(rong)(rong)資(zi)平(ping)臺(tai)(tai)的貸(dai)(dai)款(kuan)(kuan)(kuan)期限較長，且(qie)有政(zheng)(zheng)(zheng)府(fu)(fu)(fu)背景，銀(yin)行(xing)(xing)與政(zheng)(zheng)(zheng)府(fu)(fu)(fu)融(rong)(rong)資(zi)平(ping)臺(tai)(tai)之間地(di)位不(bu)對等，信(xin)息不(bu)對稱。銀(yin)行(xing)(xing)對政(zheng)(zheng)(zheng)府(fu)(fu)(fu)融(rong)(rong)資(zi)平(ping)臺(tai)(tai)貸(dai)(dai)前(qian)調查和(he)貸(dai)(dai)后資(zi)金監(jian)控困難，政(zheng)(zheng)(zheng)府(fu)(fu)(fu)融(rong)(rong)資(zi)平(ping)臺(tai)(tai)間相(xiang)互擔保(bao)問題普遍(bian)，這雖然既(ji)滿(man)(man)足(zu)了銀(yin)行(xing)(xing)貸(dai)(dai)款(kuan)(kuan)(kuan)擔保(bao)的要(yao)求，也滿(man)(man)足(zu)了政(zheng)(zheng)(zheng)府(fu)(fu)(fu)融(rong)(rong)資(zi)平(ping)臺(tai)(tai)融(rong)(rong)資(zi)的需要(yao)，但是這種擔保(bao)必然會對以后的還款(kuan)(kuan)(kuan)產(chan)生影(ying)響。同時(shi)(shi)，一個政(zheng)(zheng)(zheng)府(fu)(fu)(fu)融(rong)(rong)資(zi)平(ping)臺(tai)(tai)往往同時(shi)(shi)運作多個項目(mu)，在(zai)多家銀(yin)行(xing)(xing)都有貸(dai)(dai)款(kuan)(kuan)(kuan)，存在(zai)多頭(tou)放貸(dai)(dai)現象。

（4）還(huan)(huan)(huan)(huan)款(kuan)(kuan)(kuan)(kuan)過于依賴政(zheng)府，風(feng)險加(jia)大。根據對某地區(qu)的(de)(de)(de)五(wu)家(jia)重點融資(zi)單位的(de)(de)(de)調查，截止到2010年3月需(xu)財政(zheng)資(zi)金(jin)(jin)還(huan)(huan)(huan)(huan)款(kuan)(kuan)(kuan)(kuan)的(de)(de)(de)金(jin)(jin)額(e)(e)占(zhan)貸(dai)款(kuan)(kuan)(kuan)(kuan)總(zong)額(e)(e)的(de)(de)(de)85.3%；銀(yin)行貸(dai)款(kuan)(kuan)(kuan)(kuan)還(huan)(huan)(huan)(huan)款(kuan)(kuan)(kuan)(kuan)的(de)(de)(de)金(jin)(jin)額(e)(e)占(zhan)貸(dai)款(kuan)(kuan)(kuan)(kuan)總(zong)額(e)(e)的(de)(de)(de)7.0%；單位自有收益(yi)還(huan)(huan)(huan)(huan)款(kuan)(kuan)(kuan)(kuan)的(de)(de)(de)金(jin)(jin)額(e)(e)占(zhan)貸(dai)款(kuan)(kuan)(kuan)(kuan)總(zong)額(e)(e)的(de)(de)(de)6.6%；企業債(zhai)(zhai)還(huan)(huan)(huan)(huan)款(kuan)(kuan)(kuan)(kuan)的(de)(de)(de)金(jin)(jin)額(e)(e)占(zhan)貸(dai)款(kuan)(kuan)(kuan)(kuan)總(zong)額(e)(e)的(de)(de)(de)1.1%。可(ke)以(yi)(yi)看出(chu)，需(xu)要由財政(zheng)性(xing)資(zi)金(jin)(jin)還(huan)(huan)(huan)(huan)款(kuan)(kuan)(kuan)(kuan)額(e)(e)度約占(zhan)全部還(huan)(huan)(huan)(huan)款(kuan)(kuan)(kuan)(kuan)額(e)(e)的(de)(de)(de)八成以(yi)(yi)上(shang)，債(zhai)(zhai)務風(feng)險高度集中(zhong)。加(jia)上(shang)各區(qu)縣土儲(chu)分中(zhong)心的(de)(de)(de)債(zhai)(zhai)務，政(zheng)府還(huan)(huan)(huan)(huan)款(kuan)(kuan)(kuan)(kuan)壓力將(jiang)進一步加(jia)大，必(bi)然導致債(zhai)(zhai)務風(feng)險的(de)(de)(de)加(jia)大。

3、融資平臺方面

（1）融(rong)(rong)(rong)資(zi)(zi)平臺各自(zi)(zi)為政(zheng)(zheng)(zheng)，缺(que)乏(fa)總(zong)體規劃(hua)。隨(sui)著城(cheng)市化建(jian)(jian)設(she)進程的(de)加速，在資(zi)(zi)金需求壓力下，政(zheng)(zheng)(zheng)府融(rong)(rong)(rong)資(zi)(zi)平臺“各顯神(shen)通”，自(zi)(zi)行融(rong)(rong)(rong)資(zi)(zi)。目前該(gai)地區政(zheng)(zheng)(zheng)府融(rong)(rong)(rong)資(zi)(zi)平臺存在各自(zi)(zi)為政(zheng)(zheng)(zheng)、一(yi)事一(yi)議的(de)現象(xiang)，缺(que)乏(fa)整體規劃(hua)、統(tong)(tong)一(yi)管(guan)理(li)(li)、統(tong)(tong)一(yi)的(de)年(nian)度融(rong)(rong)(rong)資(zi)(zi)和(he)債務(wu)(wu)收支(zhi)計劃(hua)。各融(rong)(rong)(rong)資(zi)(zi)單位根據建(jian)(jian)設(she)任務(wu)(wu)、資(zi)(zi)金需求和(he)融(rong)(rong)(rong)資(zi)(zi)能力，自(zi)(zi)行確定(ding)融(rong)(rong)(rong)資(zi)(zi)規模(mo)，自(zi)(zi)行籌集資(zi)(zi)金，游離(li)于政(zheng)(zheng)(zheng)府債務(wu)(wu)管(guan)理(li)(li)體系(xi)的(de)監督，政(zheng)(zheng)(zheng)府無(wu)法(fa)全(quan)面掌控(kong)和(he)統(tong)(tong)籌管(guan)理(li)(li)，導致應由(you)政(zheng)(zheng)(zheng)府承擔還款(kuan)責(ze)任的(de)債務(wu)(wu)不能實現完全(quan)意(yi)義上的(de)財政(zheng)(zheng)(zheng)部門(men)綜合控(kong)制(zhi)，由(you)此導致政(zheng)(zheng)(zheng)府債務(wu)(wu)風險(xian)被放大。

（2）融(rong)(rong)資(zi)渠道(dao)(dao)單一，融(rong)(rong)資(zi)成(cheng)本增加。目前，政(zheng)府城(cheng)建(jian)資(zi)金的(de)(de)融(rong)(rong)資(zi)渠道(dao)(dao)主(zhu)要局限于(yu)銀(yin)行(xing)信貸和財政(zheng)撥款兩種(zhong)方式。由于(yu)我國地方政(zheng)府的(de)(de)財權(quan)和事權(quan)不(bu)匹(pi)配(pei)，導(dao)致(zhi)地方財政(zheng)沒有(you)過多(duo)的(de)(de)資(zi)金投入到城(cheng)市(shi)建(jian)設當中(zhong)，而在其融(rong)(rong)資(zi)結構中(zhong)，銀(yin)行(xing)信貸的(de)(de)比重卻較(jiao)大。這(zhe)就使得地方政(zheng)府在融(rong)(rong)資(zi)渠道(dao)(dao)單一的(de)(de)現狀下(xia)，資(zi)金需(xu)求難以為(wei)繼，與地方城(cheng)建(jian)投資(zi)規模日益擴(kuo)大，資(zi)金需(xu)求量不(bu)斷上(shang)升形(xing)成(cheng)明顯的(de)(de)對立(li)，融(rong)(rong)資(zi)壓力將不(bu)斷擴(kuo)大。

此外(wai)，地方(fang)政府(fu)投融(rong)(rong)(rong)(rong)資(zi)平臺采用的(de)銀行貸款這種(zhong)間(jian)接融(rong)(rong)(rong)(rong)資(zi)方(fang)式(shi)，其融(rong)(rong)(rong)(rong)資(zi)成(cheng)本(ben)相對于發行企業債券(quan)、中期(qi)票據(ju)等較高，未能充分發揮具有政府(fu)背景的(de)投融(rong)(rong)(rong)(rong)資(zi)平臺直接融(rong)(rong)(rong)(rong)資(zi)成(cheng)本(ben)低的(de)優勢(shi)。同時(shi)，由于存在多個職(zhi)能相近的(de)融(rong)(rong)(rong)(rong)資(zi)平臺，也會分散(san)政府(fu)資(zi)源、增(zeng)大局部風險。

（3）融(rong)資(zi)(zi)平臺債(zhai)(zhai)務(wu)(wu)管理不規范(fan)，缺乏風(feng)(feng)險應(ying)急(ji)機制。從目(mu)前政(zheng)府債(zhai)(zhai)務(wu)(wu)和(he)融(rong)資(zi)(zi)初步核查情況看，政(zheng)府債(zhai)(zhai)務(wu)(wu)專網中的統(tong)(tong)計數據(ju)只(zhi)是(shi)全部債(zhai)(zhai)務(wu)(wu)余額的一(yi)部分，還有(you)不少實際應(ying)由政(zheng)府承擔的債(zhai)(zhai)務(wu)(wu)并未統(tong)(tong)計在內(nei)，且(qie)對潛(qian)在風(feng)(feng)險的應(ying)急(ji)機制尚(shang)未形成。

（4）平(ping)(ping)臺(tai)資(zi)產以土(tu)地為主(zhu)，還(huan)款能力與還(huan)款期(qi)限錯位。政府融資(zi)平(ping)(ping)臺(tai)的(de)資(zi)金是以土(tu)地為抵(di)押(ya)進行的(de)借款，土(tu)地的(de)變現能力和(he)流動(dong)性不(bu)強。由于多數(shu)政府融資(zi)平(ping)(ping)臺(tai)所投資(zi)的(de)項目(mu)具(ju)有公(gong)益性，其還(huan)款來源主(zhu)要依靠土(tu)地的(de)變現，然(ran)而在(zai)還(huan)款期(qi)內，投資(zi)項目(mu)相關土(tu)地出讓難以實現，打破了原有的(de)還(huan)貸對(dui)應關系。

四、政策建議

1、明確地方政府與融資平(ping)臺(tai)的責任

要杜絕地方(fang)政(zheng)府融(rong)資(zi)(zi)平(ping)(ping)臺間的相互擔保現象，地方(fang)政(zheng)府與融(rong)資(zi)(zi)平(ping)(ping)臺之間可以采取委(wei)托關系，對(dui)不同類(lei)型城建項(xiang)目的融(rong)資(zi)(zi)平(ping)(ping)臺進(jin)行分類(lei)管理(li)，通(tong)過(guo)引(yin)進(jin)民間資(zi)(zi)本等(deng)途徑(jing)，促進(jin)投(tou)(tou)(tou)資(zi)(zi)主體(ti)的多元化(hua)，改善股(gu)權結(jie)構。在全面(mian)了解政(zheng)府投(tou)(tou)(tou)融(rong)資(zi)(zi)需求的基礎(chu)上，將融(rong)資(zi)(zi)計(ji)劃與財政(zheng)中長期(qi)預算(suan)平(ping)(ping)衡理(li)念(nian)相結(jie)合，根(gen)據(ju)財力增長情況估(gu)算(suan)當期(qi)合理(li)的融(rong)資(zi)(zi)規模；提出科學的融(rong)資(zi)(zi)建議、整體(ti)的融(rong)資(zi)(zi)計(ji)劃，協調各部門，監督(du)指導重(zhong)大投(tou)(tou)(tou)融(rong)資(zi)(zi)活動(dong)。

因此，應由財政部(bu)門(men)(men)牽頭，制定(ding)加(jia)(jia)強政府融(rong)資平臺的管(guan)理意見，明確各(ge)部(bu)門(men)(men)的管(guan)理職(zhi)責。財政部(bu)門(men)(men)要(yao)逐(zhu)步實行債務收支和(he)政府債務預算管(guan)理，要(yao)與財政中長期預算平衡計劃相結合(he)，統籌安(an)排融(rong)資預算。融(rong)資平臺公(gong)司要(yao)實行專戶管(guan)理、專賬核算，定(ding)期將項目資金使用情況報送(song)財政部(bu)門(men)(men)。加(jia)(jia)強各(ge)部(bu)門(men)(men)之間的協調配合(he)，構建有(you)序(xu)管(guan)理的高效機制。

2、加強金融機構對融資平臺的信(xin)貸監督

現階段，銀行業金融(rong)(rong)機(ji)構要(yao)保(bao)持貨幣信貸(dai)政策的(de)相對(dui)獨立，加強對(dui)融(rong)(rong)資(zi)平臺公司的(de)放貸(dai)管理(li)，重(zhong)點從以下方面(mian)著手。

首先(xian)，由市金(jin)融(rong)(rong)(rong)(rong)局牽頭，引導和(he)協調(diao)各金(jin)融(rong)(rong)(rong)(rong)機(ji)構，對(dui)(dui)(dui)各項融(rong)(rong)(rong)(rong)資(zi)進行(xing)(xing)審(shen)慎處理(li)，保(bao)證政府(fu)重點項目資(zi)金(jin)鏈的完整。對(dui)(dui)(dui)符合地(di)方(fang)發展長遠利(li)益(yi)的融(rong)(rong)(rong)(rong)資(zi)項目，應按(an)照信(xin)貸(dai)(dai)規(gui)定(ding)(ding)，盡可(ke)(ke)(ke)能(neng)予以資(zi)金(jin)支持。其(qi)次，審(shen)慎評估(gu)地(di)方(fang)財政未來融(rong)(rong)(rong)(rong)資(zi)能(neng)力和(he)償債(zhai)能(neng)力。不僅要看準(zhun)確反映(ying)當地(di)經濟發展速度、質(zhi)量和(he)效益(yi)的若干重要量化指標(biao)，更要關(guan)注政府(fu)對(dui)(dui)(dui)資(zi)源使用的效率和(he)可(ke)(ke)(ke)持續性。再次，穩妥確定(ding)(ding)授信(xin)額度和(he)貸(dai)(dai)款發放(fang)。對(dui)(dui)(dui)地(di)方(fang)政府(fu)融(rong)(rong)(rong)(rong)資(zi)平臺貸(dai)(dai)款規(gui)模實行(xing)(xing)總量控(kong)(kong)制，按(an)一定(ding)(ding)比例計算(suan)設(she)定(ding)(ding)融(rong)(rong)(rong)(rong)資(zi)總量限額，杜絕其(qi)過度融(rong)(rong)(rong)(rong)資(zi)。最后，金(jin)融(rong)(rong)(rong)(rong)監管(guan)部門應加(jia)快制定(ding)(ding)防范融(rong)(rong)(rong)(rong)資(zi)平臺風(feng)險(xian)的統(tong)一行(xing)(xing)業標(biao)準(zhun)，確保(bao)風(feng)險(xian)可(ke)(ke)(ke)控(kong)(kong)。銀(yin)行(xing)(xing)金(jin)融(rong)(rong)(rong)(rong)機(ji)構應增強風(feng)險(xian)調(diao)控(kong)(kong)意識，加(jia)強貸(dai)(dai)前(qian)、貸(dai)(dai)中、貸(dai)(dai)后管(guan)理(li)和(he)自律，防止(zhi)出現信(xin)貸(dai)(dai)風(feng)險(xian)。

3、規范債(zhai)務管理，完善政府債(zhai)務風(feng)險(xian)監(jian)管體系

篇4

關鍵詞(ci)：國有融資平臺資產管(guan)理；問題；措(cuo)施

中(zhong)圖分類號(hao)：F540.34 文獻標識(shi)碼：A 文章(zhang)編號(hao)：1001-828X（2015）003-000-02

面(mian)對國有融資(zi)(zi)平臺(tai)公司的(de)資(zi)(zi)產管(guan)理這一課(ke)題(ti)(ti)，我(wo)們要(yao)建(jian)立建(jian)全國有資(zi)(zi)產融資(zi)(zi)平臺(tai)，對國有融資(zi)(zi)平臺(tai)公司的(de)資(zi)(zi)產要(yao)加強(qiang)管(guan)理。這不但是一課(ke)題(ti)(ti)，更(geng)是一難(nan)題(ti)(ti)。對其資(zi)(zi)產要(yao)確保能(neng)夠實現保值增值，以此來(lai)增強(qiang)政(zheng)府性的(de)融資(zi)(zi)能(neng)力，同時還能(neng)增加國資(zi)(zi)收入，并對財政(zheng)壓力的(de)減輕有著重要(yao)的(de)意(yi)義。

一、目前，國有融資(zi)平臺企業在資(zi)產管理中存在的(de)問題(ti)與(yu)不足(zu)

（一）資產(chan)的粗放化管理， 導致嚴(yan)重的流(liu)失與損壞

國有(you)融資(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺企業的(de)(de)(de)(de)(de)(de)意識不(bu)到位，管理部門的(de)(de)(de)(de)(de)(de)理解(jie)不(bu)深刻，使(shi)資(zi)(zi)(zi)(zi)(zi)產(chan)管理制(zhi)度遲遲不(bu)能(neng)建(jian)立和未能(neng)進一步將財產(chan)管理制(zhi)度盡(jin)善盡(jin)美(mei)，導(dao)致資(zi)(zi)(zi)(zi)(zi)產(chan)的(de)(de)(de)(de)(de)(de)粗放(fang)化的(de)(de)(de)(de)(de)(de)管理， 和嚴(yan)重的(de)(de)(de)(de)(de)(de)流(liu)失與(yu)損壞。其(qi)主(zhu)要體現在(zai)以下兩個(ge)方面：其(qi)一，是資(zi)(zi)(zi)(zi)(zi)產(chan)處置(zhi)隨意， 國有(you)融資(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺企業對資(zi)(zi)(zi)(zi)(zi)產(chan)的(de)(de)(de)(de)(de)(de)管理沒有(you)一個(ge)規范化、公正(zheng)化的(de)(de)(de)(de)(de)(de)審批(pi)程(cheng)序。在(zai)這一環節中，其(qi)普遍存在(zai)低價(jia)處理與(yu)無償借(jie)貸(dai)和擔保的(de)(de)(de)(de)(de)(de)情形，且處置(zhi)資(zi)(zi)(zi)(zi)(zi)產(chan)的(de)(de)(de)(de)(de)(de)收入通過(guo)職工福利的(de)(de)(de)(de)(de)(de)渠道，把國有(you)資(zi)(zi)(zi)(zi)(zi)產(chan)變(bian)更為(wei)私有(you)資(zi)(zi)(zi)(zi)(zi)產(chan)，導(dao)致大(da)量的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)產(chan)流(liu)失。其(qi)二，是資(zi)(zi)(zi)(zi)(zi)產(chan)有(you)效保管的(de)(de)(de)(de)(de)(de)缺(que)失和合理使(shi)用(yong)的(de)(de)(de)(de)(de)(de)程(cheng)度過(guo)低， 較高(gao)比重的(de)(de)(de)(de)(de)(de)國有(you)資(zi)(zi)(zi)(zi)(zi)產(chan)的(de)(de)(de)(de)(de)(de)丟失與(yu)損壞，使(shi)資(zi)(zi)(zi)(zi)(zi)產(chan)的(de)(de)(de)(de)(de)(de)實際使(shi)用(yong)壽(shou)命(ming)降低；同時，日新月異的(de)(de)(de)(de)(de)(de)更新換代速度， 導(dao)致國有(you)融資(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺公司的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)產(chan)大(da)量浪費(fei)。

（二(er)）低效率的資金使用

國(guo)有(you)(you)投(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平臺公(gong)司(si)因(yin)其(qi)特殊性(xing)，使其(qi)忽略了融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)能(neng)力的(de)(de)(de)(de)(de)(de)(de)可持續性(xing)發展的(de)(de)(de)(de)(de)(de)(de)建設(she)。其(qi)主要表現(xian)在，國(guo)有(you)(you)投(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)公(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)產負債率(lv)一(yi)般較高，然(ran)而(er)凈(jing)資(zi)(zi)(zi)(zi)(zi)(zi)產的(de)(de)(de)(de)(de)(de)(de)收益率(lv)卻較低。當(dang)債務危(wei)機出現(xian)時，雖然(ran)國(guo)家可以(yi)對之(zhi)(zhi)(zhi)給(gei)予一(yi)定的(de)(de)(de)(de)(de)(de)(de)支持，然(ran)而(er)所給(gei)予的(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金畢竟有(you)(you)限，加(jia)(jia)之(zhi)(zhi)(zhi)政府擔保的(de)(de)(de)(de)(de)(de)(de)不可靠(kao)性(xing)，所以(yi)其(qi)還款能(neng)力的(de)(de)(de)(de)(de)(de)(de)是否(fou)具(ju)有(you)(you)，最(zui)終(zhong)無法得到全部(bu)的(de)(de)(de)(de)(de)(de)(de)保障，進而(er)對銀行等金融(rong)(rong)機構帶來嚴重的(de)(de)(de)(de)(de)(de)(de)影(ying)響和(he)(he)巨大(da)的(de)(de)(de)(de)(de)(de)(de)危(wei)機，干擾有(you)(you)序(xu)進行的(de)(de)(de)(de)(de)(de)(de)金融(rong)(rong)秩序(xu)。同時，居于(yu)前列(lie)的(de)(de)(de)(de)(de)(de)(de)國(guo)有(you)(you)投(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平臺型(xing)企(qi)業(ye)資(zi)(zi)(zi)(zi)(zi)(zi)產負債率(lv)高于(yu)50%的(de)(de)(de)(de)(de)(de)(de)比重很大(da)，但其(qi)凈(jing)資(zi)(zi)(zi)(zi)(zi)(zi)產收益率(lv)反而(er)都(dou)偏低，不難看出流入(ru)地(di)方(fang)政府的(de)(de)(de)(de)(de)(de)(de)投(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平臺的(de)(de)(de)(de)(de)(de)(de)偏低的(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金使用(yong)(yong)效率(lv)。另(ling)一(yi)方(fang)面，從投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)角度來看，領先于(yu)全國(guo)的(de)(de)(de)(de)(de)(de)(de)地(di)方(fang)性(xing)政府投(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平臺企(qi)業(ye)的(de)(de)(de)(de)(de)(de)(de)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)方(fang)向多集(ji)中(zhong)于(yu)電力、城市交通、房(fang)地(di)產和(he)(he)能(neng)源(yuan)等領域。而(er)這些領域都(dou)是資(zi)(zi)(zi)(zi)(zi)(zi)本密(mi)集(ji)型(xing)和(he)(he)資(zi)(zi)(zi)(zi)(zi)(zi)源(yuan)密(mi)集(ji)型(xing)的(de)(de)(de)(de)(de)(de)(de)企(qi)業(ye)，其(qi)回報(bao)周(zhou)期長，和(he)(he)對就(jiu)(jiu)業(ye)吸收能(neng)力的(de)(de)(de)(de)(de)(de)(de)有(you)(you)限，因(yin)而(er)使之(zhi)(zhi)(zhi)為了刺(ci)激經濟(ji)(ji)所增加(jia)(jia)的(de)(de)(de)(de)(de)(de)(de)信貸投(tou)(tou)(tou)放，當(dang)其(qi)流入(ru)地(di)方(fang)政府的(de)(de)(de)(de)(de)(de)(de)投(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平臺時，刺(ci)激經濟(ji)(ji)的(de)(de)(de)(de)(de)(de)(de)效果就(jiu)(jiu)十分有(you)(you)限，資(zi)(zi)(zi)(zi)(zi)(zi)金使用(yong)(yong)的(de)(de)(de)(de)(de)(de)(de)效率(lv)也較低。

（三）不規范的資產會(hui)計核算，不齊全(quan)的賬簿設置，數量(liang)巨大(da)的賬外資產

在會計(ji)核算時，一(yi)部(bu)分國有(you)融資(zi)平臺(tai)公司將(jiang)購置(zhi)的(de)(de)(de)固定資(zi)產(chan)的(de)(de)(de)費用(yong)列支其中，但不計(ji)入固定資(zi)產(chan)；亦(yi)或(huo)(huo)是對無(wu)償調入和(he)捐(juan)贈(zeng)的(de)(de)(de)資(zi)產(chan)不做(zuo)會計(ji)核算。還有(you)一(yi)種現象也很普遍――不完整的(de)(de)(de)賬(zhang)(zhang)簿(bu)(bu)設置(zhi)或(huo)(huo)沒有(you)明細賬(zhang)(zhang)的(de)(de)(de)賬(zhang)(zhang)簿(bu)(bu)設置(zhi)，導致(zhi)總賬(zhang)(zhang)與(yu)明細賬(zhang)(zhang)不符，這一(yi)情況極易形成賬(zhang)(zhang)外資(zi)產(chan)，使公司的(de)(de)(de)實(shi)際資(zi)產(chan)數(shu)目不清，其資(zi)產(chan)的(de)(de)(de)真實(shi)性和(he)完整性不能(neng)夠得到(dao)準確的(de)(de)(de)驗證。或(huo)(huo)部(bu)分資(zi)產(chan)長期掛賬(zhang)(zhang)，不能(neng)按時進行清理， 形成了(le)呆賬(zhang)(zhang)、壞賬(zhang)(zhang)，使資(zi)產(chan)流失。

（四）國有融資(zi)平臺常投資(zi)于(yu)一(yi)些(xie)難以取得自身平衡性的項目(mu)上，具(ju)有一(yi)定的財(cai)務(wu)資(zi)產風險

因具有公益色(se)彩的(de)(de)項目(mu)大多由政(zheng)(zheng)府融資平(ping)臺(tai)所(suo)承擔(dan)，項目(mu)本(ben)身的(de)(de)收益率較低(di)(di)，所(suo)以(yi)(yi)自(zi)身運營所(suo)帶來的(de)(de)收益將還(huan)本(ben)付息能(neng)力的(de)(de)實現大大降低(di)(di)。故行貸款(kuan)和各類企業債(zhai)券等(deng)多數債(zhai)務(wu)融資平(ping)臺(tai)，都對政(zheng)(zheng)府采取了(le)應收賬(zhang)款(kuan)質押、土地資產質押、第三(san)方(fang)擔(dan)保、項目(mu)回購等(deng)增信方(fang)式。若一部分(fen)增信方(fang)法與財(cai)政(zheng)(zheng)收入(ru)和支付能(neng)力相掛鉤的(de)(de)話(hua)，則這(zhe)種財(cai)政(zheng)(zheng)隱性擔(dan)保，將金融風(feng)險也(ye)帶入(ru)其中，所(suo)以(yi)(yi)說這(zhe)種風(feng)險是多年累(lei)積下來的(de)(de)結果(guo)。所(suo)以(yi)(yi)，當(dang)政(zheng)(zheng)府實施積極的(de)(de)財(cai)政(zheng)(zheng)政(zheng)(zheng)策和適(shi)度寬(kuan)松的(de)(de)貨幣(bi)政(zheng)(zheng)策時(shi)，這(zhe)種方(fang)式的(de)(de)缺點立即得到(dao)迅速的(de)(de)放大。然而實際上，國(guo)有融資平(ping)臺(tai)公司的(de)(de)財(cai)務(wu)資產還(huan)依然存在著較多的(de)(de)連帶責任風(feng)險。

（五）監(jian)管機制的作用難以有效發揮

在(zai)形成、使用(yong)、處置(zhi)(zhi)等方(fang)(fang)面(mian)，國有(you)融資(zi)(zi)(zi)平臺的(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)產(chan)(chan)(chan)都缺(que)少(shao)有(you)效(xiao)的(de)(de)(de)(de)(de)(de)(de)(de)管(guan)(guan)(guan)理(li)機(ji)制(zhi)。在(zai)資(zi)(zi)(zi)產(chan)(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)形成上(shang)，缺(que)乏(fa)統籌(chou)性(xing)與(yu)科學性(xing)；在(zai)資(zi)(zi)(zi)產(chan)(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)配置(zhi)(zhi)上(shang)，缺(que)乏(fa)公正(zheng)(zheng)性(xing)與(yu)合理(li)性(xing)。由于家底數目不(bu)清，對資(zi)(zi)(zi)產(chan)(chan)(chan)分(fen)布(bu)的(de)(de)(de)(de)(de)(de)(de)(de)情形缺(que)乏(fa)真實準(zhun)確的(de)(de)(de)(de)(de)(de)(de)(de)統計(ji)，財政預算的(de)(de)(de)(de)(de)(de)(de)(de)約束(shu)力發(fa)揮(hui)的(de)(de)(de)(de)(de)(de)(de)(de)作用(yong)難以(yi)實現，也無(wu)(wu)法(fa)對之(zhi)約束(shu)。加之(zhi)，在(zai)資(zi)(zi)(zi)金來源的(de)(de)(de)(de)(de)(de)(de)(de)渠(qu)道上(shang)，公司具(ju)有(you)多(duo)元化的(de)(de)(de)(de)(de)(de)(de)(de)特性(xing)， 所(suo)以(yi)，在(zai)籌(chou)集和(he)使用(yong)資(zi)(zi)(zi)金的(de)(de)(de)(de)(de)(de)(de)(de)方(fang)(fang)面(mian)，其(qi)(qi)過(guo)低(di)的(de)(de)(de)(de)(de)(de)(de)(de)透明度(du)，極(ji)易導致(zhi)在(zai)寬松的(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)產(chan)(chan)(chan)配置(zhi)(zhi)環境(jing)中(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)隨意(yi)性(xing)、不(bu)公性(xing)與(yu)重復性(xing)。資(zi)(zi)(zi)產(chan)(chan)(chan)使用(yong)效(xiao)率評價(jia)標(biao)準(zhun)與(yu)評價(jia)方(fang)(fang)法(fa)因(yin)其(qi)(qi)缺(que)失與(yu)失效(xiao)，在(zai)資(zi)(zi)(zi)產(chan)(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)使用(yong)和(he)利用(yong)上(shang)無(wu)(wu)法(fa)客觀公正(zheng)(zheng)的(de)(de)(de)(de)(de)(de)(de)(de)對之(zhi)進行約束(shu)和(he)激勵，導致(zhi)因(yin)資(zi)(zi)(zi)產(chan)(chan)(chan)無(wu)(wu)法(fa)正(zheng)(zheng)確評估而使用(yong)效(xiao)率低(di)下。管(guan)(guan)(guan)理(li)手段的(de)(de)(de)(de)(de)(de)(de)(de)落后和(he)跟蹤管(guan)(guan)(guan)理(li)與(yu)統一(yi)信息(xi)數據資(zi)(zi)(zi)料的(de)(de)(de)(de)(de)(de)(de)(de)不(bu)規范(fan)， 導致(zhi)其(qi)(qi)處于長期無(wu)(wu)人監管(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)(de)狀(zhuang)態。同(tong)時(shi)，普遍的(de)(de)(de)(de)(de)(de)(de)(de)帳外資(zi)(zi)(zi)產(chan)(chan)(chan)存在(zai)的(de)(de)(de)(de)(de)(de)(de)(de)現象，皆由資(zi)(zi)(zi)產(chan)(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)實物與(yu)價(jia)值的(de)(de)(de)(de)(de)(de)(de)(de)脫節管(guan)(guan)(guan)理(li)所(suo)導致(zhi)。而在(zai)資(zi)(zi)(zi)產(chan)(chan)(chan)處置(zhi)(zhi)的(de)(de)(de)(de)(de)(de)(de)(de)環節中(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)漏洞與(yu)缺(que)失，導致(zhi)處置(zhi)(zhi)程(cheng)序(xu)和(he)監督機(ji)制(zhi)表現出(chu)了過(guo)多(duo)的(de)(de)(de)(de)(de)(de)(de)(de)隨意(yi)性(xing)。而且財政同(tong)意(yi)管(guan)(guan)(guan)理(li)中(zhong)沒有(you)把資(zi)(zi)(zi)產(chan)(chan)(chan)處置(zhi)(zhi)的(de)(de)(de)(de)(de)(de)(de)(de)收入(ru)一(yi)起納入(ru)，而是形成了單(dan)位的(de)(de)(de)(de)(de)(de)(de)(de)賬外收入(ru)或者小金庫，使國有(you)資(zi)(zi)(zi)產(chan)(chan)(chan)流失，并為腐敗(bai)提供了溫床。

二、加強國融資平臺公司的(de)資產管理的(de)措(cuo)施(shi)

（一） 存量資產進一步優化

國(guo)有投融(rong)資(zi)(zi)(zi)平臺雖然擁有數額龐大(da)(da)的(de)(de)(de)資(zi)(zi)(zi)產，但是(shi)多(duo)數資(zi)(zi)(zi)產并(bing)未(wei)能發(fa)(fa)揮其作用。優化(hua)(hua)資(zi)(zi)(zi)產的(de)(de)(de)結構，使(shi)(shi)(shi)現(xian)有資(zi)(zi)(zi)產得以(yi)(yi)盤活，進(jin)(jin)一步深(shen)化(hua)(hua)資(zi)(zi)(zi)本運營，使(shi)(shi)(shi)其能夠(gou)滿(man)足未(wei)來(lai)資(zi)(zi)(zi)金(jin)的(de)(de)(de)需(xu)求，這對于提高其盈利的(de)(de)(de)水(shui)平具有深(shen)遠的(de)(de)(de)意義。而公(gong)司(si)儲備(bei)(bei)的(de)(de)(de)土(tu)(tu)(tu)地(di)資(zi)(zi)(zi)源(yuan)，可以(yi)(yi)進(jin)(jin)行(xing)房地(di)產行(xing)業的(de)(de)(de)大(da)(da)規模(mo)開(kai)發(fa)(fa)，使(shi)(shi)(shi)儲備(bei)(bei)的(de)(de)(de)土(tu)(tu)(tu)地(di)價值(zhi)得到兌現(xian)，同時利用國(guo)家給予的(de)(de)(de)優惠政(zheng)策(ce)對土(tu)(tu)(tu)地(di)資(zi)(zi)(zi)源(yuan)繼續進(jin)(jin)行(xing)儲備(bei)(bei)。其中地(di)段好(hao)、價值(zhi)高的(de)(de)(de)土(tu)(tu)(tu)地(di)，通(tong)過成立(li)(li)獨立(li)(li)的(de)(de)(de)開(kai)發(fa)(fa)公(gong)司(si)對之進(jin)(jin)行(xing)開(kai)發(fa)(fa)；而價值(zhi)低或(huo)開(kai)發(fa)(fa)難度大(da)(da)的(de)(de)(de)土(tu)(tu)(tu)地(di)，則直(zhi)接轉(zhuan)讓以(yi)(yi)快(kuai)速(su)回籠(long)資(zi)(zi)(zi)金(jin)，以(yi)(yi)用于新的(de)(de)(de)項目的(de)(de)(de)建(jian)設。在無法掌控的(de)(de)(de)經營領域上，公(gong)司(si)可根據長遠的(de)(de)(de)戰略(lve)發(fa)(fa)展和實際的(de)(de)(de)投資(zi)(zi)(zi)需(xu)求，通(tong)過轉(zhuan)讓股權，積極退出，使(shi)(shi)(shi)資(zi)(zi)(zi)產得到高效利用，并(bing)進(jin)(jin)行(xing)新的(de)(de)(de)投資(zi)(zi)(zi)或(huo)后(hou)期投資(zi)(zi)(zi)，使(shi)(shi)(shi)之得以(yi)(yi)迅速(su)升值(zhi)或(huo)變現(xian)。

（二）對國(guo)有融資平臺(tai)公(gong)司資產管理(li)的基礎性工作進一步加強

1.開展產權登記(ji)工(gong)作

對國(guo)(guo)有(you)(you)(you)融資(zi)平(ping)臺公司資(zi)產的(de)產權(quan)進(jin)(jin)行(xing)(xing)登記工(gong)作。通過對國(guo)(guo)有(you)(you)(you)資(zi)產的(de)清(qing)查(cha)和(he)登記，從而依法(fa)確認國(guo)(guo)家對國(guo)(guo)有(you)(you)(you)資(zi)產的(de)所有(you)(you)(you)權(quan)，以及單位對之(zhi)的(de)占有(you)(you)(you)與使用(yong)(yong)的(de)法(fa)律行(xing)(xing)為。為保(bao)證國(guo)(guo)有(you)(you)(you)資(zi)產的(de)安全性和(he)完整性，及為使資(zi)產的(de)所有(you)(you)(you)者(zhe)和(he)使用(yong)(yong)者(zhe)的(de)合(he)法(fa)權(quan)益得到維護和(he)保(bao)障，故(gu)凡(fan)占有(you)(you)(you)和(he)使用(yong)(yong)國(guo)(guo)有(you)(you)(you)資(zi)產的(de)融資(zi)平(ping)臺，都需按(an)照法(fa)律法(fa)規進(jin)(jin)行(xing)(xing)申報(bao)、審批(pi)和(he)產權(quan)登記。

2.統計報告制(zhi)度的建立(li)

國有資產(chan)總(zong)賬和明細賬的(de)(de)(de)(de)建立制(zhi)度(du)，不但要(yao)通過(guo)清查和核對資產(chan)與產(chan)權登(deng)記， 而且要(yao)對融資平臺公(gong)司的(de)(de)(de)(de)國有資產(chan)賬、表(biao)(biao)、報告和資產(chan)檔案的(de)(de)(de)(de)管理機制(zhi)進行(xing)進一(yi)步(bu)的(de)(de)(de)(de)完(wan)善。通過(guo)定期(qi)(qi)的(de)(de)(de)(de)盤(pan)點，對國有資產(chan)的(de)(de)(de)(de)增減和分(fen)布(bu)情況做(zuo)出(chu)準確的(de)(de)(de)(de)記錄，并(bing)使(shi)(shi)(shi)公(gong)司對資產(chan)的(de)(de)(de)(de)占有、使(shi)(shi)(shi)用、購置、變動(dong)、處置等(deng)做(zuo)出(chu)書(shu)面的(de)(de)(de)(de)解釋(shi)與說(shuo)明。統一(yi)印(yin)刷和制(zhi)定財務(wu)報表(biao)(biao)，向財政部門定期(qi)(qi)報送，將產(chan)權進一(yi)步(bu)的(de)(de)(de)(de)劃分(fen)清晰，使(shi)(shi)(shi)其配置科學、使(shi)(shi)(shi)用合理、處置規范、監督公(gong)正(zheng)、真實(shi)準確的(de)(de)(de)(de)管理制(zhi)度(du)建立起， 并(bing)成為(wei)分(fen)配預(yu)算資金(jin)和評資產(chan)績效(xiao)的(de)(de)(de)(de)科學、準確、可靠的(de)(de)(de)(de)依據(ju)。

3.發展融資平(ping)臺公(gong)司的資產(chan)登(deng)記制度

不但要(yao)(yao)核對(dui)公司(si)資產，還要(yao)(yao)對(dui)之進行全面(mian)的(de)登記造冊(ce)。做到賬(zhang)(zhang)卡相(xiang)符(fu)、賬(zhang)(zhang)實(shi)相(xiang)符(fu)、賬(zhang)(zhang)賬(zhang)(zhang)相(xiang)符(fu)的(de)要(yao)(yao)求，并(bing)使資產賬(zhang)(zhang)、卡的(de)制度(du)確(que)立(li)。對(dui)于新的(de)資產配置，公司(si)在登記、建卡、設賬(zhang)(zhang)方面(mian)要(yao)(yao)具有時效性，并(bing)且對(dui)之要(yao)(yao)深化(hua)和跟蹤資產登記制度(du)。

 4.資(zi)產(chan)配(pei)置(zhi)與定(ding)額標準進行(xing)統一規定(ding)

公司資(zi)(zi)(zi)產(chan)(chan)管(guan)理的(de)(de)(de)(de)(de)關鍵是融資(zi)(zi)(zi)平臺公司的(de)(de)(de)(de)(de)國(guo)有資(zi)(zi)(zi)產(chan)(chan)配置(zhi)(zhi)(zhi)定額的(de)(de)(de)(de)(de)標(biao)準，同時(shi)也是資(zi)(zi)(zi)產(chan)(chan)管(guan)理中(zhong)的(de)(de)(de)(de)(de)一(yi)個(ge)難點。根據政府的(de)(de)(de)(de)(de)要求(qiu)和公司的(de)(de)(de)(de)(de)實際(ji)需求(qiu)，具體(ti)問題具體(ti)分析，使資(zi)(zi)(zi)產(chan)(chan)配置(zhi)(zhi)(zhi)標(biao)準的(de)(de)(de)(de)(de)制定更加合理和科學，確定房(fang)產(chan)(chan)、車(che)輛和辦公設備等的(de)(de)(de)(de)(de)定額標(biao)準，對之進(jin)行統一(yi)的(de)(de)(de)(de)(de)管(guan)理、調(diao)配和購置(zhi)(zhi)(zhi)。其不但(dan)能讓資(zi)(zi)(zi)產(chan)(chan)的(de)(de)(de)(de)(de)存量盤活(huo)，按照一(yi)定的(de)(de)(de)(de)(de)、統一(yi)的(de)(de)(de)(de)(de)標(biao)準配置(zhi)(zhi)(zhi)辦公設施，還(huan)能降低行政的(de)(de)(de)(de)(de)運行成本(ben)，打壓攀比風。

5.資產(chan)購置、處置的權限和程序要進一步完善

關(guan)于大宗(zong)資產(chan)的(de)購置，要在預(yu)算中列入(ru)，由政(zheng)府的(de)統一采購進(jin)行(xing)購置；而在處(chu)置大宗(zong)資產(chan)上，則通過統一拍賣的(de)資產(chan)管理機構(gou)進(jin)行(xing)處(chu)置， 并將其收入(ru)統一納入(ru)財政(zheng)進(jin)行(xing)管理。

（三）進一步改進國有(you)融資(zi)平臺公司的資(zi)產(chan)監管體系

在建(jian)立(li)健(jian)全國有融資(zi)平臺公司(si)的資(zi)產管(guan)理(li)、營(ying)運和(he)監(jian)督體系上，要遵循以下原則：政資(zi)分開、政企(qi)分開、所有權與經(jing)(jing)營(ying)權相分離，建(jian)立(li)現(xian)代化企(qi)業管(guan)理(li)體制，使資(zi)產管(guan)理(li)與生產經(jing)(jing)營(ying)分開。一是建(jian)立(li)資(zi)產監(jian)管(guan)部門(men)，對管(guan)理(li)公司(si)資(zi)產的使用情(qing)況(kuang)做到監(jian)督負責，建(jian)立(li)健(jian)全公司(si)的管(guan)理(li)體系，使運營(ying)、考(kao)核(he)評價(jia)、內(nei)外部監(jian)管(guan)等制度都有依據(ju)可循。二(er)是確保融資(zi)平臺公司(si)的現(xian)代化管(guan)理(li)制度得到健(jian)全和(he)完善，真正(zheng)發揮董事會、監(jian)事會、職代會的監(jian)督、決(jue)策的作用。

三、總結

總而言之(zhi)，完善的資產管理制度對國有(you)融資平(ping)臺公(gong)司(si)(si)的發展、運營起(qi)到(dao)重要的作用，所(suo)以國有(you)融資平(ping)臺公(gong)司(si)(si)的管理者(zhe)不要只重視本(ben)身的融資業務，還要加(jia)強公(gong)司(si)(si)內部(bu)的資產管理，保證公(gong)司(si)(si)的資產安全不受到(dao)損(sun)失，為公(gong)司(si)(si)的經營、發展提供良好的后勤保障。

參考文獻：

[1]李(li)麗(li)虹.地方政府投融資平(ping)臺企業財(cai)務風險研究[J].行政事業資產與財(cai)務，2012（10）.

[2]康全國.整(zheng)合(he)國有資產搭建(jian)新型政府(fu)融資平臺[J].現代商業，2011（36）.

[3]張(zhang)世福.當前地方(fang)政(zheng)府融資平臺存在(zai)的問題及對(dui)策探討[J].現代城市研究，2011（12）.

篇5

關鍵詞：河南(nan)省；地方政府投融(rong)資(zi)平臺；風(feng)險；轉型(xing)發展

中圖分類(lei)號(hao)：F127 文(wen)獻標志碼：A 文(wen)章編(bian)號(hao)：1673-291X（2016）26-0033-03

在過去的(de)“十(shi)二五”期間，河南(nan)省加快推進(jin)新(xin)型(xing)城(cheng)鎮(zhen)(zhen)化(hua)，常(chang)住人口城(cheng)鎮(zhen)(zhen)化(hua)率由38.8%上升至46.6%，但(dan)離全國56.1%的(de)平(ping)均水平(ping)仍有差距。城(cheng)市基礎(chu)(chu)設(she)施(shi)的(de)建(jian)設(she)是城(cheng)鎮(zhen)(zhen)化(hua)的(de)基礎(chu)(chu)，隨著河南(nan)省城(cheng)鎮(zhen)(zhen)化(hua)發展進(jin)程的(de)加速，需要更多的(de)資金(jin)來(lai)進(jin)行城(cheng)市基礎(chu)(chu)設(she)施(shi)的(de)建(jian)設(she)。

一、河南(nan)省地方政府投(tou)融(rong)資(zi)平(ping)臺面臨的風險

地方(fang)投融(rong)資(zi)平臺(tai)(tai)為政(zheng)府拓寬了融(rong)資(zi)渠道，讓地方(fang)政(zheng)府能夠(gou)綜合(he)運用各方(fang)面的(de)(de)(de)資(zi)源(yuan)，大大提升其整合(he)資(zi)源(yuan)的(de)(de)(de)能力，為城市基礎建設(she)提供(gong)比較專業化、市場化的(de)(de)(de)途(tu)徑(jing)，也(ye)為銀(yin)行貸款(kuan)創設(she)一(yi)個重(zhong)要的(de)(de)(de)平臺(tai)(tai)。但由于自身的(de)(de)(de)運作不夠(gou)規范，因此也(ye)隱(yin)藏(zang)著一(yi)定的(de)(de)(de)風險。

（一）還款風險

一(yi)是把經濟(ji)(ji)效益特別是GDP增速作(zuo)為(wei)衡量(liang)政府官員(yuan)的(de)(de)工作(zuo)業績標準，極大(da)(da)地激發了各個地區發展地方經濟(ji)(ji)的(de)(de)熱情(qing)。二是隨著城(cheng)鎮化的(de)(de)逐步(bu)深(shen)入，需(xu)要大(da)(da)量(liang)的(de)(de)基礎設(she)施建設(she)資(zi)(zi)金，從而各個省份(fen)債務規模不(bu)斷擴大(da)(da)。河南省地方政府債務規模也同(tong)樣在急速擴張。在經濟(ji)(ji)逐漸回升的(de)(de)形勢下，社會資(zi)(zi)金需(xu)求量(liang)比較大(da)(da)。據(ju)萬(wan)得(de)資(zi)(zi)訊(xun)2016年(nian)9月份(fen)的(de)(de)數據(ju)顯示，截(jie)至2016年(nian)9月底，地方政府融資(zi)(zi)平(ping)臺的(de)(de)凈債券發行(xing)額為(wei)1.07萬(wan)億(yi)元人民幣（合1 600億(yi)美元），遠(yuan)遠(yuan)高于2015年(nian)全(quan)年(nian)發行(xing)的(de)(de)9 460億(yi)元人民幣。

第一(yi)，平(ping)臺(tai)公(gong)司融(rong)資(zi)(zi)混亂導(dao)(dao)(dao)致資(zi)(zi)金(jin)來源和(he)資(zi)(zi)金(jin)擔保不(bu)夠清晰(xi)，導(dao)(dao)(dao)致多頭貸(dai)款(kuan)(kuan)(kuan)、多頭擔保，導(dao)(dao)(dao)致還款(kuan)(kuan)(kuan)難(nan)。地(di)方投(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺(tai)的(de)(de)(de)(de)(de)融(rong)資(zi)(zi)渠道比較多，在不(bu)同(tong)(tong)時期，地(di)方政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)經常由不(bu)同(tong)(tong)的(de)(de)(de)(de)(de)責(ze)任人通過(guo)多個融(rong)資(zi)(zi)平(ping)臺(tai)從(cong)(cong)多家(jia)銀行(xing)(xing)獲(huo)得(de)貸(dai)款(kuan)(kuan)(kuan)，債(zhai)(zhai)務(wu)(wu)(wu)管理(li)也分布于不(bu)同(tong)(tong)層(ceng)次(ci)、不(bu)同(tong)(tong)類型的(de)(de)(de)(de)(de)部門，造成(cheng)(cheng)地(di)方政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)不(bu)清楚不(bu)同(tong)(tong)層(ceng)次(ci)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)的(de)(de)(de)(de)(de)投(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺(tai)的(de)(de)(de)(de)(de)負(fu)債(zhai)(zhai)和(he)擔保狀(zhuang)況，甚(shen)至商(shang)業(ye)(ye)銀行(xing)(xing)對于地(di)方政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)的(de)(de)(de)(de)(de)債(zhai)(zhai)務(wu)(wu)(wu)都不(bu)能全面摸清楚，極(ji)易形成(cheng)(cheng)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)(wu)風(feng)(feng)險(xian)。政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)投(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺(tai)承擔的(de)(de)(de)(de)(de)項目(mu)(mu)所需的(de)(de)(de)(de)(de)資(zi)(zi)金(jin)規模普遍比較大(da)、使(shi)用(yong)(yong)資(zi)(zi)金(jin)的(de)(de)(de)(de)(de)周期比較長(chang)，應付利息(xi)比較高，會(hui)導(dao)(dao)(dao)致更(geng)大(da)的(de)(de)(de)(de)(de)資(zi)(zi)產負(fu)債(zhai)(zhai)率(lv)。河南省現有的(de)(de)(de)(de)(de)投(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺(tai)同(tong)(tong)樣(yang)是(shi)從(cong)(cong)多家(jia)不(bu)同(tong)(tong)的(de)(de)(de)(de)(de)銀行(xing)(xing)獲(huo)取信(xin)貸(dai)資(zi)(zi)金(jin)，放在同(tong)(tong)一(yi)個現金(jin)池中來滿足項目(mu)(mu)的(de)(de)(de)(de)(de)巨額(e)支(zhi)出。該行(xing)(xing)為(wei)(wei)不(bu)僅(jin)直接降低了各平(ping)臺(tai)再融(rong)資(zi)(zi)時的(de)(de)(de)(de)(de)信(xin)譽度，而且從(cong)(cong)不(bu)同(tong)(tong)銀行(xing)(xing)舉債(zhai)(zhai)導(dao)(dao)(dao)致地(di)方政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)(wu)總額(e)過(guo)大(da)，加重(zhong)財務(wu)(wu)(wu)負(fu)擔，增加商(shang)業(ye)(ye)銀行(xing)(xing)風(feng)(feng)險(xian)和(he)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)財政(zheng)(zheng)(zheng)(zheng)(zheng)風(feng)(feng)險(xian)。甚(shen)至有些(xie)(xie)地(di)方政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)，為(wei)(wei)了償還各銀行(xing)(xing)的(de)(de)(de)(de)(de)到(dao)期債(zhai)(zhai)務(wu)(wu)(wu)，采用(yong)(yong)拆東墻補西墻的(de)(de)(de)(de)(de)方式(shi)，來暫時緩解財政(zheng)(zheng)(zheng)(zheng)(zheng)危(wei)機。這種(zhong)短期行(xing)(xing)為(wei)(wei)方式(shi)如果長(chang)期循環(huan)，必將給(gei)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)帶(dai)來嚴(yan)重(zhong)的(de)(de)(de)(de)(de)危(wei)機，也會(hui)給(gei)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)帶(dai)來財務(wu)(wu)(wu)上(shang)的(de)(de)(de)(de)(de)潛在風(feng)(feng)險(xian)。某些(xie)(xie)商(shang)業(ye)(ye)銀行(xing)(xing)在銀行(xing)(xing)授信(xin)放貸(dai)環(huan)節比較不(bu)規范，一(yi)些(xie)(xie)商(shang)業(ye)(ye)銀行(xing)(xing)在投(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺(tai)進(jin)(jin)行(xing)(xing)貸(dai)款(kuan)(kuan)(kuan)申(shen)請時，只要看到(dao)有政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)擔保就盲目(mu)(mu)授信(xin)，甚(shen)至不(bu)對所予貸(dai)款(kuan)(kuan)(kuan)的(de)(de)(de)(de)(de)資(zi)(zi)金(jin)用(yong)(yong)途進(jin)(jin)行(xing)(xing)分析(xi)和(he)考量，更(geng)談不(bu)上(shang)對后續資(zi)(zi)金(jin)使(shi)用(yong)(yong)的(de)(de)(de)(de)(de)監督(du)，隱(yin)藏著授信(xin)失(shi)敗的(de)(de)(de)(de)(de)風(feng)(feng)險(xian)。另外，銀行(xing)(xing)在信(xin)貸(dai)資(zi)(zi)金(jin)的(de)(de)(de)(de)(de)投(tou)(tou)(tou)向上(shang)也存(cun)在問題，民生性(xing)的(de)(de)(de)(de)(de)信(xin)貸(dai)融(rong)資(zi)(zi)較少(shao)，卻對其他生產性(xing)經營(ying)企業(ye)(ye)與投(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺(tai)后管理(li)放款(kuan)(kuan)(kuan)比較寬松，脫離投(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺(tai)設立的(de)(de)(de)(de)(de)初(chu)衷，存(cun)在潛在風(feng)(feng)險(xian)。

第二，由于平(ping)(ping)臺公(gong)(gong)(gong)(gong)司的(de)(de)(de)(de)盈利(li)能(neng)力較(jiao)低導致的(de)(de)(de)(de)還款難。地(di)方政(zheng)府融資(zi)(zi)(zi)平(ping)(ping)臺的(de)(de)(de)(de)資(zi)(zi)(zi)產(chan)(chan)利(li)潤(run)率不足1.3%，縣(xian)級平(ping)(ping)臺則更是(shi)(shi)幾(ji)乎沒有(you)盈利(li)。政(zheng)府投(tou)(tou)融資(zi)(zi)(zi)平(ping)(ping)臺自身的(de)(de)(de)(de)使命(ming)也(ye)決(jue)定了(le)其開發(fa)建(jian)設(she)的(de)(de)(de)(de)項目具有(you)一(yi)定的(de)(de)(de)(de)社會公(gong)(gong)(gong)(gong)益性(xing)，這(zhe)就造成(cheng)(cheng)其在經(jing)(jing)營(ying)過程(cheng)別是(shi)(shi)在投(tou)(tou)入(ru)營(ying)運的(de)(de)(de)(de)初期經(jing)(jing)營(ying)業(ye)(ye)績不夠理想，盈利(li)能(neng)力較(jiao)低。從平(ping)(ping)臺公(gong)(gong)(gong)(gong)司的(de)(de)(de)(de)資(zi)(zi)(zi)產(chan)(chan)構成(cheng)(cheng)來(lai)看，純公(gong)(gong)(gong)(gong)益性(xing)的(de)(de)(de)(de)道(dao)路、橋梁、泵站、水庫的(de)(de)(de)(de)在建(jian)工(gong)程(cheng)是(shi)(shi)平(ping)(ping)臺公(gong)(gong)(gong)(gong)司的(de)(de)(de)(de)主要存(cun)(cun)貨(huo)，幾(ji)乎占到平(ping)(ping)臺公(gong)(gong)(gong)(gong)司資(zi)(zi)(zi)產(chan)(chan)中流動資(zi)(zi)(zi)產(chan)(chan)的(de)(de)(de)(de)100%。待這(zhe)些(xie)存(cun)(cun)貨(huo)工(gong)程(cheng)完(wan)工(gong)并(bing)驗(yan)收(shou)(shou)(shou)后(hou)(hou)，并(bing)不會給公(gong)(gong)(gong)(gong)司帶來(lai)現(xian)金(jin)流，因(yin)為這(zhe)些(xie)存(cun)(cun)貨(huo)完(wan)工(gong)后(hou)(hou)要移交給城管(guan)局，以(yi)后(hou)(hou)產(chan)(chan)生的(de)(de)(de)(de)廣(guang)告位收(shou)(shou)(shou)入(ru)、公(gong)(gong)(gong)(gong)用事業(ye)(ye)收(shou)(shou)(shou)入(ru)也(ye)不會給公(gong)(gong)(gong)(gong)司帶來(lai)現(xian)金(jin)流入(ru)。所(suo)以(yi)，這(zhe)類“存(cun)(cun)貸(dai)”雖然屬于公(gong)(gong)(gong)(gong)司的(de)(de)(de)(de)資(zi)(zi)(zi)產(chan)(chan)，但是(shi)(shi)卻虛增了(le)企業(ye)(ye)經(jing)(jing)營(ying)利(li)潤(run)。從收(shou)(shou)(shou)入(ru)的(de)(de)(de)(de)構成(cheng)(cheng)來(lai)看，平(ping)(ping)臺公(gong)(gong)(gong)(gong)司的(de)(de)(de)(de)營(ying)業(ye)(ye)收(shou)(shou)(shou)入(ru)構成(cheng)(cheng)中絕大部分是(shi)(shi)營(ying)業(ye)(ye)外收(shou)(shou)(shou)入(ru)或補貼收(shou)(shou)(shou)入(ru)來(lai)實現(xian)資(zi)(zi)(zi)金(jin)的(de)(de)(de)(de)持(chi)續運轉，尤(you)其是(shi)(shi)縣(xian)級投(tou)(tou)融資(zi)(zi)(zi)平(ping)(ping)臺尤(you)為嚴(yan)重，幾(ji)乎達到100%。如果(guo)政(zheng)府補貼決(jue)定了(le)平(ping)(ping)臺資(zi)(zi)(zi)金(jin)鏈的(de)(de)(de)(de)安全，這(zhe)充分說明平(ping)(ping)臺的(de)(de)(de)(de)營(ying)業(ye)(ye)利(li)潤(run)比較(jiao)小，甚至為負。

第三，是(shi)由于平(ping)臺公司沒有還款保障機制，導致(zhi)還款難。地(di)方(fang)政(zheng)府(fu)融資(zi)平(ping)臺的貸款和債券往往享(xiang)有隱性政(zheng)府(fu)擔保，地(di)方(fang)政(zheng)府(fu)為了維持融資(zi)平(ping)臺的償(chang)債能力，經常提供現金(jin)補貼或(huo)資(zi)a注入。

（二）投資風險

平(ping)臺公(gong)(gong)司治理(li)結構(gou)不夠(gou)(gou)完善帶(dai)來的(de)投資(zi)風險。治理(li)結構(gou)影響的(de)是(shi)企業的(de)整體運(yun)行(xing)框(kuang)架，好的(de)治理(li)機構(gou)就是(shi)建立一(yi)(yi)套委(wei)托關(guan)系明(ming)(ming)確、權(quan)責明(ming)(ming)晰，能夠(gou)(gou)相互制衡、相互協(xie)調(diao)的(de)系統(tong)的(de)一(yi)(yi)套制度。河南投融(rong)資(zi)平(ping)臺公(gong)(gong)司多為政(zheng)府(fu)直(zhi)接出資(zi)設立的(de)國(guo)有獨資(zi)公(gong)(gong)司，正是(shi)由于這種政(zheng)府(fu)背景(jing)，使得公(gong)(gong)司的(de)治理(li)結構(gou)委(wei)托關(guan)系不夠(gou)(gou)明(ming)(ming)確，治理(li)結構(gou)有待進一(yi)(yi)步完善。

河南省(sheng)(sheng)現有(you)的(de)(de)投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)治理結(jie)構(gou)傾向(xiang)(xiang)于政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)導向(xiang)(xiang)，表現為三個方(fang)(fang)面。第(di)一，客觀上說，投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)公司有(you)些是(shi)(shi)(shi)企(qi)業(ye)法(fa)人(ren)，有(you)些是(shi)(shi)(shi)事業(ye)單位(wei)法(fa)人(ren)，行政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)導向(xiang)(xiang)的(de)(de)機(ji)(ji)構(gou)設置比較(jiao)混亂，給管(guan)理設置了無形的(de)(de)障(zhang)礙；投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)的(de)(de)管(guan)理過(guo)程又缺乏(fa)完善的(de)(de)管(guan)理機(ji)(ji)制(zhi)，經營決策(ce)往(wang)往(wang)也主要依賴(lai)于政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)的(de)(de)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)策(ce)導向(xiang)(xiang)，進一步加重(zhong)了管(guan)理的(de)(de)不科學(xue)。第(di)二，除了平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)自身的(de)(de)缺陷外(wai)，從主觀上說，投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)的(de)(de)很多(duo)管(guan)理人(ren)員是(shi)(shi)(shi)從各(ge)級政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)部門選(xuan)拔，本質上還(huan)是(shi)(shi)(shi)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)人(ren)員，由政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)指派，不管(guan)是(shi)(shi)(shi)對(dui)企(qi)業(ye)管(guan)理還(huan)是(shi)(shi)(shi)對(dui)金(jin)融(rong)市(shi)場都缺乏(fa)專業(ye)知(zhi)識和(he)經驗(yan)，并且沒有(you)足夠(gou)的(de)(de)風險意識，這(zhe)些都會(hui)造成決策(ce)上的(de)(de)重(zhong)大(da)失(shi)誤。第(di)三，由于成立(li)和(he)決策(ce)都傾向(xiang)(xiang)于政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)導向(xiang)(xiang)，缺失(shi)應(ying)有(you)的(de)(de)市(shi)場導向(xiang)(xiang)，因此，在(zai)投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)的(de)(de)監(jian)(jian)督制(zhi)約(yue)機(ji)(ji)制(zhi)上也不能按照企(qi)業(ye)來(lai)(lai)進行政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)、自身及獨立(li)的(de)(de)第(di)三方(fang)(fang)監(jian)(jian)督。由于監(jian)(jian)管(guan)缺失(shi)，有(you)些地方(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)中存在(zai)著(zhu)資(zi)(zi)(zi)(zi)(zi)(zi)本金(jin)不實(shi)、抽(chou)逃資(zi)(zi)(zi)(zi)(zi)(zi)本、向(xiang)(xiang)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)注入不實(shi)資(zi)(zi)(zi)(zi)(zi)(zi)產進行“濫芋充數”等現象，對(dui)于其(qi)經營過(guo)程更是(shi)(shi)(shi)缺乏(fa)有(you)效(xiao)監(jian)(jian)督和(he)審計。從長期(qi)來(lai)(lai)看，市(shi)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)建設和(he)交通運輸(shu)仍是(shi)(shi)(shi)河南省(sheng)(sheng)主要的(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)投(tou)向(xiang)(xiang)，資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)使用期(qi)限(xian)較(jiao)長，債務(wu)期(qi)限(xian)與資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)使用期(qi)限(xian)錯位(wei)，如果(guo)河南省(sheng)(sheng)經濟不能保持(chi)較(jiao)快的(de)(de)發展速度，土地收益不能實(shi)現，地方(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)也沒有(you)足夠(gou)的(de)(de)財力來(lai)(lai)為其(qi)提供(gong)支持(chi)時，投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)的(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)鏈就會(hui)面臨斷裂的(de)(de)風險。

（三(san)）融資(zi)渠道單一帶來的融資(zi)風險(xian)

目前，投融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)的融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)現狀是間(jian)接融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)有(you)余，直(zhi)接融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)不足(zu)。在全省融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)結構中(zhong)(zhong)(zhong)，直(zhi)接融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)在債務(wu)性(xing)資(zi)(zi)(zi)(zi)金(jin)中(zhong)(zhong)(zhong)所占(zhan)比(bi)例大(da)(da)約為(wei)(wei)12%，而間(jian)接融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)占(zhan)比(bi)88%。直(zhi)接融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)因其(qi)沒有(you)中(zhong)(zhong)(zhong)間(jian)環節，具有(you)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)成(cheng)(cheng)本低、周(zhou)期(qi)長、使(shi)用靈活(huo)便捷(jie)等(deng)特點。面對大(da)(da)量(liang)基(ji)礎設(she)(she)施建設(she)(she)的資(zi)(zi)(zi)(zi)金(jin)缺口和(he)政(zheng)績的需求，地(di)方(fang)政(zheng)府主(zhu)要依賴(lai)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)大(da)(da)量(liang)舉債。從(cong)債務(wu)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)期(qi)限和(he)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)結構來(lai)(lai)看(kan)(kan)，融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)項(xiang)目的銀(yin)(yin)行(xing)(xing)(xing)貸款(kuan)(kuan)占(zhan)全部融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)80%以上，且基(ji)本為(wei)(wei)長期(qi)貸款(kuan)(kuan)。地(di)方(fang)政(zheng)府在籌(chou)集基(ji)礎設(she)(she)施建設(she)(she)資(zi)(zi)(zi)(zi)金(jin)方(fang)面面臨著(zhu)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)渠道單一等(deng)問題，風(feng)險(xian)集中(zhong)(zhong)(zhong)度高。目前來(lai)(lai)看(kan)(kan)，通過出(chu)讓土地(di)收(shou)入、出(chu)具政(zheng)府抵押擔保(bao)承諾等(deng)已經(jing)成(cheng)(cheng)為(wei)(wei)一些地(di)方(fang)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)公司(si)的主(zhu)要融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)模式，大(da)(da)量(liang)貸款(kuan)(kuan)集中(zhong)(zhong)(zhong)發放給地(di)方(fang)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)，不僅導致(zhi)(zhi)商業銀(yin)(yin)行(xing)(xing)(xing)因客戶(hu)集中(zhong)(zhong)(zhong)而產生(sheng)新的風(feng)險(xian)，而且也因行(xing)(xing)(xing)業集中(zhong)(zhong)(zhong)而產生(sheng)風(feng)險(xian)。商業銀(yin)(yin)行(xing)(xing)(xing)放款(kuan)(kuan)對象和(he)行(xing)(xing)(xing)業的集中(zhong)(zhong)(zhong)將導致(zhi)(zhi)風(feng)險(xian)不斷累(lei)計、放大(da)(da)，也給商業銀(yin)(yin)行(xing)(xing)(xing)的經(jing)營以及銀(yin)(yin)行(xing)(xing)(xing)業監管帶來(lai)(lai)巨大(da)(da)壓(ya)力。

二、河(he)南省(sheng)投融資平臺轉(zhuan)型發展(zhan)的對策建議

（一）增強平(ping)臺(tai)的投(tou)融(rong)資能力

由(you)于(yu)各(ge)個投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)發(fa)展(zhan)(zhan)的(de)(de)(de)成(cheng)熟度(du)不(bu)同(tong)(tong)(tong)、管理的(de)(de)(de)模式不(bu)同(tong)(tong)(tong)、規(gui)模不(bu)同(tong)(tong)(tong)，地方政府(fu)的(de)(de)(de)投(tou)融(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)要(yao)結合自身的(de)(de)(de)具體情況，充(chong)分激發(fa)內在(zai)的(de)(de)(de)活(huo)動，以降低融(rong)(rong)(rong)資(zi)(zi)成(cheng)本為原則，積極探(tan)索(suo)多元化(hua)(hua)的(de)(de)(de)融(rong)(rong)(rong)資(zi)(zi)渠道(dao)。同(tong)(tong)(tong)時(shi)，各(ge)級政府(fu)也要(yao)對所屬的(de)(de)(de)平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)公司進(jin)行(xing)整(zheng)合和(he)宏觀指導(dao)，給平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)準確定位，提升(sheng)本級平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)公司的(de)(de)(de)整(zheng)體競爭力。此(ci)外，要(yao)強(qiang)化(hua)(hua)和(he)規(gui)范(fan)平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)公司投(tou)融(rong)(rong)(rong)資(zi)(zi)行(xing)為的(de)(de)(de)信息披(pi)露，規(gui)范(fan)其會計核算，讓(rang)平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)公司透明化(hua)(hua)、讓(rang)地方政府(fu)債務顯性化(hua)(hua)。進(jin)一步拓寬平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)公司的(de)(de)(de)融(rong)(rong)(rong)資(zi)(zi)渠道(dao)，包括發(fa)行(xing)債券，嘗試(shi)資(zi)(zi)產證券化(hua)(hua)融(rong)(rong)(rong)資(zi)(zi)，積極采取(qu)BOT、TOT、PPP等項目融(rong)(rong)(rong)資(zi)(zi)模式等。推(tui)進(jin)省級政府(fu)投(tou)融(rong)(rong)(rong)資(zi)(zi)公司在(zai)加快轉型發(fa)展(zhan)(zhan)中建(jian)立(li)基(ji)(ji)金(jin)大(da)平(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)運(yun)作機制(zhi)，繼續在(zai)由(you)省政府(fu)層(ceng)面出資(zi)(zi)成(cheng)立(li)引(yin)(yin)導(dao)基(ji)(ji)金(jin)的(de)(de)(de)前提下來(lai)吸引(yin)(yin)金(jin)融(rong)(rong)(rong)機構(gou)資(zi)(zi)金(jin)，由(you)政府(fu)和(he)銀行(xing)合作共同(tong)(tong)(tong)成(cheng)立(li)城(cheng)鎮(zhen)化(hua)(hua)建(jian)設母基(ji)(ji)金(jin)，然(ran)后再選擇市（縣）建(jian)立(li)城(cheng)鎮(zhen)化(hua)(hua)引(yin)(yin)導(dao)子基(ji)(ji)金(jin)。

國家開發(fa)(fa)銀行(xing)(xing)河南(nan)分行(xing)(xing)主承的(de)漯河市(shi)(shi)城(cheng)市(shi)(shi)建(jian)設(she)投(tou)(tou)資(zi)(zi)有限公(gong)(gong)司2015年度第一期中期票據(ju)日(ri)前(qian)在銀行(xing)(xing)間(jian)市(shi)(shi)場成(cheng)功發(fa)(fa)行(xing)(xing)，開創了河南(nan)省非省會城(cheng)市(shi)(shi)融資(zi)(zi)平臺(tai)發(fa)(fa)行(xing)(xing)中期票據(ju)的(de)先河。對于市(shi)(shi)、縣級政府投(tou)(tou)融資(zi)(zi)公(gong)(gong)司而言(yan)，目前(qian)要側重吸引民間(jian)資(zi)(zi)本(ben)(ben)。市(shi)(shi)、縣級投(tou)(tou)融資(zi)(zi)公(gong)(gong)司可(ke)以通過(guo)與(yu)社(she)會資(zi)(zi)本(ben)(ben)合作(zuo)、發(fa)(fa)展村鎮銀行(xing)(xing)及小(xiao)(xiao)額貸款公(gong)(gong)司等(deng)，為本(ben)(ben)地中小(xiao)(xiao)微企業開展融資(zi)(zi)服(fu)務。要積極(ji)引導市(shi)(shi)、縣等(deng)融資(zi)(zi)平臺(tai)向自主經(jing)營、自負盈虧的(de)新(xin)型(xing)市(shi)(shi)場化投(tou)(tou)融資(zi)(zi)主體(ti)轉變，拓寬(kuan)融資(zi)(zi)渠道，幫助其實現轉型(xing)發(fa)(fa)展。

（二）用市(shi)場來約束和規范平臺的發展

一方(fang)面，平臺(tai)公司必須以(yi)(yi)市(shi)(shi)(shi)場(chang)(chang)主體的(de)(de)身(shen)份(fen)回歸(gui)到市(shi)(shi)(shi)場(chang)(chang)，只(zhi)有以(yi)(yi)市(shi)(shi)(shi)場(chang)(chang)化(hua)的(de)(de)方(fang)式運(yun)作(zuo)，平臺(tai)才能得以(yi)(yi)實現良性(xing)循環、健康(kang)發展(zhan)。對(dui)縣級平臺(tai)而言(yan)，要結合(he)縣域(yu)經(jing)濟(ji)、整(zheng)合(he)中小企業(ye)，將地(di)方(fang)政(zheng)府資(zi)源(yuan)、地(di)方(fang)資(zi)金通過市(shi)(shi)(shi)場(chang)(chang)化(hua)模式，以(yi)(yi)“產業(ye)合(he)營、區域(yu)合(he)作(zuo)”的(de)(de)思想，以(yi)(yi)實實在(zai)在(zai)的(de)(de)產業(ye)為(wei)基礎，從(cong)以(yi)(yi)政(zheng)府為(wei)依托的(de)(de)投融資(zi)主體，投融資(zi)平臺(tai)向(xiang)市(shi)(shi)(shi)場(chang)(chang)化(hua)的(de)(de)、區域(yu)性(xing)的(de)(de)產業(ye)發展(zhan)運(yun)營平臺(tai)轉變。

另一方面，根據43號文規定，要剝離融(rong)(rong)資(zi)(zi)(zi)平(ping)臺(tai)公司政府融(rong)(rong)資(zi)(zi)(zi)職能，融(rong)(rong)資(zi)(zi)(zi)平(ping)臺(tai)公司不得(de)新(xin)增(zeng)政府債務，政府要逐(zhu)步放(fang)開地方投(tou)融(rong)(rong)資(zi)(zi)(zi)平(ping)臺(tai)公司，讓投(tou)融(rong)(rong)資(zi)(zi)(zi)平(ping)臺(tai)的(de)運作機(ji)制(zhi)實現公開化(hua)，讓決(jue)(jue)策(ce)管(guan)理(li)(li)(li)過(guo)(guo)程透(tou)明(ming)化(hua)。用現代企業管(guan)理(li)(li)(li)制(zhi)度來引導(dao)投(tou)融(rong)(rong)資(zi)(zi)(zi)平(ping)臺(tai)公司的(de)內部治理(li)(li)(li)結構(gou)改革，加(jia)速完(wan)善以(yi)董事會為核心的(de)法人治理(li)(li)(li)結構(gou)，進(jin)一步規范董事會建設。加(jia)快內部經營機(ji)制(zhi)改革，避免過(guo)(guo)多(duo)干預導(dao)致(zhi)投(tou)融(rong)(rong)資(zi)(zi)(zi)決(jue)(jue)策(ce)失誤，賦予(yu)政府投(tou)融(rong)(rong)資(zi)(zi)(zi)平(ping)臺(tai)公司決(jue)(jue)策(ce)自。

（三）加強對政府(fu)投融(rong)資平臺的監管

地方投融(rong)資(zi)平(ping)(ping)臺(tai)為(wei)城(cheng)鎮化進(jin)程及城(cheng)市基礎設(she)施建設(she)大發展(zhan)提供了(le)良好的資(zi)金支持和保障，但由于缺乏對平(ping)(ping)臺(tai)公司(si)(si)進(jin)行強(qiang)制有(you)效(xiao)的監管，一些平(ping)(ping)臺(tai)公司(si)(si)背上了(le)過多的債務包袱，甚至一些平(ping)(ping)臺(tai)公司(si)(si)難以維持。

河南省地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)可(ke)以從國外較完善(shan)的(de)(de)(de)(de)(de)監(jian)(jian)(jian)控體系(xi)中得(de)到啟示與借(jie)鑒(jian)。為保證地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)披露財務(wu)(wu)信息的(de)(de)(de)(de)(de)真實(shi)性(xing)，美國（市場經濟體制較為完善(shan)）建立(li)了(le)較為完善(shan)的(de)(de)(de)(de)(de)地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)審(shen)計(ji)(ji)制度，此外還(huan)建立(li)了(le)專(zhuan)業(ye)監(jian)(jian)(jian)管機(ji)構(gou)、社會(hui)輿(yu)論兩位(wei)一體的(de)(de)(de)(de)(de)監(jian)(jian)(jian)管體系(xi)來(lai)監(jian)(jian)(jian)督地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)的(de)(de)(de)(de)(de)規模及其(qi)(qi)風險。為保證地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)資金(jin)(jin)的(de)(de)(de)(de)(de)來(lai)源可(ke)靠、使用科學合理(li)，日(ri)(ri)本（中央(yang)集權特色）建立(li)了(le)由國家會(hui)計(ji)(ji)檢查(cha)院（日(ri)(ri)本的(de)(de)(de)(de)(de)最高審(shen)計(ji)(ji)機(ji)關，不受政(zheng)府(fu)(fu)(fu)(fu)干(gan)涉）和地(di)(di)方(fang)(fang)(fang)檢查(cha)委(wei)員會(hui)二位(wei)一體的(de)(de)(de)(de)(de)監(jian)(jian)(jian)管體系(xi)對地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)資金(jin)(jin)的(de)(de)(de)(de)(de)往(wang)(wang)來(lai)進(jin)行全(quan)程監(jian)(jian)(jian)督；法國專(zhuan)門委(wei)托(tuo)具有監(jian)(jian)(jian)管資質和技術能力的(de)(de)(de)(de)(de)銀行等專(zhuan)業(ye)的(de)(de)(de)(de)(de)金(jin)(jin)融(rong)機(ji)構(gou)，由其(qi)(qi)來(lai)對政(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)的(de)(de)(de)(de)(de)資金(jin)(jin)往(wang)(wang)來(lai)進(jin)行監(jian)(jian)(jian)控；澳(ao)大(da)利(li)亞則通過建立(li)完善(shan)的(de)(de)(de)(de)(de)政(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)預算管理(li)體系(xi)，在對借(jie)款融(rong)資進(jin)行分類管理(li)的(de)(de)(de)(de)(de)基(ji)礎上，借(jie)鑒(jian)金(jin)(jin)融(rong)市場的(de)(de)(de)(de)(de)信用評級制度，對地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)進(jin)行科學的(de)(de)(de)(de)(de)評級并建立(li)地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)報告制度，進(jin)而實(shi)施對政(zheng)府(fu)(fu)(fu)(fu)債(zhai)(zhai)務(wu)(wu)的(de)(de)(de)(de)(de)監(jian)(jian)(jian)督；巴西則是直接由中央(yang)政(zheng)府(fu)(fu)(fu)(fu)來(lai)管理(li)地(di)(di)方(fang)(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)的(de)(de)(de)(de)(de)債(zhai)(zhai)務(wu)(wu)。

河南省(sheng)(sheng)是(shi)全國較早明確提出嘗試建(jian)(jian)立三級地(di)(di)(di)方(fang)(fang)(fang)(fang)投(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)的(de)(de)(de)(de)省(sheng)(sheng)份，但省(sheng)(sheng)級以下(xia)的(de)(de)(de)(de)地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)投(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)管(guan)(guan)(guan)(guan)理(li)體(ti)制(zhi)(zhi)比較混亂(luan)，需要(yao)(yao)(yao)綜合治理(li)投(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)才能(neng)(neng)化(hua)(hua)解其面臨(lin)的(de)(de)(de)(de)風(feng)險。第(di)一(yi)，要(yao)(yao)(yao)做到(dao)政(zheng)府(fu)監(jian)控(kong)(kong)和(he)(he)(he)金融(rong)機(ji)(ji)(ji)構(gou)監(jian)控(kong)(kong)雙(shuang)管(guan)(guan)(guan)(guan)齊(qi)下(xia)。從河南省(sheng)(sheng)的(de)(de)(de)(de)省(sheng)(sheng)情來(lai)講(jiang)，由于(yu)城鎮化(hua)(hua)進(jin)(jin)(jin)(jin)程(cheng)的(de)(de)(de)(de)持續推進(jin)(jin)(jin)(jin)需要(yao)(yao)(yao)大(da)(da)規(gui)(gui)模的(de)(de)(de)(de)資(zi)(zi)金支持，因此，地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)的(de)(de)(de)(de)債(zhai)務(wu)要(yao)(yao)(yao)受中(zhong)央財政(zheng)的(de)(de)(de)(de)集中(zhong)管(guan)(guan)(guan)(guan)理(li)和(he)(he)(he)約束，避免地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)債(zhai)務(wu)的(de)(de)(de)(de)過(guo)(guo)度(du)膨脹。政(zheng)府(fu)主(zhu)要(yao)(yao)(yao)是(shi)對(dui)(dui)資(zi)(zi)金的(de)(de)(de)(de)需求(qiu)進(jin)(jin)(jin)(jin)行(xing)管(guan)(guan)(guan)(guan)控(kong)(kong)和(he)(he)(he)監(jian)督(du)，金融(rong)機(ji)(ji)(ji)構(gou)主(zhu)要(yao)(yao)(yao)側重與對(dui)(dui)資(zi)(zi)金的(de)(de)(de)(de)來(lai)源進(jin)(jin)(jin)(jin)行(xing)管(guan)(guan)(guan)(guan)控(kong)(kong)和(he)(he)(he)監(jian)督(du)。從需求(qiu)資(zi)(zi)金的(de)(de)(de)(de)一(yi)方(fang)(fang)(fang)(fang)和(he)(he)(he)供(gong)給(gei)資(zi)(zi)金的(de)(de)(de)(de)一(yi)方(fang)(fang)(fang)(fang)同時(shi)對(dui)(dui)借貸款行(xing)為及(ji)(ji)規(gui)(gui)模進(jin)(jin)(jin)(jin)行(xing)欄窨(yin)刂坪桶壓兀從源頭來(lai)控(kong)(kong)制(zhi)(zhi)風(feng)險。第(di)二(er)，明確要(yao)(yao)(yao)求(qiu)地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)各(ge)級投(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)層(ceng)層(ceng)披露(lu)其債(zhai)務(wu)信(xin)(xin)息(xi)(xi)，保(bao)證投(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)債(zhai)務(wu)信(xin)(xin)息(xi)(xi)和(he)(he)(he)財務(wu)信(xin)(xin)息(xi)(xi)的(de)(de)(de)(de)透明化(hua)(hua)，建(jian)(jian)立地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)債(zhai)務(wu)信(xin)(xin)息(xi)(xi)管(guan)(guan)(guan)(guan)理(li)系統(tong)，利用大(da)(da)數據平(ping)(ping)臺(tai)對(dui)(dui)地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)進(jin)(jin)(jin)(jin)行(xing)有(you)效(xiao)監(jian)管(guan)(guan)(guan)(guan)。第(di)三，需要(yao)(yao)(yao)建(jian)(jian)立及(ji)(ji)時(shi)應(ying)對(dui)(dui)風(feng)險的(de)(de)(de)(de)措(cuo)施，對(dui)(dui)于(yu)監(jian)管(guan)(guan)(guan)(guan)中(zhong)發現的(de)(de)(de)(de)問(wen)題(ti)要(yao)(yao)(yao)能(neng)(neng)夠及(ji)(ji)時(shi)解決。因此，需要(yao)(yao)(yao)設置科學的(de)(de)(de)(de)地(di)(di)(di)方(fang)(fang)(fang)(fang)債(zhai)務(wu)預警體(ti)系，通過(guo)(guo)某(mou)些指標(biao)量化(hua)(hua)地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)投(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)的(de)(de)(de)(de)風(feng)險，及(ji)(ji)時(shi)對(dui)(dui)各(ge)級地(di)(di)(di)方(fang)(fang)(fang)(fang)財政(zheng)是(shi)否良(liang)好運(yun)行(xing)及(ji)(ji)面臨(lin)的(de)(de)(de)(de)風(feng)險做出判斷，從而有(you)效(xiao)防范局部(bu)性的(de)(de)(de)(de)債(zhai)務(wu)風(feng)險。第(di)四，加(jia)強地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)債(zhai)務(wu)的(de)(de)(de)(de)責(ze)任(ren)(ren)(ren)制(zhi)(zhi)度(du)的(de)(de)(de)(de)建(jian)(jian)設。實行(xing)預算約束，明確償(chang)債(zhai)人的(de)(de)(de)(de)身(shen)份及(ji)(ji)所承擔、應(ying)該承擔的(de)(de)(de)(de)各(ge)種責(ze)任(ren)(ren)(ren)。各(ge)級地(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)府(fu)債(zhai)務(wu)要(yao)(yao)(yao)有(you)明確的(de)(de)(de)(de)責(ze)任(ren)(ren)(ren)機(ji)(ji)(ji)構(gou)及(ji)(ji)負(fu)責(ze)人，要(yao)(yao)(yao)建(jian)(jian)立相應(ying)的(de)(de)(de)(de)責(ze)任(ren)(ren)(ren)追究制(zhi)(zhi)度(du)，保(bao)證政(zheng)府(fu)投(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)的(de)(de)(de)(de)各(ge)項資(zi)(zi)金有(you)制(zhi)(zhi)度(du)約束、有(you)人員負(fu)責(ze)、有(you)機(ji)(ji)(ji)構(gou)監(jian)管(guan)(guan)(guan)(guan)。

在(zai)目(mu)前城鎮(zhen)(zhen)化(hua)持續推進下，在(zai)現有的(de)財稅體制和新的(de)經濟形勢(shi)下，政府財力依然在(zai)一定時期內無(wu)法獨立支撐公共基礎(chu)設施和公益設施建(jian)(jian)設，更是無(wu)法完成綠色(se)城鎮(zhen)(zhen)化(hua)進程(cheng)中的(de)生態(tai)建(jian)(jian)設，政府投(tou)融資(zi)平臺(tai)還必須(xu)承擔為城鎮(zhen)(zhen)化(hua)發展基礎(chu)項(xiang)目(mu)籌資(zi)的(de)任(ren)務，但也應注(zhu)意防范和化(hua)解(jie)各種債務及經營風險，為城鎮(zhen)(zhen)化(hua)的(de)持續推進提供強有力的(de)資(zi)金(jin)保障(zhang)。

參考文獻：

[1] 李國莉.當前投融資(zi)平臺(tai)公司(si)面臨的困境與出路――以某平臺(tai)公司(si)為例[J].開封大學(xue)學(xue)報，2015，（3）.

[2] 鄧瑜.河(he)南省政府投融資(zi)平臺(tai)問題研究析[J].金融經濟，2013，（12）.

[3] 李天德(de)，陳志偉.新(xin)常態(tai)下地方政府投融資平臺轉型(xing)發展探(tan)析[J].中州學刊，2015，（4）.

篇6

關鍵(jian)詞：地方政(zheng)府；投融資平臺；金融創新

文章編號：1003-4625(2010)12-0035-05　中圖分類號：F830.45　文獻(xian)標識碼(ma)：A

2009年(nian)3月23日，中國人民銀(yin)(yin)行(xing)和(he)(he)銀(yin)(yin)監會(hui)聯(lian)合出臺了(le)《進(jin)一(yi)(yi)步加(jia)強信貸結(jie)構調整促進(jin)國民經濟平(ping)穩較快發(fa)展(zhan)的(de)指導(dao)意見》，提到(dao)要支持有(you)條件的(de)地方政(zheng)(zheng)府(fu)組建投(tou)融資(zi)(zi)平(ping)臺，發(fa)行(xing)企業(ye)債(zhai)(zhai)、中期票據等(deng)融資(zi)(zi)工具(ju)，拓寬中央政(zheng)(zheng)府(fu)投(tou)資(zi)(zi)項目的(de)配套資(zi)(zi)金融資(zi)(zi)渠道。這被視為對地方政(zheng)(zheng)府(fu)投(tou)融資(zi)(zi)平(ping)臺的(de)肯(ken)定和(he)(he)鼓勵，于是(shi)，全(quan)國各地紛(fen)紛(fen)創新(xin)發(fa)展(zhan)理(li)念，努力打(da)造(zao)新(xin)形勢下政(zheng)(zheng)府(fu)主導(dao)的(de)新(xin)型投(tou)融資(zi)(zi)平(ping)臺。在經歷(li)了(le)2009年(nian)的(de)信貸大(da)潮和(he)(he)“4萬(wan)億”的(de)投(tou)資(zi)(zi)刺激之后，大(da)量的(de)銀(yin)(yin)行(xing)新(xin)增貸款流向(xiang)了(le)地方政(zheng)(zheng)府(fu)投(tou)融資(zi)(zi)平(ping)臺。與(yu)此同時，地方政(zheng)(zheng)府(fu)投(tou)融資(zi)(zi)平(ping)臺的(de)發(fa)展(zhan)也面臨著一(yi)(yi)些問題(ti)和(he)(he)困難：銀(yin)(yin)行(xing)負債(zhai)(zhai)多；融資(zi)(zi)渠道和(he)(he)方式還有(you)待創新(xin)；融資(zi)(zi)平(ping)臺本(ben)身(shen)可持續發(fa)展(zhan)能力弱，還款來源主要依賴于財政(zheng)(zheng)逐年(nian)積累；風險(xian)放大(da)等(deng)。2010年(nian)“兩會(hui)”期間(jian)，對地方政(zheng)(zheng)府(fu)投(tou)融資(zi)(zi)平(ping)臺的(de)爭議成為最大(da)的(de)熱點之一(yi)(yi)，其存(cun)在的(de)風險(xian)及(ji)如何發(fa)展(zhan)問題(ti)引(yin)起(qi)了(le)有(you)關(guan)部(bu)門和(he)(he)專(zhuan)家(jia)學者的(de)高度(du)重(zhong)視。

我國(guo)正(zheng)處于工(gong)業化、城(cheng)市(shi)化的(de)快速(su)發(fa)展階段，各地城(cheng)市(shi)基(ji)礎設施、公共服務設施建設投(tou)資(zi)(zi)(zi)需求比較(jiao)旺盛，有序利用地方政(zheng)府(fu)(fu)投(tou)融(rong)(rong)(rong)資(zi)(zi)(zi)平臺(tai)，是(shi)促進我國(guo)經濟(ji)快速(su)穩(wen)定發(fa)展的(de)重(zhong)要(yao)手(shou)段。鑒于地方政(zheng)府(fu)(fu)投(tou)融(rong)(rong)(rong)資(zi)(zi)(zi)平臺(tai)在(zai)經濟(ji)生活中發(fa)揮的(de)積極作(zuo)用和(he)地位，國(guo)家已經明確表示(shi)不會采用“一刀(dao)切”的(de)方式(shi)“停掉政(zheng)府(fu)(fu)投(tou)融(rong)(rong)(rong)資(zi)(zi)(zi)平臺(tai)”，因(yin)此，規范地方政(zheng)府(fu)(fu)投(tou)融(rong)(rong)(rong)資(zi)(zi)(zi)平臺(tai)建設，創新發(fa)展途(tu)徑(jing)將是(shi)急需重(zhong)點解決的(de)問題。

一、河南地(di)方政(zheng)府(fu)投融資平臺發展概(gai)況

河(he)南(nan)省(sheng)在(zai)(zai)新型(xing)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)臺(tai)(tai)建(jian)設(she)方(fang)面(mian)進(jin)行(xing)了(le)許多(duo)(duo)探(tan)索，借鑒重(zhong)慶市(shi)和上海市(shi)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)臺(tai)(tai)的(de)(de)構建(jian)經(jing)驗，河(he)南(nan)地(di)方(fang)政(zheng)府(fu)(fu)(fu)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)臺(tai)(tai)的(de)(de)依托主(zhu)體(ti)是組建(jian)設(she)立綜合(he)(he)性(xing)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)集團，打造專業(ye)性(xing)的(de)(de)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)臺(tai)(tai)。投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)集團之間實行(xing)專業(ye)化(hua)運作，主(zhu)業(ye)突出。主(zhu)要(yao)的(de)(de)國(guo)有投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)集團共同(tong)構成(cheng)地(di)方(fang)政(zheng)府(fu)(fu)(fu)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)臺(tai)(tai)的(de)(de)主(zhu)體(ti)公司(si)。近年來，河(he)南(nan)省(sheng)相繼建(jian)立了(le)不同(tong)類型(xing)的(de)(de)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)臺(tai)(tai)，比如，河(he)南(nan)省(sheng)整合(he)(he)政(zheng)府(fu)(fu)(fu)資(zi)(zi)(zi)(zi)源，搭建(jian)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)大(da)平(ping)臺(tai)(tai)，成(cheng)立河(he)南(nan)省(sheng)投(tou)(tou)資(zi)(zi)(zi)(zi)集團，經(jing)營省(sheng)政(zheng)府(fu)(fu)(fu)授權范圍內的(de)(de)國(guo)有資(zi)(zi)(zi)(zi)產(chan)，成(cheng)為省(sheng)政(zheng)府(fu)(fu)(fu)的(de)(de)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)主(zhu)體(ti)，目(mu)的(de)(de)就是要(yao)擴大(da)政(zheng)府(fu)(fu)(fu)的(de)(de)投(tou)(tou)資(zi)(zi)(zi)(zi)作用，優化(hua)政(zheng)府(fu)(fu)(fu)的(de)(de)投(tou)(tou)資(zi)(zi)(zi)(zi)能(neng)力，集河(he)南(nan)全省(sheng)之力，形成(cheng)一(yi)個(ge)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)大(da)平(ping)臺(tai)(tai)，運用多(duo)(duo)種財政(zheng)金融(rong)(rong)(rong)(rong)手段促進(jin)區域(yu)經(jing)濟(ji)發(fa)展(zhan)(zhan)。而(er)一(yi)些小規模(mo)的(de)(de)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)公司(si)也通過聯合(he)(he)的(de)(de)方(fang)式，壯(zhuang)大(da)公司(si)規模(mo)，尋(xun)求更好的(de)(de)發(fa)展(zhan)(zhan)。這些不同(tong)類型(xing)的(de)(de)投(tou)(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)臺(tai)(tai)在(zai)(zai)加(jia)快城市(shi)基(ji)礎設(she)施(shi)建(jian)設(she)和產(chan)業(ye)升(sheng)級，改(gai)善居民生(sheng)活環境(jing)等(deng)方(fang)面(mian)，發(fa)揮了(le)重(zhong)要(yao)的(de)(de)籌(chou)資(zi)(zi)(zi)(zi)作用，于是一(yi)批省(sheng)重(zhong)大(da)項目(mu)建(jian)設(she)進(jin)程(cheng)得以加(jia)快推進(jin)，民生(sheng)工程(cheng)、生(sheng)態工程(cheng)等(deng)體(ti)現科學發(fa)展(zhan)(zhan)觀的(de)(de)重(zhong)大(da)建(jian)設(she)項目(mu)投(tou)(tou)入大(da)幅增加(jia)。

但是，目前河南(nan)政(zheng)(zheng)府投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)也面(mian)臨著一些困難(nan)和問題，傳統的政(zheng)(zheng)府投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)模(mo)式(shi)(shi)(shi)將(jiang)越來越難(nan)以滿足(zu)河南(nan)地方(fang)建(jian)設的需求。一方(fang)面(mian)，從注(zhu)冊(ce)資(zi)(zi)(zi)(zi)本(ben)上看，實力較小，河南(nan)最大(da)(da)的投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)機(ji)構(gou)――河南(nan)省(sheng)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)集(ji)團注(zhu)冊(ce)資(zi)(zi)(zi)(zi)金(jin)也只有(you)120億(yi)(yi)(yi)元(yuan)，與外(wai)省(sheng)相比(bi)(bi)，如四川省(sheng)政(zheng)(zheng)府投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)的四川發(fa)(fa)展(zhan)(zhan)(zhan)(控股)公司注(zhu)冊(ce)資(zi)(zi)(zi)(zi)本(ben)為800億(yi)(yi)(yi)元(yuan)，差距很明顯。根據河南(nan)省(sheng)鐵(tie)路、民(min)航(hang)發(fa)(fa)展(zhan)(zhan)(zhan)規劃，2009―2015年河南(nan)省(sheng)共有(you)15個鐵(tie)路項(xiang)目，總投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)約2760億(yi)(yi)(yi)元(yuan)，需河南(nan)出資(zi)(zi)(zi)(zi)約371億(yi)(yi)(yi)元(yuan)：鄭州機(ji)場二期(qi)擴建(jian)總投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)90億(yi)(yi)(yi)元(yuan)，需籌措資(zi)(zi)(zi)(zi)本(ben)金(jin)45億(yi)(yi)(yi)元(yuan)，資(zi)(zi)(zi)(zi)金(jin)缺口很大(da)(da)。另一方(fang)面(mian)，河南(nan)政(zheng)(zheng)府投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)的主(zhu)要融(rong)(rong)資(zi)(zi)(zi)(zi)渠道(dao)(dao)集(ji)中(zhong)(zhong)在債(zhai)務融(rong)(rong)資(zi)(zi)(zi)(zi)方(fang)面(mian)，債(zhai)務融(rong)(rong)資(zi)(zi)(zi)(zi)中(zhong)(zhong)銀行債(zhai)務占60％左右(you)，風險比(bi)(bi)較集(ji)中(zhong)(zhong)。同時，投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)募集(ji)到(dao)的資(zi)(zi)(zi)(zi)金(jin)主(zhu)要投(tou)(tou)(tou)(tou)向(xiang)公益性(xing)項(xiang)目或(huo)與平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)自身(shen)經(jing)營無關的項(xiang)目，致使盈(ying)利水(shui)平(ping)(ping)(ping)(ping)普遍欠(qian)佳。再(zai)者，還存在投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)渠道(dao)(dao)和方(fang)式(shi)(shi)(shi)有(you)待創(chuang)(chuang)新(xin)(xin)，投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)本(ben)身(shen)可持續發(fa)(fa)展(zhan)(zhan)(zhan)能(neng)力弱等問題。因此，以現有(you)政(zheng)(zheng)府投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)為基礎，探索更加科學(xue)和有(you)效的投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)運營模(mo)式(shi)(shi)(shi)，盡快完(wan)善和搭(da)建(jian)一批有(you)經(jing)濟實力和核心競爭力的河南(nan)政(zheng)(zheng)府投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)集(ji)團，形(xing)成比(bi)(bi)較完(wan)善的投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)體系勢在必(bi)行。河南(nan)政(zheng)(zheng)府投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)要在規范中(zhong)(zhong)發(fa)(fa)展(zhan)(zhan)(zhan)，更要在創(chuang)(chuang)新(xin)(xin)中(zhong)(zhong)發(fa)(fa)展(zhan)(zhan)(zhan)，需要通過不斷創(chuang)(chuang)新(xin)(xin)投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)方(fang)式(shi)(shi)(shi)，努(nu)力拓寬平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)的投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)渠道(dao)(dao)。

二(er)、河南地(di)方政府投融資平臺創(chuang)新(xin)途徑

(一)整合資源，組建金融控股(gu)集團

根據國(guo)際巴(ba)塞爾銀行監(jian)管委(wei)員(yuan)會、國(guo)際證券(quan)聯合委(wei)員(yuan)會、國(guo)際保(bao)險監(jian)管委(wei)員(yuan)會1999年的《對(dui)金(jin)(jin)融(rong)控(kong)股(gu)(gu)集團的監(jian)管原則》，金(jin)(jin)融(rong)控(kong)股(gu)(gu)公(gong)司(si)指(zhi)一個(ge)(ge)公(gong)司(si)在(zai)(zai)擁有實業(ye)(ye)的基礎(chu)上，可跨(kua)行業(ye)(ye)控(kong)股(gu)(gu)或參股(gu)(gu)，在(zai)(zai)同(tong)一控(kong)制權下完全或主(zhu)要在(zai)(zai)銀行業(ye)(ye)、證券(quan)業(ye)(ye)、保(bao)險中至少兩個(ge)(ge)不同(tong)的金(jin)(jin)融(rong)業(ye)(ye)大規(gui)模提供服務的金(jin)(jin)融(rong)集團公(gong)司(si)。金(jin)(jin)融(rong)控(kong)股(gu)(gu)公(gong)司(si)最主(zhu)要的特點是(shi)“集團混業(ye)(ye)，經營(ying)分業(ye)(ye)”，它通過對(dui)商業(ye)(ye)銀行、證券(quan)公(gong)司(si)、保(bao)險公(gong)司(si)和(he)(he)非金(jin)(jin)融(rong)子公(gong)司(si)的股(gu)(gu)權控(kong)制和(he)(he)對(dui)各(ge)子公(gong)司(si)進行資本調度，并通過制定各(ge)種長期(qi)發展(zhan)規(gui)劃來(lai)實現(xian)各(ge)子公(gong)司(si)間(jian)在(zai)(zai)資金(jin)(jin)、業(ye)(ye)務和(he)(he)技術上的合作，從(cong)而實現(xian)資源(yuan)的有效(xiao)配置，降低成本，提高效(xiao)率，獲得混業(ye)(ye)經營(ying)的正面效(xiao)應。

金融(rong)控(kong)股集(ji)團(tuan)作為(wei)(wei)一(yi)種(zhong)有效的(de)(de)金融(rong)組織形式，是(shi)金融(rong)機構綜合經(jing)(jing)營(ying)(ying)(ying)的(de)(de)必(bi)然選(xuan)擇。從國(guo)際金融(rong)業(ye)的(de)(de)發(fa)(fa)展(zhan)(zhan)歷史看(kan)，綜合經(jing)(jing)營(ying)(ying)(ying)在(zai)(zai)大(da)部分(fen)時期被多數(shu)國(guo)家(jia)(jia)所采用，是(shi)金融(rong)業(ye)發(fa)(fa)展(zhan)(zhan)的(de)(de)常態；而分(fen)業(ye)經(jing)(jing)營(ying)(ying)(ying)只是(shi)特(te)(te)定(ding)國(guo)家(jia)(jia)特(te)(te)定(ding)階(jie)段的(de)(de)產(chan)物，屬于一(yi)種(zhong)特(te)(te)殊形態。當今天下，綜合經(jing)(jing)營(ying)(ying)(ying)在(zai)(zai)中(zhong)(zhong)國(guo)以(yi)外的(de)(de)世界主要經(jing)(jing)濟體(ti)已(yi)基本成(cheng)為(wei)(wei)現(xian)(xian)實(shi)。而我國(guo)金融(rong)業(ye)由于種(zhong)種(zhong)原(yuan)因目前仍(reng)為(wei)(wei)分(fen)業(ye)經(jing)(jing)營(ying)(ying)(ying)體(ti)制。但從發(fa)(fa)展(zhan)(zhan)趨勢看(kan)，綜合經(jing)(jing)營(ying)(ying)(ying)今后將是(shi)中(zhong)(zhong)國(guo)金融(rong)業(ye)發(fa)(fa)展(zhan)(zhan)的(de)(de)必(bi)經(jing)(jing)之(zhi)路(lu)。從目前河南省投融(rong)資平臺(tai)建設發(fa)(fa)展(zhan)(zhan)來(lai)看(kan)，金融(rong)控(kong)股集(ji)團(tuan)雛形漸現(xian)(xian)，但是(shi)與國(guo)內較為(wei)(wei)成(cheng)熟的(de)(de)金融(rong)控(kong)股集(ji)團(tuan)如中(zhong)(zhong)信控(kong)股、光(guang)大(da)集(ji)團(tuan)相(xiang)比(bi)，還有一(yi)定(ding)的(de)(de)差距(ju)。

1.控(kong)股金(jin)融(rong)企業中(zhong)缺(que)強有(you)力的(de)銀行。無論從資(zi)產規模(mo)、業務規模(mo)、客戶規模(mo)、支付結算和資(zi)源配(pei)置的(de)功(gong)(gong)能以及風險(xian)控(kong)制的(de)能力上(shang)，銀行在較(jiao)長一(yi)段時期還將在我國的(de)金(jin)融(rong)體系中(zhong)處于主(zhu)導地位，這也(ye)決定了不能拋開(kai)銀行組建金(jin)融(rong)控(kong)股集團。國內比較(jiao)成功(gong)(gong)的(de)中(zhong)信控(kong)股、光大集團等金(jin)融(rong)控(kong)股集團均以銀行為(wei)主(zhu)干(gan)。河南地方政(zheng)府投融(rong)資(zi)平臺(tai)目前尚缺(que)乏控(kong)制一(yi)個強有(you)力的(de)商業銀行作為(wei)核(he)心企業來(lai)整合(he)金(jin)融(rong)資(zi)源。

2.金融(rong)控(kong)(kong)股(gu)(gu)(gu)公司在國內處于實(shi)踐(jian)摸(mo)索階段，無明確政策和成熟(shu)的(de)(de)理(li)論為依據，同時也(ye)沒(mei)(mei)有成功的(de)(de)企業(ye)可借(jie)鑒，特別是區(qu)域性的(de)(de)金融(rong)控(kong)(kong)股(gu)(gu)(gu)公司。目前我國的(de)(de)金融(rong)控(kong)(kong)股(gu)(gu)(gu)集團(tuan)(tuan)(tuan)主要(yao)還停留在理(li)論研討(tao)和實(shi)踐(jian)摸(mo)索階段，尚(shang)未(wei)出臺有關(guan)金融(rong)控(kong)(kong)股(gu)(gu)(gu)集團(tuan)(tuan)(tuan)的(de)(de)法(fa)律(lv)，也(ye)沒(mei)(mei)有明確的(de)(de)司法(fa)解釋(shi)。金融(rong)控(kong)(kong)股(gu)(gu)(gu)集團(tuan)(tuan)(tuan)作為一類特殊的(de)(de)公司，沒(mei)(mei)有金融(rong)企業(ye)資格(ge)，通常被(bei)視為一般工(gong)商企業(ye)，除可以適用《公司法(fa)》的(de)(de)一般規定(ding)外(wai)，沒(mei)(mei)有專門(men)適用的(de)(de)法(fa)律(lv)制(zhi)度；金融(rong)控(kong)(kong)股(gu)(gu)(gu)集團(tuan)(tuan)(tuan)的(de)(de)定(ding)義、類型、法(fa)律(lv)地位等基礎(chu)問題也(ye)沒(mei)(mei)有解決，使得其(qi)發展(zhan)受到限(xian)制(zhi)。

金融控股集團的(de)公司(si)治理機(ji)制和(he)健全的(de)內(nei)控制度(du)也正處于探(tan)索(suo)階段。

3.監管(guan)部門(men)監管(guan)導向(xiang)傾(qing)向(xiang)于提(ti)高(gao)金(jin)融(rong)企業經(jing)營獨(du)立性，通過限(xian)制單一最(zui)大股(gu)東(dong)持股(gu)比例等方式(shi)削弱(ruo)大股(gu)東(dong)對金(jin)融(rong)機(ji)構的控(kong)制力，對今后金(jin)融(rong)控(kong)股(gu)公司管(guan)控(kong)控(kong)股(gu)金(jin)融(rong)企業提(ti)高(gao)了難度(du)。

4.金(jin)融(rong)(rong)(rong)企業管理經驗相對較少(shao)，金(jin)融(rong)(rong)(rong)人才儲備相對不(bu)足。河南省雖然已有一定的(de)金(jin)融(rong)(rong)(rong)、財務人才儲備，但(dan)是(shi)在組建(jian)大型(xing)金(jin)融(rong)(rong)(rong)控股集(ji)團的(de)過程中，金(jin)融(rong)(rong)(rong)人才仍相對不(bu)足。

今后，河南政府(fu)應在全面清(qing)理現有的地方政府(fu)投融(rong)資(zi)(zi)(zi)平(ping)臺，防止平(ping)臺數量盲目(mu)增加(jia)的基(ji)礎上，整合資(zi)(zi)(zi)源組(zu)建金融(rong)控股集團，建立統一(yi)的新(xin)型投融(rong)資(zi)(zi)(zi)平(ping)臺，使投資(zi)(zi)(zi)、融(rong)資(zi)(zi)(zi)、項目(mu)規劃和(he)管(guan)理、項目(mu)維護、監管(guan)這些職能在統一(yi)的政府(fu)投融(rong)資(zi)(zi)(zi)體制(zhi)機(ji)制(zhi)下協調運行。

1.整合地方城市(shi)商業銀(yin)行和城市(shi)信用社(she)，引進(jin)國內外戰略投資者，組建具有河南品牌、機構逐步延(yan)伸(shen)全(quan)國的股份制商業銀(yin)行。

2.加快組建中原財(cai)產(chan)(chan)保險(xian)公(gong)司(si)，通(tong)過保險(xian)公(gong)司(si)籌(chou)集長(chang)期規(gui)模化資(zi)金，投資(zi)于(yu)資(zi)金需求(qiu)規(gui)模大(da)、投資(zi)周(zhou)期相對較長(chang)的基礎設施、公(gong)用事業(ye)等領域，為產(chan)(chan)業(ye)發展提供長(chang)期、穩定的資(zi)金支持。

3.著(zhu)手控(kong)股(gu)(gu)金(jin)(jin)融企(qi)(qi)業戰略(lve)投資者(zhe)和(he)財(cai)務(wu)投資者(zhe)的尋找。為(wei)滿足監管(guan)部門對于金(jin)(jin)融企(qi)(qi)業股(gu)(gu)權分散的監管(guan)要求，保持金(jin)(jin)融控(kong)股(gu)(gu)集團對控(kong)股(gu)(gu)金(jin)(jin)融企(qi)(qi)業的控(kong)制力度(du)，防止產(chan)生股(gu)(gu)權糾紛，需要從現在著(zhu)手尋找具有參股(gu)(gu)省(sheng)內金(jin)(jin)融機構意愿，以獲(huo)取收益為(wei)主要目的，不介入具體經營管(guan)理的戰略(lve)投資者(zhe)和(he)財(cai)務(wu)投資者(zhe)。

4.及(ji)早探索(suo)研(yan)究金(jin)融(rong)(rong)控(kong)(kong)(kong)股(gu)集(ji)團的(de)管理及(ji)內控(kong)(kong)(kong)機制。鑒于國(guo)內金(jin)融(rong)(rong)控(kong)(kong)(kong)股(gu)集(ji)團仍處于探索(suo)階段，各項(xiang)政策尚不完善，需及(ji)時跟蹤國(guo)家在金(jin)融(rong)(rong)綜合經營(ying)方面(mian)的(de)政策方針，盡早研(yan)究借(jie)鑒國(guo)內金(jin)融(rong)(rong)控(kong)(kong)(kong)股(gu)集(ji)團的(de)經營(ying)管理經驗(yan)，探索(suo)研(yan)究金(jin)融(rong)(rong)控(kong)(kong)(kong)股(gu)集(ji)團的(de)管理及(ji)內部機制。

5.加強(qiang)金(jin)融(rong)人(ren)才(cai)(cai)的培(pei)養和引(yin)進(jin)，做好(hao)人(ren)才(cai)(cai)儲備(bei)。一(yi)方(fang)(fang)面在現(xian)有地方(fang)(fang)政府投融(rong)資平臺內(nei)部(bu)培(pei)養鍛煉懂金(jin)融(rong)、懂管(guan)理(li)的員工隊伍，另一(yi)方(fang)(fang)面積極引(yin)進(jin)金(jin)融(rong)管(guan)理(li)人(ren)才(cai)(cai)，為組建金(jin)融(rong)投資集團做好(hao)人(ren)才(cai)(cai)儲備(bei)。

(二)設立(li)股(gu)權投資基金，拓寬(kuan)融資渠道

河(he)南(nan)政府投(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)發(fa)展過程中最大的問題是投(tou)資(zi)(zi)規模與(yu)資(zi)(zi)金來源(yuan)不(bu)匹配，融(rong)(rong)(rong)(rong)資(zi)(zi)渠(qu)道單一(yi)(yi)，風險分(fen)散程度小(xiao)。要解決這一(yi)(yi)問題就必須(xu)著(zhu)眼于拓寬投(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)的資(zi)(zi)金來源(yuan)，改善平(ping)臺(tai)公司(si)單純依(yi)賴(lai)銀行信貸的間(jian)接融(rong)(rong)(rong)(rong)資(zi)(zi)格局(ju)，打(da)通直接融(rong)(rong)(rong)(rong)資(zi)(zi)渠(qu)道。設立股權投(tou)資(zi)(zi)基金應作(zuo)為河(he)南(nan)政府投(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)平(ping)臺(tai)直接融(rong)(rong)(rong)(rong)資(zi)(zi)的有(you)效措(cuo)施之一(yi)(yi)，以(yi)便形成包括(kuo)間(jian)接融(rong)(rong)(rong)(rong)資(zi)(zi)和直接融(rong)(rong)(rong)(rong)資(zi)(zi)在(zai)內的多元(yuan)化(hua)融(rong)(rong)(rong)(rong)資(zi)(zi)結(jie)構。

股權(quan)投(tou)(tou)資(zi)(zi)基(ji)(ji)金(jin)(jin)，又稱私募(mu)股權(quan)投(tou)(tou)資(zi)(zi)基(ji)(ji)金(jin)(jin)(PrivateEquity Funds)是通(tong)過非(fei)(fei)公(gong)開方式(shi)(shi)募(mu)集機構投(tou)(tou)資(zi)(zi)者或個人的資(zi)(zi)金(jin)(jin)，一般對非(fei)(fei)上市進行權(quan)益性(xing)投(tou)(tou)資(zi)(zi)，通(tong)過控(kong)制(zhi)或管(guan)(guan)理使所投(tou)(tou)資(zi)(zi)公(gong)司(si)獲得價值增值，最終以上市、并購或管(guan)(guan)理層回購等(deng)方式(shi)(shi)出(chu)(chu)售(shou)持(chi)股獲利。該基(ji)(ji)金(jin)(jin)在組建(jian)方式(shi)(shi)上分為公(gong)司(si)制(zhi)、合伙制(zhi)等(deng)組織形式(shi)(shi)，是由基(ji)(ji)金(jin)(jin)管(guan)(guan)理人管(guan)(guan)理、基(ji)(ji)金(jin)(jin)托(tuo)管(guan)(guan)人托(tuo)管(guan)(guan)，并由投(tou)(tou)資(zi)(zi)者按照其出(chu)(chu)資(zi)(zi)份額分享投(tou)(tou)資(zi)(zi)收益，承擔投(tou)(tou)資(zi)(zi)風(feng)險的基(ji)(ji)金(jin)(jin)。

從20世(shi)紀70年代各國開(kai)始放松(song)機構投(tou)資(zi)(zi)(zi)者投(tou)資(zi)(zi)(zi)限制后，全球私募(mu)股(gu)(gu)權(quan)(quan)基(ji)(ji)金(jin)(jin)蓬勃(bo)發(fa)展，目前(qian)已經(jing)發(fa)展成為僅次于(yu)銀(yin)行貸(dai)款和IPO的(de)重(zhong)要融資(zi)(zi)(zi)手(shou)段。近年來(lai)，隨著“金(jin)(jin)磚四國”經(jing)濟持續、高速增長，海外(wai)的(de)私募(mu)股(gu)(gu)權(quan)(quan)基(ji)(ji)金(jin)(jin)紛紛把(ba)目標(biao)轉向這些新(xin)興市場，中國的(de)私募(mu)股(gu)(gu)權(quan)(quan)基(ji)(ji)金(jin)(jin)表現得異常活躍。但就河南省的(de)發(fa)展狀況來(lai)看，雖已經(jing)和省外(wai)的(de)各類投(tou)資(zi)(zi)(zi)基(ji)(ji)金(jin)(jin)進行了(le)多種類型(xing)的(de)合作，但投(tou)資(zi)(zi)(zi)基(ji)(ji)金(jin)(jin)數量少、規模小，一般都屬(shu)于(yu)投(tou)資(zi)(zi)(zi)于(yu)企業初創(chuang)期(qi)的(de)風險投(tou)資(zi)(zi)(zi)(VC)性質(zhi)(zhi)，投(tou)資(zi)(zi)(zi)于(yu)成長期(qi)的(de)股(gu)(gu)權(quan)(quan)投(tou)資(zi)(zi)(zi)(PE)和產業基(ji)(ji)金(jin)(jin)性質(zhi)(zhi)的(de)股(gu)(gu)權(quan)(quan)投(tou)資(zi)(zi)(zi)基(ji)(ji)金(jin)(jin)尚屬(shu)空白。設(she)立(li)股(gu)(gu)權(quan)(quan)投(tou)資(zi)(zi)(zi)基(ji)(ji)金(jin)(jin)對河南政(zheng)府投(tou)融資(zi)(zi)(zi)平(ping)臺(tai)建設(she)意義重(zhong)大。

1.河南政(zheng)府(fu)投融資平臺設立(li)股權投資基金的(de)可行性

設立股(gu)權(quan)(quan)投(tou)(tou)(tou)(tou)資(zi)(zi)基金(jin)(jin)是(shi)政(zheng)(zheng)府(fu)投(tou)(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)向(xiang)市場化邁出的(de)(de)(de)重要一步，應(ying)作為河南政(zheng)(zheng)府(fu)投(tou)(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)在新(xin)形勢下的(de)(de)(de)戰略選(xuan)擇(ze)。按照傳統的(de)(de)(de)思(si)想觀(guan)念，政(zheng)(zheng)府(fu)投(tou)(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)是(shi)“官辦公(gong)司(si)”，與(yu)股(gu)權(quan)(quan)投(tou)(tou)(tou)(tou)資(zi)(zi)基金(jin)(jin)的(de)(de)(de)利益是(shi)沖(chong)突的(de)(de)(de)。其實不(bu)然，因為政(zheng)(zheng)府(fu)投(tou)(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)分(fen)別隸屬(shu)于(yu)不(bu)同國(guo)有投(tou)(tou)(tou)(tou)資(zi)(zi)公(gong)司(si)，從職能定位上看，國(guo)有投(tou)(tou)(tou)(tou)資(zi)(zi)公(gong)司(si)應(ying)定位于(yu)企業層面(mian)，不(bu)是(shi)政(zheng)(zheng)府(fu)機構，應(ying)享有《公(gong)司(si)法》所賦(fu)予的(de)(de)(de)權(quan)(quan)力和承(cheng)擔相應(ying)的(de)(de)(de)責(ze)任。地(di)(di)方政(zheng)(zheng)府(fu)投(tou)(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)設立股(gu)權(quan)(quan)投(tou)(tou)(tou)(tou)資(zi)(zi)基金(jin)(jin)是(shi)通(tong)過(guo)地(di)(di)方政(zheng)(zheng)府(fu)投(tou)(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)(ping)臺(tai)公(gong)司(si)與(yu)基金(jin)(jin)管(guan)理公(gong)司(si)共同設立，一般(ban)采(cai)用合伙制(zhi)，通(tong)過(guo)契約約定相關的(de)(de)(de)權(quan)(quan)利和義務，只需在地(di)(di)方政(zheng)(zheng)府(fu)發改委、工(gong)商局登記備案即可。

股權(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)基(ji)金(jin)的(de)(de)資(zi)(zi)(zi)(zi)(zi)金(jin)來源主要是長期投(tou)資(zi)(zi)(zi)(zi)(zi)者，如風險(xian)(xian)基(ji)金(jin)、養(yang)老基(ji)金(jin)、保險(xian)(xian)公(gong)司等(deng)。從國(guo)際上(shang)的(de)(de)普(pu)遍做法(fa)看，股權(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)基(ji)金(jin)的(de)(de)機(ji)構(gou)投(tou)資(zi)(zi)(zi)(zi)(zi)人(ren)(ren)主要是保險(xian)(xian)、社保、銀(yin)行(xing)等(deng)。我國(guo)由于民間(jian)資(zi)(zi)(zi)(zi)(zi)金(jin)非常豐富，富有的(de)(de)個(ge)人(ren)(ren)、民營(ying)企業(ye)、一(yi)些國(guo)有企業(ye)都可成(cheng)為(wei)股權(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)基(ji)金(jin)的(de)(de)認(ren)購人(ren)(ren)。盡(jin)管我國(guo)目前銀(yin)行(xing)、證券、保險(xian)(xian)不能直(zhi)接作為(wei)股權(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)基(ji)金(jin)的(de)(de)認(ren)購人(ren)(ren)，但這些機(ji)構(gou)都有投(tou)資(zi)(zi)(zi)(zi)(zi)公(gong)司，可以(yi)通過(guo)它們(men)進(jin)行(xing)直(zhi)接股權(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)，或通過(guo)它們(men)對(dui)高端客戶發行(xing)理財產品(pin)、集合信(xin)托、集合資(zi)(zi)(zi)(zi)(zi)產管理計劃進(jin)行(xing)直(zhi)接股權(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)。相信(xin)國(guo)家一(yi)旦出臺金(jin)融機(ji)構(gou)作為(wei)股權(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)基(ji)金(jin)合格投(tou)資(zi)(zi)(zi)(zi)(zi)人(ren)(ren)的(de)(de)政(zheng)策，股權(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)基(ji)金(jin)將迎來快(kuai)速(su)發展的(de)(de)時期。

2.河(he)南政(zheng)(zheng)府投融資(zi)平臺設立股權投資(zi)基金(jin)的(de)相(xiang)關(guan)政(zheng)(zheng)策(ce)依據

2009年10月(yue)23日(ri)，重(zhong)慶高速(su)(su)集團首次嘗試境外股(gu)權融(rong)資(zi)，它通過國際市(shi)場(chang)的(de)招標、轉讓高速(su)(su)公路的(de)經營權，建立起(qi)一種新(xin)的(de)基(ji)(ji)礎建設(she)融(rong)資(zi)模式(shi)，這是中國首例高速(su)(su)公路實現境外融(rong)資(zi)，為(wei)河南政府投(tou)融(rong)資(zi)平(ping)臺設(she)立股(gu)權投(tou)資(zi)基(ji)(ji)金提(ti)供了很(hen)好的(de)先(xian)例。

目前，國(guo)家有關股權(quan)投資基金管理的(de)各(ge)項政策(ce)正在加緊(jin)制定中(zhong)，國(guo)家發(fa)改(gai)委會(hui)同國(guo)務(wu)院(yuan)有關部(bu)(bu)門(men)(men)制定的(de)《股權(quan)投資基金管理辦法》經(jing)過十年的(de)準備，已基本成形，將在征求有關部(bu)(bu)門(men)(men)意見基礎上呈報國(guo)務(wu)院(yuan)，有望(wang)很快出臺。

同時，國(guo)家對公(gong)司(si)上(shang)市(shi)(包(bao)括(kuo)創業板)相關法(fa)(fa)規(gui)和制度已逐步(bu)完善，比如中國(guo)證(zheng)監會最近宣(xuan)布，擬擴大開(kai)立證(zheng)券賬戶的投(tou)資(zi)(zi)者范(fan)圍，允許合伙(huo)企業等組(zu)織形式(shi)的投(tou)資(zi)(zi)者依法(fa)(fa)開(kai)戶，再加上(shang)不少地方政府投(tou)融(rong)資(zi)(zi)平臺屬下都有上(shang)市(shi)公(gong)司(si)，這就(jiu)為股權投(tou)資(zi)(zi)基(ji)金的順(shun)利(li)退出提(ti)供(gong)了保障。

3.對(dui)河南政府投融資平臺在融資方面的意(yi)義

企(qi)業的(de)(de)(de)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)方式主(zhu)要包括(kuo)：銀(yin)行貸款(kuan)、發行債券、股(gu)(gu)票市(shi)場融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)、吸收股(gu)(gu)權(quan)(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)四類。根(gen)據(ju)企(qi)業價(jia)(jia)值(zhi)(zhi)(zhi)理論：V=(K+1)E，根(gen)據(ju)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)預算和風(feng)險(xian)偏好理論，K為企(qi)業根(gen)據(ju)風(feng)險(xian)偏好事先確定的(de)(de)(de)負債與資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)比(bi)例，V為企(qi)業價(jia)(jia)值(zhi)(zhi)(zhi)，E為股(gu)(gu)權(quan)(quan)(quan)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)價(jia)(jia)值(zhi)(zhi)(zhi)。可見對任何企(qi)業來講，壯大股(gu)(gu)權(quan)(quan)(quan)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)價(jia)(jia)值(zhi)(zhi)(zhi)是提(ti)(ti)高(gao)企(qi)業價(jia)(jia)值(zhi)(zhi)(zhi)的(de)(de)(de)根(gen)本(ben)(ben)(ben)(ben)。股(gu)(gu)權(quan)(quan)(quan)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)價(jia)(jia)值(zhi)(zhi)(zhi)的(de)(de)(de)提(ti)(ti)高(gao)主(zhu)要靠外部資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)投(tou)入和自身(shen)盈利形成的(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)積(ji)累。由于我國股(gu)(gu)票資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)市(shi)場的(de)(de)(de)不健全，政(zheng)府(fu)(fu)投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺在股(gu)(gu)票市(shi)場上擴大資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)比(bi)較(jiao)困難。另外，地(di)方政(zheng)府(fu)(fu)投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺發行企(qi)業債券、非(fei)金融(rong)企(qi)業債務(wu)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)工(gong)具，也必須取(qu)得國家相關主(zhu)管(guan)部門(men)的(de)(de)(de)批復(fu)，同時涉及主(zhu)承銷商、會(hui)計師(shi)事務(wu)所(suo)、律師(shi)事務(wu)所(suo)、評級機(ji)構、債券登記公司、托(tuo)管(guan)人、信息披露等(deng)許多環節，周期(qi)長，成本(ben)(ben)(ben)(ben)較(jiao)高(gao)。因此，適當(dang)吸收股(gu)(gu)權(quan)(quan)(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)對提(ti)(ti)升政(zheng)府(fu)(fu)投(tou)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺價(jia)(jia)值(zhi)(zhi)(zhi)，減(jian)少銀(yin)行系統風(feng)險(xian)的(de)(de)(de)積(ji)聚，提(ti)(ti)高(gao)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)能力都(dou)具有(you)非(fei)常現實(shi)的(de)(de)(de)意(yi)義。

4.對河南政府投融資平臺在投資方(fang)面的意(yi)義

目(mu)(mu)前河南政(zheng)府(fu)(fu)投融資(zi)(zi)平臺在投資(zi)(zi)方面主要(yao)是為省政(zheng)府(fu)(fu)的(de)投資(zi)(zi)決策(ce)服務，但同時也應看(kan)到(dao)，在面向政(zheng)府(fu)(fu)的(de)同時不能背對(dui)市(shi)場，也應具備在市(shi)場中選擇項(xiang)(xiang)目(mu)(mu)、運(yun)(yun)作(zuo)項(xiang)(xiang)目(mu)(mu)進(jin)而盈利的(de)能力，設立股(gu)權(quan)基金，在滿足(zu)政(zheng)府(fu)(fu)投融資(zi)(zi)平臺一定(ding)投資(zi)(zi)需求的(de)基礎(chu)上，還(huan)可(ke)進(jin)行(xing)市(shi)場化的(de)項(xiang)(xiang)目(mu)(mu)操作(zuo)，適(shi)應資(zi)(zi)本(ben)市(shi)場的(de)游戲規則(ze)，從(cong)而更好地(di)運(yun)(yun)作(zuo)政(zheng)府(fu)(fu)交辦的(de)各類項(xiang)(xiang)目(mu)(mu)。

5.對(dui)河南政府投融資(zi)平臺(tai)在吸引戰略投資(zi)者(zhe)方面的意義

由于(yu)政(zheng)府(fu)(fu)投(tou)(tou)(tou)融資(zi)平(ping)臺(tai)的地方政(zheng)府(fu)(fu)背景，平(ping)臺(tai)公司在吸引(yin)戰略投(tou)(tou)(tou)資(zi)者方面難免(mian)有許多顧(gu)慮(lv)和限(xian)制(zhi)。組建股(gu)權(quan)基金(jin)，一方面可以吸收外(wai)來投(tou)(tou)(tou)資(zi)者的資(zi)金(jin)，同(tong)時(shi)股(gu)權(quan)基金(jin)并不謀求對投(tou)(tou)(tou)資(zi)企業的控股(gu)權(quan)，可以滿足政(zheng)府(fu)(fu)投(tou)(tou)(tou)融資(zi)平(ping)臺(tai)資(zi)金(jin)需求，免(mian)除有關顧(gu)慮(lv)和限(xian)制(zhi)。利用股(gu)權(quan)基金(jin)可以作為(wei)吸引(yin)全(quan)國(guo)投(tou)(tou)(tou)資(zi)資(zi)金(jin)的運作平(ping)臺(tai)，加強政(zheng)府(fu)(fu)投(tou)(tou)(tou)融資(zi)平(ping)臺(tai)與國(guo)內外(wai)財團的合(he)作與交(jiao)流。

河南地方政府投融資(zi)平臺設立股權投資(zi)基金(jin)過程中應注(zhu)意(yi)的(de)問題：

1。尋找合適的基金管(guan)理公司

股權(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)運(yun)作(zuo)(zuo)本身(shen)涉(she)及項目管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)、公(gong)(gong)司(si)(si)(si)財務(wu)、企(qi)業價值評價、金(jin)(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)工程、證券發行承銷、國(guo)際金(jin)(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)市場等較為(wei)前沿的(de)(de)(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)、經濟實(shi)務(wu)，對(dui)操作(zuo)(zuo)人(ren)員的(de)(de)(de)(de)(de)理(li)(li)(li)(li)論和(he)實(shi)務(wu)都有(you)很高的(de)(de)(de)(de)(de)要(yao)求，因此需要(yao)引進國(guo)內外知名(ming)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)合作(zuo)(zuo)。在(zai)(zai)(zai)(zai)(zai)股權(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)有(you)限(xian)合伙(huo)制組建模(mo)(mo)式中，根據《中華人(ren)民(min)共和(he)國(guo)合伙(huo)企(qi)業法(fa)(修訂)》規(gui)定，地(di)方政府(fu)投(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)公(gong)(gong)司(si)(si)(si)只能作(zuo)(zuo)為(wei)有(you)限(xian)合伙(huo)人(ren)對(dui)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)有(you)限(xian)合伙(huo)企(qi)業債務(wu)承擔有(you)限(xian)責任，基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)作(zuo)(zuo)為(wei)一般合伙(huo)人(ren)對(dui)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)有(you)限(xian)合伙(huo)企(qi)業債務(wu)承擔無限(xian)責任，股權(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)通過(guo)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)實(shi)現“集合投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)、專家理(li)(li)(li)(li)財”的(de)(de)(de)(de)(de)功(gong)能。在(zai)(zai)(zai)(zai)(zai)出(chu)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)額(e)上(shang)，按照(zhao)慣例，基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)出(chu)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)占基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)規(gui)模(mo)(mo)的(de)(de)(de)(de)(de)百分之(zhi)一。在(zai)(zai)(zai)(zai)(zai)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)收(shou)益(yi)上(shang)，基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)按照(zhao)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)募集資(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)額(e)的(de)(de)(de)(de)(de)1％～2.5％收(shou)取(qu)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)費，并(bing)按照(zhao)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)收(shou)益(yi)的(de)(de)(de)(de)(de)10％-20％提取(qu)業績(ji)獎勵。在(zai)(zai)(zai)(zai)(zai)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)事務(wu)執行上(shang)，按照(zhao)項目投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)額(e)度的(de)(de)(de)(de)(de)大小，在(zai)(zai)(zai)(zai)(zai)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)決策委員會(hui)、董事會(hui)、股東會(hui)、基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)事務(wu)執行合伙(huo)人(ren)、基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)持有(you)人(ren)大會(hui)上(shang)實(shi)行分權(quan)制。由于基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)在(zai)(zai)(zai)(zai)(zai)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)的(de)(de)(de)(de)(de)組建方案設計、牽頭發起設立、項目選(xuan)擇、投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)、基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)的(de)(de)(de)(de)(de)到(dao)期清算中發揮重要(yao)的(de)(de)(de)(de)(de)作(zuo)(zuo)用(yong)，直接影響到(dao)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)人(ren)的(de)(de)(de)(de)(de)收(shou)益(yi)和(he)到(dao)期投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)現金(jin)(jin)(jin)(jin)(jin)(jin)(jin)回報率，影響政府(fu)投(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)公(gong)(gong)司(si)(si)(si)未(wei)來的(de)(de)(de)(de)(de)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)能力，因此，政府(fu)投(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)設立股權(quan)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)必須選(xuan)擇好(hao)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)，應重點(dian)關注(zhu)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)以往業績(ji)、高管(guan)(guan)(guan)(guan)(guan)團隊素質(zhi)和(he)過(guo)往簡歷，關注(zhu)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)項目選(xuan)擇標(biao)準(zhun)、項目評估(gu)標(biao)準(zhun)、投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)決策程序、項目管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)模(mo)(mo)式、增值服(fu)務(wu)計劃、基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)退出(chu)渠道(dao)等方面，加強與(yu)基(ji)(ji)(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)(jin)(jin)(jin)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)公(gong)(gong)司(si)(si)(si)有(you)效合作(zuo)(zuo)。

2.尋(xun)找合適的基金(jin)合伙(huo)人

成立股權(quan)投(tou)(tou)資(zi)(zi)(zi)基金(jin)的(de)(de)(de)(de)(de)核(he)心(xin)困難是要找到合(he)(he)適(shi)的(de)(de)(de)(de)(de)基金(jin)合(he)(he)伙人(ren)。股權(quan)投(tou)(tou)資(zi)(zi)(zi)本身(shen)具有一(yi)定的(de)(de)(de)(de)(de)風險(xian)性，因此如果由某一(yi)公司全額(e)出資(zi)(zi)(zi)的(de)(de)(de)(de)(de)話，將(jiang)會承擔(dan)全部風險(xian)。因此建(jian)議尋(xun)找合(he)(he)適(shi)的(de)(de)(de)(de)(de)基金(jin)合(he)(he)伙人(ren)共同組(zu)建(jian)公司制股權(quan)投(tou)(tou)資(zi)(zi)(zi)基金(jin)。目前(qian)河南省(sheng)等待證監會批(pi)準上(shang)(shang)市(shi)的(de)(de)(de)(de)(de)企(qi)業有75家左右，考慮(lv)到可以在(zai)中(zhong)小板、海外市(shi)場上(shang)(shang)市(shi)的(de)(de)(de)(de)(de)公司，全省(sheng)可以優選100-200家左右的(de)(de)(de)(de)(de)企(qi)業作為目標客戶，開展(zhan)股權(quan)投(tou)(tou)資(zi)(zi)(zi)業務。此外，基金(jin)合(he)(he)伙人(ren)最好(hao)分布在(zai)適(shi)合(he)(he)基金(jin)投(tou)(tou)資(zi)(zi)(zi)的(de)(de)(de)(de)(de)領域，一(yi)般包括高科技、高級(ji)技術裝備、生物工(gong)程、房地產(chan)、電子(zi)科技等，這樣有利于投(tou)(tou)資(zi)(zi)(zi)基金(jin)把(ba)握產(chan)業動態(tai)。選擇好(hao)合(he)(he)適(shi)的(de)(de)(de)(de)(de)基金(jin)合(he)(he)伙人(ren)對做好(hao)投(tou)(tou)資(zi)(zi)(zi)基金(jin)極為重要。

3.適時成立(li)河南風(feng)險投資集(ji)團(tuan)和(he)河南產業基金

中(zhong)期來看，成(cheng)(cheng)立(li)(li)(li)河(he)南(nan)風險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)集(ji)團和河(he)南(nan)產(chan)業(ye)(ye)基(ji)金都會是河(he)南(nan)政府(fu)投(tou)(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺擴大融(rong)資(zi)(zi)渠道、優化(hua)投(tou)(tou)(tou)(tou)資(zi)(zi)結構、發(fa)展金融(rong)產(chan)業(ye)(ye)的(de)重要(yao)途徑(jing)，都需(xu)要(yao)分別(bie)設立(li)(li)(li)。可以(yi)在成(cheng)(cheng)立(li)(li)(li)股權投(tou)(tou)(tou)(tou)資(zi)(zi)基(ji)金的(de)同時，不斷完善論證工作，待條件成(cheng)(cheng)熟時，吸收其(qi)他社(she)會資(zi)(zi)本成(cheng)(cheng)立(li)(li)(li)河(he)南(nan)省風險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)集(ji)團，作為(wei)全省高科技企業(ye)(ye)的(de)股權投(tou)(tou)(tou)(tou)資(zi)(zi)平(ping)臺；同時，積極籌(chou)備組建(jian)設立(li)(li)(li)河(he)南(nan)產(chan)業(ye)(ye)基(ji)金，如基(ji)礎產(chan)業(ye)(ye)投(tou)(tou)(tou)(tou)資(zi)(zi)基(ji)金或倡(chang)議設立(li)(li)(li)中(zhong)部崛起基(ji)金，以(yi)此(ci)開拓出河(he)南(nan)政府(fu)投(tou)(tou)(tou)(tou)融(rong)資(zi)(zi)平(ping)臺新的(de)融(rong)資(zi)(zi)空間，尋找良好的(de)投(tou)(tou)(tou)(tou)資(zi)(zi)機會。

(三)各平(ping)臺公(gong)司內部組建財務公(gong)司，加強資金管理

財務(wu)(wu)公(gong)司是(shi)在(zai)市場(chang)經濟運(yun)行(xing)機理的(de)作用下(xia)，由(you)企業(ye)(ye)集(ji)(ji)(ji)團(tuan)以產(chan)權結(jie)(jie)(jie)合(he)(he)、建立(li)資(zi)本紐帶為基礎形成(cheng)的(de)實現產(chan)融(rong)(rong)結(jie)(jie)(jie)合(he)(he)的(de)金(jin)(jin)融(rong)(rong)組織(zhi)形式(shi)，它是(shi)由(you)大型(xing)企業(ye)(ye)集(ji)(ji)(ji)團(tuan)投(tou)資(zi)成(cheng)立(li)，為本集(ji)(ji)(ji)團(tuan)提供金(jin)(jin)融(rong)(rong)服務(wu)(wu)的(de)非銀行(xing)金(jin)(jin)融(rong)(rong)機構。隨著大型(xing)企業(ye)(ye)集(ji)(ji)(ji)團(tuan)發展(zhan)到(dao)一定程度和(he)規(gui)模，內(nei)生(sheng)型(xing)的(de)產(chan)融(rong)(rong)結(jie)(jie)(jie)合(he)(he)方式(shi)――集(ji)(ji)(ji)團(tuan)財務(wu)(wu)公(gong)司就應運(yun)而生(sheng)。財務(wu)(wu)公(gong)司以其獨特的(de)優勢和(he)功(gong)能，已經成(cheng)為我(wo)國現階段大企業(ye)(ye)集(ji)(ji)(ji)團(tuan)實現產(chan)融(rong)(rong)結(jie)(jie)(jie)合(he)(he)、快(kuai)速發展(zhan)的(de)最佳金(jin)(jin)融(rong)(rong)組織(zhi)形式(shi)。各(ge)投(tou)融(rong)(rong)資(zi)平臺公(gong)司內(nei)部成(cheng)立(li)財務(wu)(wu)公(gong)司，擁(yong)有(you)強大的(de)金(jin)(jin)融(rong)(rong)資(zi)本后(hou)盾，應該成(cheng)為河南政府投(tou)融(rong)(rong)資(zi)平臺建設今后(hou)發展(zhan)的(de)一項重大舉措。

目前(qian)，河南政(zheng)府大型投(tou)融資(zi)(zi)(zi)平(ping)臺公司(si)(si)的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)管(guan)(guan)理(li)實行的(de)(de)(de)(de)(de)(de)是資(zi)(zi)(zi)金(jin)(jin)(jin)相對集(ji)(ji)(ji)中(zhong)(zhong)(zhong)管(guan)(guan)理(li)的(de)(de)(de)(de)(de)(de)模式。通過(guo)“跨(kua)銀(yin)(yin)行現(xian)金(jin)(jin)(jin)管(guan)(guan)理(li)平(ping)臺”，以銀(yin)(yin)企直連的(de)(de)(de)(de)(de)(de)方式實現(xian)與(yu)各合(he)作銀(yin)(yin)行數據系統(tong)(tong)的(de)(de)(de)(de)(de)(de)對接，各集(ji)(ji)(ji)團(tuan)每個成(cheng)(cheng)員(yuan)企業(ye)(ye)(ye)(ye)都(dou)在(zai)集(ji)(ji)(ji)團(tuan)公司(si)(si)結(jie)算(suan)(suan)中(zhong)(zhong)(zhong)心開戶，把閑置資(zi)(zi)(zi)金(jin)(jin)(jin)存放在(zai)結(jie)算(suan)(suan)中(zhong)(zhong)(zhong)心，集(ji)(ji)(ji)團(tuan)本部(bu)和各企業(ye)(ye)(ye)(ye)在(zai)內(nei)部(bu)的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)管(guan)(guan)理(li)系統(tong)(tong)內(nei)進行結(jie)算(suan)(suan)、投(tou)資(zi)(zi)(zi)、融資(zi)(zi)(zi)、預算(suan)(suan)、審批、核算(suan)(suan)等各種業(ye)(ye)(ye)(ye)務管(guan)(guan)理(li)。該模式目前(qian)沒有完全將成(cheng)(cheng)員(yuan)企業(ye)(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)所有資(zi)(zi)(zi)金(jin)(jin)(jin)都(dou)集(ji)(ji)(ji)中(zhong)(zhong)(zhong)到各集(ji)(ji)(ji)團(tuan)，而是將部(bu)分資(zi)(zi)(zi)金(jin)(jin)(jin)集(ji)(ji)(ji)中(zhong)(zhong)(zhong)，資(zi)(zi)(zi)金(jin)(jin)(jin)所有權不(bu)變(bian)，投(tou)融資(zi)(zi)(zi)體制不(bu)變(bian)，資(zi)(zi)(zi)金(jin)(jin)(jin)支配權不(bu)變(bian)，資(zi)(zi)(zi)金(jin)(jin)(jin)收益權不(bu)變(bian)，雖有效(xiao)調劑了各集(ji)(ji)(ji)團(tuan)總部(bu)與(yu)成(cheng)(cheng)員(yuan)企業(ye)(ye)(ye)(ye)、成(cheng)(cheng)員(yuan)企業(ye)(ye)(ye)(ye)與(yu)成(cheng)(cheng)員(yuan)企業(ye)(ye)(ye)(ye)之間(jian)的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)余缺，促進了資(zi)(zi)(zi)金(jin)(jin)(jin)運(yun)轉(zhuan)，實現(xian)了集(ji)(ji)(ji)團(tuan)資(zi)(zi)(zi)金(jin)(jin)(jin)的(de)(de)(de)(de)(de)(de)內(nei)部(bu)良性(xing)循環。但要使各平(ping)臺公司(si)(si)在(zai)較(jiao)短的(de)(de)(de)(de)(de)(de)時間(jian)內(nei)做大做強，實現(xian)跨(kua)越式發展，現(xian)有的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)管(guan)(guan)理(li)模式已經不(bu)能滿足其(qi)發展的(de)(de)(de)(de)(de)(de)投(tou)融資(zi)(zi)(zi)和資(zi)(zi)(zi)本運(yun)作的(de)(de)(de)(de)(de)(de)需求(qiu)。據統(tong)(tong)計，世界500強中(zhong)(zhong)(zhong)，擁有自己的(de)(de)(de)(de)(de)(de)財務公司(si)(si)的(de)(de)(de)(de)(de)(de)已超過(guo)三分之二(er)。在(zai)國內(nei)，海爾、中(zhong)(zhong)(zhong)石化等大型企業(ye)(ye)(ye)(ye)均(jun)成(cheng)(cheng)立(li)了自己的(de)(de)(de)(de)(de)(de)財務公司(si)(si)。以財務公司(si)(si)為平(ping)臺，以資(zi)(zi)(zi)金(jin)(jin)(jin)集(ji)(ji)(ji)中(zhong)(zhong)(zhong)管(guan)(guan)理(li)為手(shou)段(duan)，以為地方政(zheng)府服務為宗(zong)旨，以實現(xian)資(zi)(zi)(zi)金(jin)(jin)(jin)效(xiao)益最(zui)大化為目標(biao)將成(cheng)(cheng)為各投(tou)融資(zi)(zi)(zi)集(ji)(ji)(ji)團(tuan)今(jin)后(hou)的(de)(de)(de)(de)(de)(de)主(zhu)要資(zi)(zi)(zi)金(jin)(jin)(jin)管(guan)(guan)理(li)模式。

1.財務(wu)公司(si)和(he)結(jie)算中心的優勢互(hu)補，進一步(bu)強化資(zi)金(jin)管(guan)理

鑒(jian)于財(cai)務(wu)(wu)公司與原有(you)的結(jie)(jie)(jie)算中(zhong)心(xin)(xin)兩種機制各(ge)有(you)千秋(qiu)，各(ge)投融資(zi)(zi)集(ji)(ji)團(tuan)可以同時設(she)立(li)財(cai)務(wu)(wu)公司與結(jie)(jie)(jie)算中(zhong)心(xin)(xin)，實行一套班子(zi)兩塊牌(pai)子(zi)，充分利用(yong)兩者的優(you)勢對(dui)資(zi)(zi)金進行管理，一方面(mian)通過財(cai)務(wu)(wu)公司規范(fan)集(ji)(ji)團(tuan)的業務(wu)(wu)流程、拓寬業務(wu)(wu)范(fan)圍和融資(zi)(zi)渠(qu)道(dao)，另一方面(mian)通過結(jie)(jie)(jie)算中(zhong)心(xin)(xin)強化對(dui)下屬企(qi)業的管控和監督，節約(yue)財(cai)務(wu)(wu)費(fei)用(yong)，以及合理避(bi)稅(shui)等(deng)。既可以強化各(ge)投融資(zi)(zi)集(ji)(ji)團(tuan)集(ji)(ji)中(zhong)資(zi)(zi)金管理的力度，又充分發揮了對(dui)外融資(zi)(zi)的渠(qu)道(dao)。

2.構建封閉結算網(wang)絡，進一步完善資金集中管理的基礎(chu)

在(zai)(zai)繼續沿用(yong)現(xian)有結算中(zhong)心管理模式的(de)(de)(de)基礎(chu)上，各投融資(zi)集團需進(jin)(jin)一(yi)步加大對(dui)參(can)控股企業(ye)(ye)的(de)(de)(de)資(zi)金歸集力(li)度，所有下屬控股企業(ye)(ye)必須(xu)在(zai)(zai)財務公(gong)司(si)(si)開(kai)立內部賬(zhang)戶(hu)，形成(cheng)結算網絡，同時可以在(zai)(zai)當地外(wai)部商(shang)業(ye)(ye)銀行保留(liu)個別專(zhuan)用(yong)賬(zhang)戶(hu)，但(dan)是各集團對(dui)成(cheng)員(yuan)企業(ye)(ye)在(zai)(zai)外(wai)部商(shang)業(ye)(ye)銀行的(de)(de)(de)存款實行限額集中(zhong)管理，企業(ye)(ye)超限額富余資(zi)金也要(yao)上存集團公(gong)司(si)(si)，各下級單位(wei)需用(yong)資(zi)金時隨時調回(hui)。內部成(cheng)員(yuan)單位(wei)之間的(de)(de)(de)產品銷售統一(yi)在(zai)(zai)財務公(gong)司(si)(si)內部結算網絡中(zhong)進(jin)(jin)行，一(yi)般不對(dui)外(wai)進(jin)(jin)行現(xian)金結算。

3.建立新的(de)體制(zhi)構建模式(shi)，拓寬融資渠(qu)道

財務(wu)公(gong)(gong)司(si)成(cheng)(cheng)立后(hou)，融(rong)資(zi)(zi)渠道進(jin)一步拓(tuo)寬，經(jing)申(shen)請不(bu)但可(ke)以在成(cheng)(cheng)員單(dan)位內(nei)部開展協助實(shi)現交易款(kuan)項的(de)(de)收付、票(piao)據承兌與貼現、吸收存款(kuan)，而且還可(ke)以對外(wai)進(jin)行(xing)同業拆借(jie)、發(fa)行(xing)債券等。發(fa)行(xing)財務(wu)公(gong)(gong)司(si)債券是財務(wu)公(gong)(gong)司(si)拓(tuo)展融(rong)資(zi)(zi)渠道的(de)(de)主要方式。目前企(qi)業的(de)(de)流(liu)動資(zi)(zi)金(jin)來(lai)(lai)源主要集中(zhong)于銀行(xing)的(de)(de)短期(qi)流(liu)動資(zi)(zi)金(jin)貸款(kuan)，具有期(qi)限較短、利用困(kun)難的(de)(de)特點，企(qi)業發(fa)展中(zhong)技術改造(zao)、中(zhong)長期(qi)發(fa)展戰略(lve)所需中(zhong)長期(qi)資(zi)(zi)金(jin)無(wu)法(fa)滿足。財務(wu)公(gong)(gong)司(si)的(de)(de)債券發(fa)行(xing)不(bu)但可(ke)以擴大財務(wu)公(gong)(gong)司(si)的(de)(de)中(zhong)長期(qi)資(zi)(zi)金(jin)來(lai)(lai)源，還可(ke)以為(wei)財務(wu)公(gong)(gong)司(si)債券進(jin)入銀行(xing)間債券市場和(he)同業拆借(jie)市場奠定基礎。

4.有效利用自有資(zi)金(jin)拓展對外投資(zi)業務

一(yi)方(fang)面(mian)，財(cai)務(wu)(wu)(wu)公(gong)(gong)司(si)利(li)用自(zi)身金融(rong)專業優勢(shi)，借助熟悉金融(rong)運作(zuo)規律的專業人才，企業集(ji)團(tuan)(tuan)和(he)成(cheng)員企業進(jin)(jin)入(ru)(ru)證券市場，進(jin)(jin)行專家(jia)理財(cai)，提(ti)高(gao)各(ge)集(ji)團(tuan)(tuan)資(zi)(zi)(zi)本運作(zuo)能力和(he)盈利(li)水(shui)平，最終實(shi)現集(ji)團(tuan)(tuan)內(nei)部業務(wu)(wu)(wu)的專業化分工，幫(bang)助和(he)促進(jin)(jin)集(ji)團(tuan)(tuan)業務(wu)(wu)(wu)向多元化發(fa)展。另一(yi)方(fang)面(mian)，各(ge)集(ji)團(tuan)(tuan)可(ke)以(yi)通過財(cai)務(wu)(wu)(wu)公(gong)(gong)司(si)對高(gao)速發(fa)展的行業進(jin)(jin)行股權投(tou)(tou)資(zi)(zi)(zi)，甚至興(xing)(xing)辦中外合資(zi)(zi)(zi)金融(rong)機構，使集(ji)團(tuan)(tuan)進(jin)(jin)入(ru)(ru)新(xin)興(xing)(xing)或(huo)高(gao)端(duan)金融(rong)領(ling)域，實(shi)現金融(rong)投(tou)(tou)資(zi)(zi)(zi)的多元化，創(chuang)造財(cai)務(wu)(wu)(wu)公(gong)(gong)司(si)及其集(ji)團(tuan)(tuan)新(xin)的利(li)潤增(zeng)長點。而(er)且，還可(ke)以(yi)通過滲透于集(ji)團(tuan)(tuan)成(cheng)員單位(wei)(wei)，在很大程度上完善公(gong)(gong)司(si)的股權結構，提(ti)高(gao)集(ji)團(tuan)(tuan)的投(tou)(tou)資(zi)(zi)(zi)能力，也可(ke)以(yi)為(wei)被(bei)投(tou)(tou)資(zi)(zi)(zi)單位(wei)(wei)的規范發(fa)展奠(dian)定基礎(chu)。

參考文獻：

[1]鄒曉(xiao)峰等(deng)，地方投(tou)融(rong)資體(ti)系建設的基本方向和政府角色定位[J],中國集體(ti)經濟,2009,(16)，

[2]鄒宇，加快政府投融資(zi)平臺(tai)轉(zhuan)型是實現可(ke)持續發展(zhan)的必然選(xuan)擇一由政府主導向(xiang)市場驅動(dong)轉(zhuan)變[J]，城(cheng)市,2008,(11).

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[4]譚長(chang)路，地方政府投(tou)融(rong)資平(ping)臺建設(she)的模式(shi)分(fen)析[J].甘肅(su)金融(rong)，2009，(12).

篇7

關(guan)鍵詞：投融資(zi)平臺(tai)公司；債務風(feng)險；市場化(hua)

一、引言

地(di)(di)方政府融資平臺是由(you)地(di)(di)方政府及相關機構以財政注資或土地(di)(di)、股權等(deng)資產注入的(de)形式成立的(de)。河南省(sheng)是中原腹地(di)(di)，在中原經(jing)(jing)濟區這一(yi)國家戰(zhan)略中占據重要(yao)位置(zhi)。隨(sui)著中原經(jing)(jing)濟區和新型(xing)城鎮化(hua)建設的(de)深入推進，河南省(sheng)地(di)(di)方政府需要(yao)大量資金予以支持(chi)，融資問題(ti)日(ri)益嚴峻。

過去十年間，河(he)南(nan)省級融資(zi)平臺有序發展保證(zheng)了重(zhong)大建(jian)設(she)項目的順利推進，為中原(yuan)(yuan)經濟區建(jian)設(she)發揮了積(ji)極的作用，然而其發展中也(ye)存在(zai)著諸多亟待(dai)解決的問(wen)題。本(ben)文在(zai)中原(yuan)(yuan)經濟區建(jian)設(she)背景下，對河(he)南(nan)省級地方政府投融資(zi)平臺的發展現狀、存在(zai)問(wen)題等進行分析，在(zai)此基礎上(shang)，提出了若干發展建(jian)議。

二、河南省級地方政府投融資平(ping)臺(tai)發展現狀(zhuang)及問(wen)題分(fen)析

（一）發展現狀

1.河南省級(ji)融(rong)資(zi)平(ping)臺(tai)的職能(neng)(neng)規(gui)劃：省級(ji)平(ping)臺(tai)要堅持公益性(xing)、指導(dao)性(xing)和發展性(xing)，投資(zi)范圍有五個方面，其(qi)(qi)(qi)一是跨區(qu)域(yu)(yu)基礎設施和產業(ye)(ye)(ye)建(jian)設，涉(she)及交通(tong)、能(neng)(neng)源(yuan)、水利、環保(bao)等(deng)諸(zhu)多領域(yu)(yu)；其(qi)(qi)(qi)二是產業(ye)(ye)(ye)結構(gou)調(diao)整，農(nong)業(ye)(ye)(ye)產業(ye)(ye)(ye)化和公司(si)改制重組(zu)；其(qi)(qi)(qi)三是科技進(jin)步和自主(zhu)創新(xin)；其(qi)(qi)(qi)四是運用市場化的方法推進(jin)公益性(xing)事業(ye)(ye)(ye)的發展，涉(she)及文化、教(jiao)育、衛生設施及經濟適用房等(deng)諸(zhu)多領域(yu)(yu)；其(qi)(qi)(qi)五是對市、縣的政策性(xing)中小企業(ye)(ye)(ye)擔保(bao)公司(si)進(jin)行增信和再擔保(bao)。

2.河(he)南(nan)省(sheng)(sheng)(sheng)(sheng)級(ji)融(rong)(rong)(rong)資(zi)(zi)(zi)平臺(tai)的(de)規模：河(he)南(nan)現(xian)有(you)省(sheng)(sheng)(sheng)(sheng)級(ji)平臺(tai)十余家，規模較大的(de)有(you)省(sheng)(sheng)(sheng)(sheng)投(tou)(tou)資(zi)(zi)(zi)集(ji)團(tuan)、省(sheng)(sheng)(sheng)(sheng)交(jiao)司(si)(si)(si)(si)、省(sheng)(sheng)(sheng)(sheng)國(guo)控(kong)公司(si)(si)(si)(si)、省(sheng)(sheng)(sheng)(sheng)農開公司(si)(si)(si)(si)、省(sheng)(sheng)(sheng)(sheng)鐵司(si)(si)(si)(si)、省(sheng)(sheng)(sheng)(sheng)文司(si)(si)(si)(si)、省(sheng)(sheng)(sheng)(sheng)水司(si)(si)(si)(si)、省(sheng)(sheng)(sheng)(sheng)直(zhi)屬行政事(shi)業單位(wei)國(guo)有(you)資(zi)(zi)(zi)產(chan)(chan)管理中心、省(sheng)(sheng)(sheng)(sheng)國(guo)土(tu)資(zi)(zi)(zi)源開發投(tou)(tou)資(zi)(zi)(zi)管理中心、省(sheng)(sheng)(sheng)(sheng)民航發展投(tou)(tou)資(zi)(zi)(zi)有(you)限公司(si)(si)(si)(si)。其(qi)中，投(tou)(tou)資(zi)(zi)(zi)集(ji)團(tuan)屬于(yu)綜合性投(tou)(tou)資(zi)(zi)(zi)公司(si)(si)(si)(si)，投(tou)(tou)資(zi)(zi)(zi)涉及電(dian)力、金(jin)融(rong)(rong)(rong)、水泥、造紙(zhi)、交(jiao)通(tong)、房(fang)地產(chan)(chan)等行業。其(qi)他公司(si)(si)(si)(si)是省(sheng)(sheng)(sheng)(sheng)級(ji)專(zhuan)業投(tou)(tou)資(zi)(zi)(zi)公司(si)(si)(si)(si)。這(zhe)些融(rong)(rong)(rong)資(zi)(zi)(zi)平臺(tai)公司(si)(si)(si)(si)主(zhu)要從事(shi)相關(guan)領域(yu)的(de)投(tou)(tou)融(rong)(rong)(rong)資(zi)(zi)(zi)活動。省(sheng)(sheng)(sheng)(sheng)級(ji)平臺(tai)是融(rong)(rong)(rong)資(zi)(zi)(zi)河(he)南(nan)省(sheng)(sheng)(sheng)(sheng)融(rong)(rong)(rong)資(zi)(zi)(zi)大戶，2013年河(he)南(nan)省(sheng)(sheng)(sheng)(sheng)金(jin)融(rong)(rong)(rong)工作專(zhuan)項方案中要求新增融(rong)(rong)(rong)資(zi)(zi)(zi)達(da)到(dao)5200億(yi)元，其(qi)中省(sheng)(sheng)(sheng)(sheng)級(ji)平臺(tai)融(rong)(rong)(rong)資(zi)(zi)(zi)要達(da)到(dao)1000億(yi)元，占到(dao)全省(sheng)(sheng)(sheng)(sheng)目標(biao)的(de)19.2%。

3.河南(nan)省級(ji)(ji)融(rong)資(zi)(zi)平臺(tai)(tai)的(de)融(rong)資(zi)(zi)渠(qu)道(dao)(dao)(dao)：近幾(ji)年，河南(nan)省級(ji)(ji)地方(fang)政府融(rong)資(zi)(zi)平臺(tai)(tai)公司(si)(si)資(zi)(zi)產負債(zhai)(zhai)率(lv)較高。2011年規模排(pai)名前十的(de)省級(ji)(ji)平臺(tai)(tai)中(zhong)，資(zi)(zi)產負債(zhai)(zhai)率(lv)平均達67.13%，而省投資(zi)(zi)集團(tuan)、省交司(si)(si)、省國控(kong)公司(si)(si)的(de)這一比率(lv)超過了70%。在這些(xie)債(zhai)(zhai)務(wu)中(zhong)，銀行(xing)(xing)貸(dai)款占了大(da)部(bu)分。雖然(ran)這些(xie)平臺(tai)(tai)在資(zi)(zi)金(jin)融(rong)通的(de)渠(qu)道(dao)(dao)(dao)拓寬上進行(xing)(xing)了不斷的(de)摸索，出現了股(gu)票、債(zhai)(zhai)券、信托、金(jin)融(rong)租賃以及(ji)BT、BOT等(deng)諸多融(rong)資(zi)(zi)方(fang)式(shi)，但(dan)是這些(xie)渠(qu)道(dao)(dao)(dao)所獲得(de)(de)的(de)資(zi)(zi)金(jin)量少，銀行(xing)(xing)貸(dai)款仍然(ran)是獲得(de)(de)資(zi)(zi)金(jin)的(de)主要(yao)渠(qu)道(dao)(dao)(dao)。

從(cong)河南省(sheng)的2012年(nian)度省(sheng)級投融(rong)資(zi)(zi)(zi)(zi)公(gong)司(si)投融(rong)資(zi)(zi)(zi)(zi)目(mu)標(biao)統計表中我們可以知道，除了河南鐵路投資(zi)(zi)(zi)(zi)有限責任公(gong)司(si)和(he)河南省(sheng)民航發展投資(zi)(zi)(zi)(zi)有限公(gong)司(si)沒有銀(yin)行貸款外，其(qi)他(ta)八家公(gong)司(si)貸款額達到395.96億(yi)元(yuan)，占(zhan)總融(rong)資(zi)(zi)(zi)(zi)額620.392億(yi)元(yuan)的63.8%。而債券融(rong)資(zi)(zi)(zi)(zi)、信托融(rong)資(zi)(zi)(zi)(zi)、金(jin)融(rong)租賃融(rong)資(zi)(zi)(zi)(zi)、BT和(he)BOT等其(qi)他(ta)方式融(rong)資(zi)(zi)(zi)(zi)分(fen)別占(zhan)到15.5%、8.4%、3.8%和(he)11.4%。更甚者(zhe)，股(gu)票融(rong)資(zi)(zi)(zi)(zi)額為零。

（二）存在問題

1.注(zhu)(zhu)冊(ce)資(zi)本(ben)不到(dao)位(wei)。河(he)南(nan)省級平(ping)臺注(zhu)(zhu)冊(ce)資(zi)金(jin)(jin)主要由財(cai)政資(zi)金(jin)(jin)和(he)相關國有資(zi)產股權構成，注(zhu)(zhu)冊(ce)資(zi)本(ben)不到(dao)位(wei)的(de)情況較普遍。2010 年河(he)南(nan)省審計廳對省文司(si)、鐵(tie)司(si)等五家融資(zi)平(ping)臺公司(si)進行了專項審計調查(cha)。結果表明，到(dao)2010 年4 月(yue)末，這(zhe)幾家公司(si)注(zhu)(zhu)冊(ce)資(zi)金(jin)(jin)缺口(kou)87.25 億(yi)元，占總注(zhu)(zhu)冊(ce)資(zi)本(ben)的(de)70.1%。

此(ci)外，一(yi)些(xie)平(ping)臺公(gong)司在貸款(kuan)或(huo)者借款(kuan)到位(wei)(wei)后抽出部分(fen)注冊資(zi)(zi)(zi)本(ben)金(jin)。還(huan)有(you)一(yi)些(xie)平(ping)臺將公(gong)益性資(zi)(zi)(zi)產注入，比如(ru)公(gong)園(yuan)、學校、城(cheng)市(shi)道路等(deng)。這些(xie)公(gong)益性資(zi)(zi)(zi)產并不(bu)會(hui)產生現金(jin)流，注入的目的是為了擴充(chong)資(zi)(zi)(zi)本(ben)，從而更(geng)好的融(rong)資(zi)(zi)(zi)。注冊資(zi)(zi)(zi)本(ben)不(bu)到位(wei)(wei)給投融(rong)資(zi)(zi)(zi)平(ping)臺的發展帶來了負面影響，不(bu)利(li)于平(ping)臺信用(yong)建(jian)設(she)，使融(rong)資(zi)(zi)(zi)成本(ben)增加，效率下降(jiang)。

2.還(huan)(huan)款(kuan)來(lai)(lai)源過(guo)分依賴財政(zheng)且(qie)沒(mei)有保障(zhang)。當前，財政(zheng)補(bu)貼(tie)、土地(di)(di)出讓(rang)收(shou)入以及項目收(shou)益是河(he)南(nan)省級投(tou)融(rong)資平臺(tai)的(de)三種(zhong)還(huan)(huan)款(kuan)來(lai)(lai)源。土地(di)(di)出讓(rang)收(shou)入和項目收(shou)益容易(yi)受國家相關政(zheng)策(ce)的(de)影響而發生變化，例如房地(di)(di)產(chan)市場調控(kong)，一些項目收(shou)費權取(qu)締(di)等。關于房地(di)(di)產(chan)市場調控(kong)政(zheng)策(ce)，最(zui)近的(de)就是2015年3月1日開始實施的(de)不(bu)動產(chan)登(deng)記制度(du)(du)。各個地(di)(di)方在房地(di)(di)產(chan)市場調控(kong)上也(ye)有相應的(de)政(zheng)策(ce)。這些政(zheng)策(ce)勢必會影響土地(di)(di)出讓(rang)收(shou)入，使相應的(de)還(huan)(huan)款(kuan)來(lai)(lai)源不(bu)穩定。而省級投(tou)融(rong)資平臺(tai)所投(tou)資的(de)項目一般期限比較長，短(duan)期內難(nan)以收(shou)回成本，不(bu)能(neng)歸還(huan)(huan)到期債(zhai)務；所投(tou)資項目的(de)收(shou)益一般不(bu)高(gao)，通(tong)過(guo)項目收(shou)益來(lai)(lai)償還(huan)(huan)債(zhai)務具(ju)有一定的(de)難(nan)度(du)(du)。

地(di)(di)方政(zheng)府一般會為平(ping)臺(tai)的(de)貸(dai)款提供(gong)(gong)隱性(xing)擔(dan)(dan)保(bao)，即當平(ping)臺(tai)不(bu)能夠按期(qi)歸還(huan)貸(dai)款時，政(zheng)府會出(chu)面(mian)干涉，成為債務(wu)的(de)償(chang)還(huan)人，提供(gong)(gong)財(cai)(cai)政(zheng)支持。最終，還(huan)款來源會過分依賴(lai)財(cai)(cai)政(zheng)。由于《擔(dan)(dan)保(bao)法》規定(ding)國家機關不(bu)能夠作為保(bao)證人，這(zhe)(zhe)就(jiu)意味著地(di)(di)方政(zheng)府為融資平(ping)臺(tai)提供(gong)(gong)的(de)擔(dan)(dan)保(bao)并沒(mei)有(you)法律效力(li)，地(di)(di)方政(zheng)府可以不(bu)履(lv)行(xing)擔(dan)(dan)保(bao)責任，也(ye)就(jiu)是說融資平(ping)臺(tai)依靠(kao)政(zheng)府財(cai)(cai)政(zheng)來歸還(huan)債務(wu)并沒(mei)有(you)保(bao)障。不(bu)僅在法律層面(mian)上是這(zhe)(zhe)樣的(de)，現實情況也(ye)是如此(ci)，地(di)(di)方政(zheng)府的(de)財(cai)(cai)政(zheng)收(shou)入有(you)限，以2013年河南省(sheng)財(cai)(cai)政(zheng)收(shou)支為例，財(cai)(cai)政(zheng)收(shou)入3686.81億元(yuan)，支出(chu)5582.31億元(yuan)，其中的(de)缺口很大，依靠(kao)財(cai)(cai)政(zheng)完全兜底(di)并不(bu)現實。

3.平臺(tai)行政化傾(qing)向明顯(xian)。地方(fang)政府融資多(duo)(duo)以政府資金管理(li)(li)部門為(wei)(wei)主，政府一般(ban)是平臺(tai)的(de)幕后擔保(bao)人。河南省級融資平臺(tai)公(gong)司(si)(si)股(gu)份中，國有股(gu)份獨大，使董(dong)事會難以實現制(zhi)衡和監督功(gong)能(neng)。平臺(tai)公(gong)司(si)(si)高層通常由當局來委派，他們(men)并不(bu)是職業經理(li)(li)人，缺乏(fa)市場(chang)(chang)經營管理(li)(li)的(de)經驗。公(gong)司(si)(si)很多(duo)(duo)決策更多(duo)(duo)的(de)是政府行為(wei)(wei)而不(bu)是一般(ban)意義(yi)上(shang)的(de)市場(chang)(chang)行為(wei)(wei)。此外，很多(duo)(duo)平臺(tai)公(gong)司(si)(si)沒有設立完善的(de)法(fa)人治(zhi)理(li)(li)結構，比如缺少董(dong)事會。省投資集(ji)團、省航司(si)(si)、省國控公(gong)司(si)(si)、省農(nong)開(kai)公(gong)司(si)(si)和省文司(si)(si)設立了董(dong)事會，其(qi)他的(de)省級平臺(tai)公(gong)司(si)(si)缺少董(dong)事會，沒有形成(cheng)有效(xiao)的(de)權力(li)制(zhi)衡機制(zhi)。

三、本文結論(lun)和政策建議

（一）結論

河南省(sheng)級地方政(zheng)(zheng)府投融資平(ping)臺在取得(de)(de)長(chang)足的(de)(de)發展的(de)(de)同(tong)時也(ye)面臨(lin)諸(zhu)多(duo)的(de)(de)問(wen)題。在現階段，一些政(zheng)(zheng)策文(wen)件相繼頒布施行(xing)，例(li)如(ru)43號文(wen)，以(yi)及2015年1月1日起實(shi)施的(de)(de)新《預算法》，都賦予了地方政(zheng)(zheng)府有限的(de)(de)發債(zhai)權(quan)，提出經國務院(yuan)批(pi)準，省(sheng)一級政(zheng)(zheng)府能(neng)夠(gou)適度舉借債(zhai)務，在限額內發行(xing)政(zheng)(zheng)府債(zhai)券，用來籌集預算中必需的(de)(de)建設用資金。同(tong)時要求(qiu)政(zheng)(zheng)府與公(gong)司(si)分清責任，公(gong)司(si)債(zhai)務由(you)公(gong)司(si)承擔，政(zheng)(zheng)府不得(de)(de)為其提供擔保和償還債(zhai)務，政(zheng)(zheng)府也(ye)不能(neng)夠(gou)通(tong)過(guo)公(gong)司(si)來舉借債(zhai)務。政(zheng)(zheng)府與社會資本(ben)合作的(de)(de)，按商(shang)定的(de)(de)規則依法承擔有關責任。

隨著這(zhe)些政(zheng)(zheng)策文件(jian)頒布(bu)施行，河南省有(you)(you)望不久通(tong)過發行政(zheng)(zheng)府(fu)(fu)債(zhai)(zhai)券來進(jin)行融(rong)(rong)(rong)(rong)資(zi)。這(zhe)能夠有(you)(you)效(xiao)緩(huan)解融(rong)(rong)(rong)(rong)資(zi)壓力。但是(shi)現(xian)在(zai)仍(reng)(reng)然處于(yu)過渡期，以后即使(shi)政(zheng)(zheng)府(fu)(fu)可以發行債(zhai)(zhai)券來融(rong)(rong)(rong)(rong)資(zi)，額(e)度仍(reng)(reng)有(you)(you)所(suo)限制(zhi)(zhi)，省級地方(fang)政(zheng)(zheng)府(fu)(fu)融(rong)(rong)(rong)(rong)資(zi)平臺(tai)在(zai)項(xiang)目融(rong)(rong)(rong)(rong)資(zi)方(fang)面(mian)地位(wei)依然重要。平臺(tai)為政(zheng)(zheng)府(fu)(fu)項(xiang)目融(rong)(rong)(rong)(rong)資(zi)的(de)(de)(de)職能會逐(zhu)步(bu)剝離，為此，平臺(tai)需(xu)要進(jin)行市場化的(de)(de)(de)改革(ge)，在(zai)現(xian)有(you)(you)的(de)(de)(de)過渡期內(nei)，這(zhe)些融(rong)(rong)(rong)(rong)資(zi)平臺(tai)應該借助(zhu)這(zhe)個(ge)機遇發展自己，力圖(tu)建立系統高(gao)效(xiao)的(de)(de)(de)投融(rong)(rong)(rong)(rong)資(zi)機制(zhi)(zhi)。

（二）政策建議

中原經濟區建(jian)設所(suo)需(xu)資金龐大，而河南省級地方(fang)(fang)政府投(tou)融(rong)資平臺(tai)又(you)面(mian)臨諸(zhu)多問題，在上述背景下，如何(he)創(chuang)新發展投(tou)融(rong)資平臺(tai)，關系重大。文章認為，應該從如下幾個(ge)方(fang)(fang)面(mian)來努力：

一是(shi)堅持政(zheng)府(fu)(fu)(fu)主導、市(shi)(shi)場(chang)(chang)運(yun)作(zuo)。一般地，對于一個項目來說，政(zheng)府(fu)(fu)(fu)看重的(de)(de)是(shi)項目的(de)(de)社會(hui)效益，而(er)市(shi)(shi)場(chang)(chang)看重的(de)(de)是(shi)項目的(de)(de)經(jing)濟效益。但(dan)是(shi)，政(zheng)府(fu)(fu)(fu)和市(shi)(shi)場(chang)(chang)并不是(shi)彼此(ci)分離(li)的(de)(de)，應(ying)該(gai)秉著(zhu)利益共(gong)享、風(feng)險共(gong)擔(dan)的(de)(de)原(yuan)則(ze)，一起建(jian)設基礎(chu)設施(shi)，提(ti)供公共(gong)服務(wu)。市(shi)(shi)場(chang)(chang)是(shi)一只無形的(de)(de)手，應(ying)該(gai)充分發(fa)揮(hui)市(shi)(shi)場(chang)(chang)的(de)(de)資源配(pei)置作(zuo)用。為此(ci)，政(zheng)府(fu)(fu)(fu)應(ying)該(gai)轉變職能，不能夠包攬(lan)一切(qie)，讓融資平臺能夠市(shi)(shi)場(chang)(chang)化運(yun)作(zuo)。這樣的(de)(de)話(hua)，政(zheng)府(fu)(fu)(fu)和市(shi)(shi)場(chang)(chang)可以相互制衡(heng)，既可以提(ti)高(gao)市(shi)(shi)場(chang)(chang)主體參與的(de)(de)積(ji)極性(xing)，又(you)能夠減輕政(zheng)府(fu)(fu)(fu)的(de)(de)財政(zheng)壓力。

根(gen)據河南(nan)省社會發(fa)展的(de)需要(yao)，制定合理的(de)項目投資計劃，既(ji)能夠滿足(zu)政府的(de)政策意愿(yuan)，又(you)要(yao)按市場規律(lv)辦事，以(yi)求降低融資成本，防范潛在的(de)風(feng)險。在風(feng)險得(de)到控制的(de)情況下期望獲得(de)更(geng)大收益(yi)，讓平臺得(de)到持續發(fa)展。

二是(shi)投(tou)資(zi)主(zhu)體多(duo)元化，經(jing)營管(guan)理(li)市場(chang)化。對于省級投(tou)融資(zi)平臺所(suo)投(tou)資(zi)的(de)項(xiang)(xiang)(xiang)目(mu)進(jin)行(xing)簡單(dan)的(de)分類，有(you)產(chan)(chan)(chan)生經(jing)濟效(xiao)益(yi)(yi)和(he)不(bu)產(chan)(chan)(chan)生經(jing)濟效(xiao)益(yi)(yi)兩種。其(qi)中，產(chan)(chan)(chan)生經(jing)濟效(xiao)益(yi)(yi)的(de)項(xiang)(xiang)(xiang)目(mu)有(you)商業性項(xiang)(xiang)(xiang)目(mu)和(he)準公(gong)(gong)益(yi)(yi)性項(xiang)(xiang)(xiang)目(mu)兩種。前者包(bao)括(kuo)節能(neng)減(jian)排、高速公(gong)(gong)路、電(dian)力、電(dian)網、通訊(xun)、鐵路、港口、機(ji)場(chang)等(deng)(deng)，這些項(xiang)(xiang)(xiang)目(mu)有(you)一(yi)(yi)定(ding)的(de)盈利(li)能(neng)力。后者盈利(li)能(neng)力較(jiao)弱，包(bao)括(kuo)教育、科學文化、醫療，城市供(gong)(gong)水、供(gong)(gong)熱、供(gong)(gong)氣，垃圾處理(li)、公(gong)(gong)交、保(bao)(bao)障(zhang)房(fang)等(deng)(deng)。不(bu)產(chan)(chan)(chan)生經(jing)濟效(xiao)益(yi)(yi)的(de)項(xiang)(xiang)(xiang)目(mu)一(yi)(yi)般是(shi)公(gong)(gong)益(yi)(yi)性項(xiang)(xiang)(xiang)目(mu)，包(bao)括(kuo)城市道路、橋梁、環境治理(li)、生態建設、農林水利(li)等(deng)(deng)。對于產(chan)(chan)(chan)生經(jing)濟效(xiao)益(yi)(yi)的(de)項(xiang)(xiang)(xiang)目(mu)可(ke)以引進(jin)社會資(zi)本來進(jin)行(xing)投(tou)資(zi)，并且制定(ding)相應的(de)政策(ce)來保(bao)(bao)障(zhang)社會資(zi)本的(de)合法權益(yi)(yi)。不(bu)產(chan)(chan)(chan)生經(jing)濟效(xiao)益(yi)(yi)的(de)項(xiang)(xiang)(xiang)目(mu)由(you)于對社會資(zi)本不(bu)具有(you)吸引力，政府仍然(ran)是(shi)投(tou)資(zi)主(zhu)體。

地方政府可以是這(zhe)些平(ping)臺(tai)資產的所(suo)有(you)者，然而平(ping)臺(tai)的經(jing)營(ying)管理(li)權(quan)應(ying)該獨立(li)出來(lai)。即平(ping)臺(tai)所(suo)有(you)權(quan)和(he)經(jing)營(ying)權(quan)應(ying)該相互(hu)分離，政府與平(ping)臺(tai)公(gong)司可以是委托的關系。政府不能夠過多(duo)干預平(ping)臺(tai)公(gong)司的運營(ying)以及內部機制，包(bao)括(kuo)決策制定、管理(li)人員的確定。平(ping)臺(tai)公(gong)司應(ying)該依照市(shi)場化(hua)的要求獨立(li)自(zi)主經(jing)營(ying)，不斷(duan)提升競爭力(li)。

三是建立風險防(fang)范和控制(zhi)機制(zhi)。首先(xian)，嚴格監(jian)管平(ping)臺(tai)的銀行(xing)貸(dai)(dai)(dai)款行(xing)為。加(jia)強各銀行(xing)的貸(dai)(dai)(dai)款審批制(zhi)度，加(jia)強總行(xing)對“仍按平(ping)臺(tai)管理類”貸(dai)(dai)(dai)款的集中審批和管理。在流程上做到貸(dai)(dai)(dai)款的前、中、后期的全面監(jian)管。

其次，對于(yu)平臺(tai)債(zhai)(zhai)(zhai)務(wu)(wu)規(gui)模進行(xing)管理，規(gui)范平臺(tai)公司(si)的舉債(zhai)(zhai)(zhai)行(xing)為，不斷清(qing)(qing)理其債(zhai)(zhai)(zhai)務(wu)(wu)。切實做好平臺(tai)債(zhai)(zhai)(zhai)務(wu)(wu)清(qing)(qing)算(suan)核實工(gong)作，摸清(qing)(qing)債(zhai)(zhai)(zhai)務(wu)(wu)底數，把握(wo)整體(ti)規(gui)模。

此外，地方(fang)政府投(tou)融資(zi)平臺應(ying)該構(gou)建風(feng)險預警(jing)系(xi)統。對于債(zhai)(zhai)務風(feng)險來說，可以設(she)立一系(xi)列風(feng)險指標(biao)，如負債(zhai)(zhai)率、長(chang)短期(qi)償債(zhai)(zhai)率等，來反映平臺的(de)債(zhai)(zhai)務情況，并(bing)進行動態監測，判斷和分析(xi)，及時(shi)擬定風(feng)險解決(jue)辦法，最大限(xian)度的(de)控(kong)制平臺債(zhai)(zhai)務風(feng)險。

四是整(zheng)合(he)國有(you)(you)(you)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)，提升融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)(tai)經(jing)濟實力、核心(xin)競爭力。河(he)南省(sheng)部分省(sheng)級(ji)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)(tai)規(gui)模(mo)小，實力弱，缺(que)少競爭力。為(wei)此，第一，要(yao)整(zheng)合(he)地方國有(you)(you)(you)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)，將(jiang)流動性強(qiang)的優(you)質(zhi)(zhi)國有(you)(you)(you)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)注入地方政府融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)(tai)。例(li)如，可(ke)以(yi)將(jiang)一些優(you)質(zhi)(zhi)礦產(chan)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)源配置到省(sheng)國土資(zi)(zi)(zi)(zi)(zi)(zi)(zi)源開(kai)發(fa)(fa)投資(zi)(zi)(zi)(zi)(zi)(zi)(zi)管理中(zhong)心(xin)。第二，盡快充實注冊資(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)，盤活現(xian)有(you)(you)(you)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)，吸(xi)收社會資(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)。投資(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目可(ke)以(yi)多采用(yong)BT、BOT或者PPP等有(you)(you)(you)社會資(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)參與的資(zi)(zi)(zi)(zi)(zi)(zi)(zi)金融(rong)(rong)(rong)通模(mo)式。為(wei)穩(wen)定有(you)(you)(you)序地發(fa)(fa)展混(hun)合(he)所(suo)有(you)(you)(you)制，省(sheng)級(ji)地方政府融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)(tai)可(ke)以(yi)作(zuo)為(wei)社會資(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)參與進來(lai)的混(hun)合(he)所(suo)有(you)(you)(you)制改革的試點。第三，加快省(sheng)級(ji)平臺(tai)(tai)公(gong)司(si)的股(gu)(gu)份制改革，允許社會資(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)參股(gu)(gu)，鼓勵有(you)(you)(you)條件(jian)的平臺(tai)(tai)公(gong)司(si)整(zheng)體(ti)上(shang)市(shi)或者參股(gu)(gu)企業(ye)上(shang)市(shi)，從(cong)而在股(gu)(gu)票(piao)市(shi)場上(shang)融(rong)(rong)(rong)入所(suo)需資(zi)(zi)(zi)(zi)(zi)(zi)(zi)金。第四，完善平臺(tai)(tai)公(gong)司(si)的治理機制，采用(yong)市(shi)場化運作(zuo)，提高現(xian)有(you)(you)(you)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)的使(shi)(shi)用(yong)效率。對現(xian)有(you)(you)(you)的平臺(tai)(tai)公(gong)司(si)進行(xing)整(zheng)合(he)，使(shi)(shi)其具(ju)備一定的規(gui)模(mo)化。（作(zuo)者單位(wei)：河(he)南工業(ye)大(da)學經(jing)濟貿易學院）

參考文獻：

[1] 潘(pan)亞嵐，徐歡萍(ping).城(cheng)鎮化(hua)過程中的(de)地方政(zheng)府融資(zi).杭州電子(zi)科技大學學報[J].201408.

[2] 蔣志芬，付(fu)淑換.地方政府融資平臺的(de)風(feng)險防(fang)范(fan)與規范(fan)發展.金融教學(xue)與研究[J].2014 03.

[3] 時朝霞.城鎮化建設中的地方政(zheng)府融(rong)資平臺風險管理(li)研(yan)究(jiu).內蒙(meng)古金融(rong)研(yan)究(jiu)[J].201405.

篇8

關鍵詞：地方政府投(tou)融資平臺；債(zhai)務(wu)危機；債(zhai)務(wu)償還

中圖分類(lei)號：F830.59文(wen)獻標(biao)識碼：A文(wen)章(zhang)編號：10074074（2012）06014809

一、問題的提出

地(di)方(fang)政(zheng)府(fu)投(tou)(tou)(tou)融資(zi)平(ping)臺(tai)是由地(di)方(fang)政(zheng)府(fu)組建(jian)(jian)，通過劃撥土地(di)，輔(fu)之以財(cai)政(zheng)補貼等(deng)(deng)作為還款保證的(de)，投(tou)(tou)(tou)入(ru)資(zi)產(chan)和(he)現金流大致可(ke)以達(da)到(dao)融資(zi)標(biao)準(zhun)的(de)公(gong)司(si)，其重點投(tou)(tou)(tou)向主要(yao)以市(shi)政(zheng)建(jian)(jian)設(she)、公(gong)用事業(ye)等(deng)(deng)項目為主，主要(yao)包括城(cheng)市(shi)建(jian)(jian)設(she)投(tou)(tou)(tou)資(zi)公(gong)司(si)、城(cheng)建(jian)(jian)開發公(gong)司(si)、城(cheng)建(jian)(jian)資(zi)產(chan)經(jing)(jing)營(ying)公(gong)司(si)等(deng)(deng)。“十一(yi)五”期間，地(di)方(fang)政(zheng)府(fu)投(tou)(tou)(tou)融資(zi)平(ping)臺(tai)為中(zhong)(zhong)(zhong)國走出金融危機困(kun)境，經(jing)(jing)濟(ji)(ji)實現“保八”增(zeng)長目標(biao)立下(xia)汗(han)馬(ma)功(gong)勞，同時為消化經(jing)(jing)濟(ji)(ji)過剩，改(gai)善民生(sheng)，實現經(jing)(jing)濟(ji)(ji)效(xiao)益和(he)社(she)會效(xiao)益的(de)雙(shuang)重豐收做出了貢獻。“十二五”以來，中(zhong)(zhong)(zhong)央兩年新增(zeng)投(tou)(tou)(tou)資(zi)1.18萬(wan)億帶動4萬(wan)億總(zong)投(tou)(tou)(tou)資(zi)已(yi)(yi)經(jing)(jing)完成，在北美(mei)經(jing)(jing)濟(ji)(ji)前景迷茫、西歐經(jing)(jing)濟(ji)(ji)惡化、亞洲(zhou)經(jing)(jing)濟(ji)(ji)降溫的(de)背(bei)景下(xia)，我國經(jing)(jing)濟(ji)(ji)遭(zao)遇著(zhu)外部需求疲軟，內(nei)需嚴重不足的(de)雙(shuang)重困(kun)境。在宏觀(guan)環境趨(qu)緊的(de)背(bei)景下(xia)，地(di)方(fang)政(zheng)府(fu)投(tou)(tou)(tou)融資(zi)平(ping)臺(tai)風險面臨考(kao)驗。盡管在2012年政(zheng)府(fu)工作報(bao)告中(zhong)(zhong)(zhong)指出，雖然(ran)當前我國國債余額總(zong)量約為10萬(wan)億元左右(you)，占(zhan)GDP的(de)比重不足25%，遠(yuan)遠(yuan)低于(yu)國際(ji)公(gong)認的(de)60%的(de)安全標(biao)準(zhun)，但實際(ji)情況遠(yuan)沒有所說的(de)那么樂觀(guan)，我國地(di)方(fang)債務規模已(yi)(yi)達(da)10.7萬(wan)億元，中(zhong)(zhong)(zhong)央債務加上地(di)方(fang)債務總(zong)額占(zhan)GDP的(de)比重已(yi)(yi)達(da)到(dao)約50%，接近(jin)警戒線水(shui)平(ping)，并且我國各地(di)方(fang)政(zheng)府(fu)的(de)隱性債務還將繼續(xu)擴張[1]。因此，地(di)方(fang)政(zheng)府(fu)投(tou)(tou)(tou)融資(zi)平(ping)臺(tai)的(de)風險問題(ti)(ti)成為困(kun)擾中(zhong)(zhong)(zhong)國經(jing)(jing)濟(ji)(ji)進一(yi)步(bu)發展(zhan)與穩定的(de)問題(ti)(ti)。

二、地方政(zheng)府投(tou)融資平臺的雙重不完全問題

我國地(di)方(fang)政(zheng)府(fu)(fu)(fu)投融(rong)資(zi)平臺(tai)的(de)產生是(shi)我國財稅體制(zhi)改革不(bu)完全的(de)產物，其雙重不(bu)完全問題的(de)根(gen)源則是(shi)我國當前(qian)的(de)干(gan)部(bu)任用(yong)制(zhi)度(du)。一直以來(lai)，我國地(di)方(fang)政(zheng)府(fu)(fu)(fu)行政(zheng)長(chang)官(guan)(guan)基本由上級(ji)政(zheng)府(fu)(fu)(fu)任免，因(yin)而上級(ji)政(zheng)府(fu)(fu)(fu)自然成了地(di)方(fang)政(zheng)府(fu)(fu)(fu)各級(ji)官(guan)(guan)員的(de)委(wei)托(tuo)人(ren)；同理(li)，政(zheng)府(fu)(fu)(fu)投融(rong)資(zi)平臺(tai)是(shi)名為(wei)公司建制(zhi)下的(de)法人(ren)單位，實際(ji)上卻(que)是(shi)帶有濃重政(zheng)府(fu)(fu)(fu)色彩的(de)組(zu)織(zhi)，平臺(tai)的(de)高(gao)層管理(li)人(ren)員均由地(di)方(fang)政(zheng)府(fu)(fu)(fu)行政(zheng)長(chang)官(guan)(guan)任免，絕大部(bu)分來(lai)自于原政(zheng)府(fu)(fu)(fu)的(de)財政(zheng)局(ju)、發改委(wei)、計經(jing)委(wei)等政(zheng)府(fu)(fu)(fu)要員，因(yin)此平臺(tai)高(gao)管與(yu)地(di)方(fang)政(zheng)府(fu)(fu)(fu)官(guan)(guan)員之間又形成一種委(wei)托(tuo)與(yu)的(de)關(guan)系。但是(shi)以上兩種都是(shi)不(bu)完全的(de)，不(bu)能(neng)用(yong)傳統的(de)委(wei)托(tuo)理(li)論(lun)來(lai)解釋。

（一）地(di)方投融資平臺(tai)的(de)不完全問(wen)題(ti)

普遍(bian)觀點認為，地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)的(de)(de)(de)幾何(he)倍數(shu)增(zeng)長成為產生(sheng)風(feng)險的(de)(de)(de)主(zhu)因，由(you)于(yu)監(jian)管不力與(yu)(yu)法(fa)律(lv)法(fa)規(gui)的(de)(de)(de)缺失導(dao)致平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)資(zi)金運營管理欠規(gui)范，加大(da)(da)了其自身(shen)運營的(de)(de)(de)風(feng)險[12]。但(dan)是(shi)，為什么政(zheng)府(fu)(fu)(fu)(fu)急(ji)于(yu)擴張地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)呢？主(zhu)要(yao)原因是(shi)分(fen)(fen)稅(shui)制背景下中(zhong)(zhong)(zhong)(zhong)央與(yu)(yu)地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)對財(cai)權(quan)(quan)(quan)與(yu)(yu)事權(quan)(quan)(quan)分(fen)(fen)配(pei)現狀的(de)(de)(de)漠視[3]。1994 年(nian)(nian)的(de)(de)(de)“分(fen)(fen)稅(shui)制”改(gai)革(ge)以來，中(zhong)(zhong)(zhong)(zhong)央政(zheng)府(fu)(fu)(fu)(fu)與(yu)(yu)地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)的(de)(de)(de)財(cai)權(quan)(quan)(quan)和事權(quan)(quan)(quan)的(de)(de)(de)比例關系發(fa)生(sheng)改(gai)變，地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)自擴大(da)(da)，各級(ji)地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)促進(jin)地(di)(di)(di)方(fang)(fang)經濟發(fa)展(zhan)的(de)(de)(de)積(ji)極性(xing)被(bei)激發(fa)，但(dan)地(di)(di)(di)方(fang)(fang)稅(shui)依然(ran)是(shi)地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)主(zhu)要(yao)預算(suan)內財(cai)源(yuan)，這一(yi)(yi)稅(shui)項難以維持(chi)地(di)(di)(di)方(fang)(fang)經濟的(de)(de)(de)快(kuai)速增(zeng)長帶動對基礎設(she)施(shi)與(yu)(yu)公(gong)益服務的(de)(de)(de)巨(ju)大(da)(da)需(xu)求，而市政(zheng)債券的(de)(de)(de)發(fa)行(xing)也難以滿足這一(yi)(yi)需(xu)求，地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)的(de)(de)(de)建立成為解決這一(yi)(yi)問題(ti)的(de)(de)(de)突破口。2008年(nian)(nian)美國(guo)(guo)(guo)(guo)次(ci)貸危機以來，中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)外向型貿易發(fa)展(zhan)受阻(zu)，中(zhong)(zhong)(zhong)(zhong)央政(zheng)府(fu)(fu)(fu)(fu)實(shi)行(xing)積(ji)極的(de)(de)(de)財(cai)政(zheng)政(zheng)策(ce)和適度寬松的(de)(de)(de)貨幣政(zheng)策(ce)以擴大(da)(da)內需(xu)，投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)進(jin)入(ru)新一(yi)(yi)輪高速發(fa)展(zhan)時(shi)期。截至2008年(nian)(nian)，全國(guo)(guo)(guo)(guo)各級(ji)政(zheng)府(fu)(fu)(fu)(fu)投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)達到3 800家(jia)(jia)以上[4]。2009年(nian)(nian)3月中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)人民銀(yin)行(xing)與(yu)(yu)中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)銀(yin)行(xing)業(ye)監(jian)督管理委員會聯合關于(yu)進(jin)一(yi)(yi)步加強信貸結構(gou)調(diao)整促進(jin)國(guo)(guo)(guo)(guo)民經濟平(ping)(ping)(ping)穩(wen)較快(kuai)發(fa)展(zhan)的(de)(de)(de)指導(dao)意見(jian)中(zhong)(zhong)(zhong)(zhong)提出：“支持(chi)有條件的(de)(de)(de)地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)組建投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)，發(fa)行(xing)企(qi)業(ye)債、中(zhong)(zhong)(zhong)(zhong)期票據等融(rong)(rong)資(zi)工具，拓寬中(zhong)(zhong)(zhong)(zhong)央政(zheng)府(fu)(fu)(fu)(fu)投(tou)(tou)(tou)(tou)資(zi)項目的(de)(de)(de)配(pei)套資(zi)金融(rong)(rong)資(zi)渠道”。此時(shi)，縣級(ji)投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)遍(bian)地(di)(di)(di)開花、勢(shi)如破竹，縣均投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)由(you)幾家(jia)(jia)迅(xun)速增(zeng)至十幾家(jia)(jia)。截至2011年(nian)(nian)12月底，我國(guo)(guo)(guo)(guo)地(di)(di)(di)方(fang)(fang)政(zheng)府(fu)(fu)(fu)(fu)投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)共(gong)10 000多家(jia)(jia)，其中(zhong)(zhong)(zhong)(zhong)70%以上的(de)(de)(de)為縣級(ji)投(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)。

理論上講(jiang)，地方(fang)(fang)政(zheng)府(fu)(fu)與(yu)投融資(zi)(zi)平(ping)(ping)(ping)臺(tai)形成(cheng)了委(wei)(wei)(wei)托(tuo)(tuo)關(guan)系(xi)。按照傳(chuan)統委(wei)(wei)(wei)托(tuo)(tuo)理論，委(wei)(wei)(wei)托(tuo)(tuo)人(ren)(ren)(ren)和(he)人(ren)(ren)(ren)都(dou)是(shi)經濟人(ren)(ren)(ren)，行為目(mu)(mu)(mu)標都(dou)是(shi)為了實(shi)(shi)現(xian)自(zi)身效用最大(da)化。在委(wei)(wei)(wei)托(tuo)(tuo)關(guan)系(xi)中(zhong)，委(wei)(wei)(wei)托(tuo)(tuo)人(ren)(ren)(ren)的(de)(de)收益(yi)直接取決于人(ren)(ren)(ren)的(de)(de)成(cheng)本（付出(chu)的(de)(de)努(nu)力），而人(ren)(ren)(ren)的(de)(de)收益(yi)就是(shi)委(wei)(wei)(wei)托(tuo)(tuo)人(ren)(ren)(ren)的(de)(de)成(cheng)本（支付的(de)(de)報(bao)酬）。因而，委(wei)(wei)(wei)托(tuo)(tuo)人(ren)(ren)(ren)與(yu)人(ren)(ren)(ren)相互之間(jian)的(de)(de)利益(yi)是(shi)不一致的(de)(de)，甚至(zhi)是(shi)相互沖(chong)突的(de)(de)。因而，委(wei)(wei)(wei)托(tuo)(tuo)人(ren)(ren)(ren)與(yu)人(ren)(ren)(ren)之間(jian)需要建立某種(zhong)機制(zhi)(zhi)（契(qi)約）以協調(diao)兩者之間(jian)相互沖(chong)突的(de)(de)利益(yi)[68]。信息不對稱與(yu)不確(que)定性是(shi)在委(wei)(wei)(wei)托(tuo)(tuo)關(guan)系(xi)中(zhong)產生道德風險(xian)的(de)(de)的(de)(de)根源[4]。但現(xian)實(shi)(shi)中(zhong)，我國地方(fang)(fang)融資(zi)(zi)平(ping)(ping)(ping)臺(tai)并不是(shi)傳(chuan)統的(de)(de)委(wei)(wei)(wei)托(tuo)(tuo)管理，它(ta)形成(cheng)了地方(fang)(fang)政(zheng)府(fu)(fu)與(yu)平(ping)(ping)(ping)臺(tai)，平(ping)(ping)(ping)臺(tai)與(yu)政(zheng)府(fu)(fu)之間(jian)的(de)(de)雙重(zhong)關(guan)系(xi)，并且，平(ping)(ping)(ping)臺(tai)項目(mu)(mu)(mu)融資(zi)(zi)，項目(mu)(mu)(mu)運行涉(she)及到一種(zhong)特殊的(de)(de)銀(yin)企關(guan)系(xi)[9]，地方(fang)(fang)投融資(zi)(zi)平(ping)(ping)(ping)臺(tai)債(zhai)務激增風險(xian)所反(fan)映的(de)(de)不只是(shi)中(zhong)央(yang)與(yu)地方(fang)(fang)財政(zheng)分權不當的(de)(de)問題，更深刻(ke)地反(fan)映了現(xian)有的(de)(de)公共資(zi)(zi)本投融資(zi)(zi)體制(zhi)(zhi)存在的(de)(de)缺陷[10]。

（二(er)）地方政(zheng)府和上級(ji)政(zheng)府的(de)不(bu)完(wan)全

在(zai)地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)與(yu)上(shang)(shang)(shang)級(ji)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)的(de)(de)(de)(de)(de)(de)委(wei)托關系(xi)中，地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)對(dui)(dui)預算(suan)(suan)支(zhi)(zhi)出(chu)(chu)(chu)(chu)規(gui)(gui)模擴(kuo)大(da)呈現內生放大(da)的(de)(de)(de)(de)(de)(de)效(xiao)應(ying)[3]。地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)為(wei)(wei)了(le)自身政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)治利益的(de)(de)(de)(de)(de)(de)需(xu)要(yao)，會(hui)(hui)有(you)強烈(lie)的(de)(de)(de)(de)(de)(de)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)績欲望，他們就會(hui)(hui)極(ji)力擴(kuo)大(da)支(zhi)(zhi)出(chu)(chu)(chu)(chu)，甚至不(bu)惜舉債(zhai)，形成(cheng)地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)擴(kuo)大(da)預算(suan)(suan)規(gui)(gui)模的(de)(de)(de)(de)(de)(de)內在(zai)激勵。雖然上(shang)(shang)(shang)級(ji)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)擁有(you)種種對(dui)(dui)地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)的(de)(de)(de)(de)(de)(de)監(jian)督職權(quan)，但(dan)具體對(dui)(dui)財政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)預算(suan)(suan)與(yu)支(zhi)(zhi)出(chu)(chu)(chu)(chu)、公共物品的(de)(de)(de)(de)(de)(de)生產函(han)數(shu)和成(cheng)本(ben)函(han)數(shu)以及各(ge)種公共服(fu)務(wu)的(de)(de)(de)(de)(de)(de)需(xu)求(qiu)等(deng)方(fang)(fang)(fang)(fang)(fang)面(mian)，地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)有(you)更多(duo)的(de)(de)(de)(de)(de)(de)話語權(quan)，上(shang)(shang)(shang)下(xia)級(ji)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)之(zhi)間的(de)(de)(de)(de)(de)(de)信(xin)息不(bu)對(dui)(dui)稱問題(ti)突出(chu)(chu)(chu)(chu)，對(dui)(dui)于諸多(duo)地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)提出(chu)(chu)(chu)(chu)的(de)(de)(de)(de)(de)(de)預算(suan)(suan)請求(qiu)，上(shang)(shang)(shang)級(ji)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)也(ye)無法(fa)擁有(you)充分的(de)(de)(de)(de)(de)(de)信(xin)息來判別其真(zhen)偽(wei)和提出(chu)(chu)(chu)(chu)異議。由(you)于官(guan)(guan)員(yuan)(yuan)的(de)(de)(de)(de)(de)(de)效(xiao)用是(shi)預算(suan)(suan)規(gui)(gui)模的(de)(de)(de)(de)(de)(de)增函(han)數(shu)，近年(nian)(nian)(nian)來遭金(jin)融危機的(de)(de)(de)(de)(de)(de)襲(xi)擊，中央實(shi)施(shi)了(le)4萬億擴(kuo)大(da)內需(xu)的(de)(de)(de)(de)(de)(de)投資計劃，給了(le)地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)擴(kuo)張(zhang)(zhang)支(zhi)(zhi)出(chu)(chu)(chu)(chu)的(de)(de)(de)(de)(de)(de)機會(hui)(hui)，地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)擴(kuo)大(da)支(zhi)(zhi)出(chu)(chu)(chu)(chu)行為(wei)(wei)客觀上(shang)(shang)(shang)為(wei)(wei)上(shang)(shang)(shang)級(ji)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)績“增光添彩(cai)”，只(zhi)要(yao)地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)的(de)(de)(de)(de)(de)(de)預算(suan)(suan)規(gui)(gui)模沒有(you)大(da)到引發(fa)社會(hui)(hui)動(dong)亂和經濟動(dong)蕩邊界，上(shang)(shang)(shang)級(ji)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)或(huo)官(guan)(guan)員(yuan)(yuan)是(shi)不(bu)會(hui)(hui)采(cai)取嚴(yan)厲的(de)(de)(de)(de)(de)(de)控制措施(shi)，相反還會(hui)(hui)采(cai)取默許的(de)(de)(de)(de)(de)(de)鼓勵。由(you)于現行的(de)(de)(de)(de)(de)(de)預算(suan)(suan)體制的(de)(de)(de)(de)(de)(de)不(bu)完善，在(zai)理性的(de)(de)(de)(de)(de)(de)驅使下(xia)各(ge)級(ji)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)與(yu)官(guan)(guan)員(yuan)(yuan)都會(hui)(hui)產生大(da)量的(de)(de)(de)(de)(de)(de)投機與(yu)短(duan)期的(de)(de)(de)(de)(de)(de)支(zhi)(zhi)出(chu)(chu)(chu)(chu)擴(kuo)張(zhang)(zhang)行為(wei)(wei)，預算(suan)(suan)支(zhi)(zhi)出(chu)(chu)(chu)(chu)規(gui)(gui)模逐級(ji)擴(kuo)大(da)，產生強烈(lie)的(de)(de)(de)(de)(de)(de)放大(da)作(zuo)用。因(yin)此(ci)，地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)擴(kuo)張(zhang)(zhang)地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)債(zhai)務(wu)內在(zai)邏輯性得(de)以發(fa)揮。因(yin)此(ci)，從當年(nian)(nian)(nian)6月國家審(shen)計署的(de)(de)(de)(de)(de)(de)審(shen)計結果公告(gao)看，截(jie)至2010年(nian)(nian)(nian)年(nian)(nian)(nian)底，全國地(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)性債(zhai)務(wu)余額107 174.91億元，其中政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)負有(you)償還責任的(de)(de)(de)(de)(de)(de)債(zhai)務(wu)67 109.51億元，占總債(zhai)務(wu)的(de)(de)(de)(de)(de)(de)62.62%；政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)負有(you)擔保(bao)責任的(de)(de)(de)(de)(de)(de)或(huo)有(you)債(zhai)務(wu)23 369.74億元，占總債(zhai)務(wu)的(de)(de)(de)(de)(de)(de)21.8%；政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)(fu)可(ke)能(neng)承擔一(yi)定救助(zhu)責任的(de)(de)(de)(de)(de)(de)其他相關債(zhai)務(wu)16 695.66億元，占15.58%。

（三）投融資(zi)平臺(tai)與地方(fang)政府的(de)不完(wan)全

上級政(zheng)(zheng)府(fu)(fu)(fu)(fu)與(yu)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)的(de)(de)(de)不(bu)完(wan)全關(guan)系致使(shi)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)債務擴大(da)的(de)(de)(de)內(nei)在激勵(li)，這種(zhong)內(nei)在激勵(li)反(fan)而成(cheng)為(wei)(wei)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)與(yu)投融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)不(bu)完(wan)全委(wei)(wei)托(tuo)關(guan)系的(de)(de)(de)根源。一方(fang)(fang)(fang)(fang)面(mian)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)想方(fang)(fang)(fang)(fang)設法(fa)擴大(da)支出，增加政(zheng)(zheng)績，另一方(fang)(fang)(fang)(fang)面(mian)我國(guo)《預算法(fa)》明確規定不(bu)許地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)財(cai)政(zheng)(zheng)列赤字和發行(xing)債券，因而，成(cheng)立政(zheng)(zheng)府(fu)(fu)(fu)(fu)投融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)式的(de)(de)(de)公(gong)司成(cheng)為(wei)(wei)各地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)變相舉債的(de)(de)(de)工具。2008年開(kai)始，大(da)量的(de)(de)(de)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)投融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)遍地(di)(di)(di)(di)(di)開(kai)花、勢如破竹(zhu)。截至2011年12月底(di)，我國(guo)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)投融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)共(gong)10 000多家，其(qi)(qi)中70%以上的(de)(de)(de)為(wei)(wei)縣級投融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)，工、建(jian)、農(nong)、中四大(da)行(xing)平(ping)(ping)(ping)臺(tai)(tai)貸(dai)款余額(e)分(fen)別為(wei)(wei)6 800億(yi)(yi)，4 298億(yi)(yi)，3 977億(yi)(yi)，3 949億(yi)(yi)，共(gong)計1.9萬(wan)億(yi)(yi)。政(zheng)(zheng)府(fu)(fu)(fu)(fu)投融(rong)(rong)資(zi)平(ping)(ping)(ping)臺(tai)(tai)是名為(wei)(wei)公(gong)司建(jian)制(zhi)(zhi)下的(de)(de)(de)法(fa)人(ren)單位，實(shi)為(wei)(wei)帶有濃(nong)重政(zheng)(zheng)府(fu)(fu)(fu)(fu)色彩的(de)(de)(de)組織。各地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)投融(rong)(rong)資(zi)機構注(zhu)冊資(zi)金(jin)的(de)(de)(de)來(lai)源絕(jue)大(da)多數是當(dang)地(di)(di)(di)(di)(di)人(ren)民政(zheng)(zheng)府(fu)(fu)(fu)(fu)、發改委(wei)(wei)或(huo)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)國(guo)資(zi)委(wei)(wei)的(de)(de)(de)全額(e)國(guo)有資(zi)本金(jin)注(zhu)入(ru)，其(qi)(qi)建(jian)制(zhi)(zhi)均為(wei)(wei)注(zhu)冊的(de)(de)(de)公(gong)司制(zhi)(zhi)法(fa)人(ren)企業，高層管(guan)理人(ren)員絕(jue)大(da)部(bu)分(fen)來(lai)自于原政(zheng)(zheng)府(fu)(fu)(fu)(fu)的(de)(de)(de)財(cai)政(zheng)(zheng)局、發改委(wei)(wei)、計經(jing)委(wei)(wei)等政(zheng)(zheng)府(fu)(fu)(fu)(fu)要員。從另一層定義看，此類公(gong)司具備地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)準財(cai)政(zheng)(zheng)的(de)(de)(de)性質，其(qi)(qi)經(jing)營(ying)管(guan)理不(bu)是以盈利(li)為(wei)(wei)目的(de)(de)(de)，其(qi)(qi)收入(ru)的(de)(de)(de)大(da)部(bu)分(fen)來(lai)自于當(dang)地(di)(di)(di)(di)(di)政(zheng)(zheng)府(fu)(fu)(fu)(fu)的(de)(de)(de)財(cai)政(zheng)(zheng)補(bu)貼，支出的(de)(de)(de)方(fang)(fang)(fang)(fang)向是行(xing)使(shi)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)政(zheng)(zheng)府(fu)(fu)(fu)(fu)的(de)(de)(de)部(bu)分(fen)職能，這就決定了(le)其(qi)(qi)經(jing)營(ying)的(de)(de)(de)目的(de)(de)(de)與(yu)利(li)潤(run)最大(da)化(hua)或(huo)公(gong)司利(li)益或(huo)股東利(li)益最大(da)化(hua)相背離，違(wei)反(fan)了(le)委(wei)(wei)托(tuo)的(de)(de)(de)基本假(jia)設前提。

三、基(ji)于雙(shuang)重委托：地方投融資平臺風(feng)險的一個分析框架

西方(fang)傳統委托理(li)論主(zhu)要是針(zhen)對上(shang)市公司的(de)(de)(de)一(yi)種(zhong)分析框(kuang)架，由(you)Coase（ 1993）、Jensen 和(he)(he)(he)Meckling（1976）、Fama 和(he)(he)(he)Jensen（ 1983）等(deng)提出，后由(you)眾多的(de)(de)(de)經(jing)濟學家和(he)(he)(he)公司治(zhi)理(li)專家加(jia)以擴充(chong)和(he)(he)(he)發展，是一(yi)種(zhong)較為成熟(shu)的(de)(de)(de)公司治(zhi)理(li)問題分析框(kuang)架。委托理(li)論的(de)(de)(de)核心(xin)問題是解決所有權和(he)(he)(he)控(kong)制(zhi)權相分離(li)問題，解決股東與經(jing)營者之(zhi)間的(de)(de)(de)利(li)益沖突問題。[11]不(bu)完(wan)全是指(zhi)委托雙(shuang)方(fang)基于一(yi)種(zhong)特殊的(de)(de)(de)裙帶關系(xi)(xi)或臍(qi)帶關系(xi)(xi)，而(er)兩(liang)者之(zhi)間產生了居多的(de)(de)(de)預算軟約束問題，從而(er)導致不(bu)能(neng)完(wan)全履(lv)行原來(lai)的(de)(de)(de)商業約定(ding)。基于分稅制(zhi)背景下地方(fang)政府投融資(zi)平(ping)臺的(de)(de)(de)雙(shuang)重不(bu)完(wan)全問題是導致平(ping)臺風險擴大的(de)(de)(de)主(zhu)要原因。

（一）分稅制背景下(xia)地方(fang)政府投融(rong)資平臺風險的產生

因而，上述(shu)機制可以簡單表(biao)述(shu)為(wei)：在(zai)經(jing)濟滯脹條件(jian)下，政府的融資(zi)(zi)決策會導(dao)(dao)致(zhi)銀行(xing)放(fang)貸(dai)增(zeng)(zeng)加(jia)，此時一(yi)方(fang)面(mian)會引起過度消(xiao)費及投資(zi)(zi)，另一(yi)方(fang)面(mian)會導(dao)(dao)致(zhi)資(zi)(zi)產價格泡(pao)沫增(zeng)(zeng)加(jia)，這(zhe)是(shi)放(fang)貸(dai)增(zeng)(zeng)加(jia)會導(dao)(dao)致(zhi)問題與風(feng)險貸(dai)款增(zeng)(zeng)加(jia)，同時過度的消(xiao)費與投資(zi)(zi)也會導(dao)(dao)致(zhi)不良貸(dai)款增(zeng)(zeng)加(jia)，這(zhe)是(shi)一(yi)旦資(zi)(zi)產破滅(mie)，銀行(xing)危機產生，導(dao)(dao)致(zhi)平臺(tai)融資(zi)(zi)債務增(zeng)(zeng)加(jia)。如圖4所示。

（三）平臺風險(xian)加(jia)大導致(zhi)地方(fang)政府(fu)平臺債務(wu)風險(xian)擴張(zhang)

下面(mian)用(yong)一個兩(liang)期(qi)(qi)模型來(lai)進行分析(xi)。假設融(rong)(rong)資(zi)平(ping)(ping)(ping)臺生存(cun)兩(liang)期(qi)(qi)，在第一期(qi)(qi)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺通過融(rong)(rong)資(zi)獲(huo)利獲(huo)得(de)收(shou)入(ru)，它獲(huo)得(de)的(de)(de)收(shou)入(ru)除(chu)了(le)用(yong)來(lai)滿足(zu)(zu)該期(qi)(qi)的(de)(de)開支(zhi)外，其余用(yong)來(lai)儲蓄(xu)，融(rong)(rong)資(zi)平(ping)(ping)(ping)臺在第二期(qi)(qi)不融(rong)(rong)資(zi)，主(zhu)要靠第一期(qi)(qi)的(de)(de)儲蓄(xu)來(lai)滿足(zu)(zu)其在該期(qi)(qi)的(de)(de)開支(zhi)，因此每期(qi)(qi)擁有兩(liang)代(dai)融(rong)(rong)資(zi)平(ping)(ping)(ping)臺，t期(qi)(qi)和t-1期(qi)(qi)。

利(li)率的增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)對(dui)(dui)(dui)儲(chu)(chu)(chu)蓄(xu)的影(ying)響(xiang)則取決于(yu)替(ti)(ti)代(dai)彈性(xing)的大(da)小，這是因為利(li)率的增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)對(dui)(dui)(dui)經(jing)濟的影(ying)響(xiang)有兩方面：第(di)一，由于(yu)利(li)率增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)，使得融資平臺(tai)(tai)在第(di)一期的開支(zhi)成本增(zeng)(zeng)(zeng)高，因此融資平臺(tai)(tai)會把第(di)一期的開支(zhi)減少，從(cong)而(er)提高儲(chu)(chu)(chu)蓄(xu)水(shui)平；第(di)二，由于(yu)利(li)率的增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)，融資平臺(tai)(tai)的儲(chu)(chu)(chu)蓄(xu)收入(ru)增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)，從(cong)而(er)總收入(ru)增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)，為了使開支(zhi)路徑平滑，將(jiang)導致融資平臺(tai)(tai)每(mei)期的開支(zhi)都(dou)可(ke)能增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)。因此利(li)率的增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)對(dui)(dui)(dui)儲(chu)(chu)(chu)蓄(xu)的影(ying)響(xiang)取決于(yu)哪(na)一種(zhong)更突出，也就是取決于(yu)替(ti)(ti)代(dai)效(xiao)應(ying)和收入(ru)效(xiao)應(ying)的大(da)小，如果(guo)替(ti)(ti)代(dai)彈性(xing)大(da)于(yu)1，第(di)二種(zhong)效(xiao)果(guo)突出，從(cong)而(er)儲(chu)(chu)(chu)蓄(xu)上(shang)升(sheng)，反(fan)之則下降(jiang)。如果(guo)替(ti)(ti)代(dai)彈性(xing)等于(yu)1，這兩種(zhong)效(xiao)果(guo)正好抵消(xiao)，從(cong)而(er)利(li)率的改變不影(ying)響(xiang)融資平臺(tai)(tai)的儲(chu)(chu)(chu)蓄(xu)水(shui)平。

一(yi)個(ge)融(rong)資平臺(tai)的(de)預算(suan)約束是(shi)，其(qi)(qi)開支的(de)現值(zhi)(zhi)必(bi)須小于(yu)(yu)或等于(yu)(yu)其(qi)(qi)初始 財富(fu)與(yu)其(qi)(qi)勞動(dong)收入的(de)現值(zhi)(zhi)之和(he)。與(yu)此相類似(si)，政府(fu)的(de)預算(suan)約束是(shi)，其(qi)(qi)購買物(wu)品與(yu)服(fu)務的(de)支出的(de)現值(zhi)(zhi)必(bi)須小于(yu)(yu)或等于(yu)(yu)其(qi)(qi)初始財富(fu)與(yu)其(qi)(qi)稅收收入（減去(qu)轉移支付后的(de)凈值(zhi)(zhi)）的(de)現值(zhi)(zhi)之和(he)。

四、對策與建議

從(cong)上(shang)面(mian)(mian)的分析可(ke)以(yi)(yi)看(kan)出，地方(fang)平(ping)(ping)臺(tai)(tai)風險的產生有其歷史(shi)的原(yuan)因(yin)，但是風險的擴張則(ze)是地方(fang)政(zheng)府(fu)與融資(zi)平(ping)(ping)臺(tai)(tai)行為的結(jie)果。因(yin)此，要(yao)解決(jue)地方(fang)政(zheng)府(fu)投融資(zi)平(ping)(ping)臺(tai)(tai)風險問(wen)題(ti)(ti)，必須從(cong)源頭解決(jue)雙(shuang)重不(bu)完(wan)全問(wen)題(ti)(ti)，而雙(shuang)重不(bu)完(wan)全問(wen)題(ti)(ti)則(ze)需要(yao)以(yi)(yi)微觀主體為切入點，從(cong)宏觀方(fang)面(mian)(mian)進行綜(zong)合協調，兩者相互相成。

（一）微觀角度

從微(wei)觀(guan)角度(du)看，規(gui)(gui)范融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)行(xing)為，建立和完善(shan)(shan)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)約束(shu)機制，加強(qiang)對(dui)(dui)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)的(de)(de)(de)監管(guan)(guan)(guan)力度(du)，防控地方(fang)(fang)政府融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)貸(dai)款風(feng)險(xian)(xian)成(cheng)為解決(jue)地方(fang)(fang)政府投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)不完全的(de)(de)(de)癥結所在。一是要(yao)規(gui)(gui)范投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)公(gong)司(si)的(de)(de)(de)行(xing)為，對(dui)(dui)其進(jin)行(xing)清(qing)(qing)(qing)理(li)(li)規(gui)(gui)范。具體要(yao)對(dui)(dui)已經設立的(de)(de)(de)投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)公(gong)司(si)進(jin)行(xing)分類清(qing)(qing)(qing)理(li)(li)規(gui)(gui)范，對(dui)(dui)新設立投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)公(gong)司(si)嚴格依法辦理(li)(li)。二是清(qing)(qing)(qing)理(li)(li)并妥善(shan)(shan)處理(li)(li)投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)公(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)。清(qing)(qing)(qing)理(li)(li)各(ge)類綜合性投(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)公(gong)司(si)與行(xing)業性投(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)公(gong)司(si)所在的(de)(de)(de)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)[12]，包括投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)公(gong)司(si)借(jie)入(ru)、拖欠或因提供(gong)擔(dan)保(bao)、回購等信用支持(chi)形成(cheng)的(de)(de)(de)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)；明(ming)確存(cun)量債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)償還責任(ren)，不得(de)單方(fang)(fang)面改(gai)變原有(you)債(zhai)(zhai)(zhai)(zhai)(zhai)權(quan)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)關(guan)(guan)系，防范道德(de)風(feng)險(xian)(xian)發生(sheng)；妥善(shan)(shan)解決(jue)原計劃由投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)公(gong)司(si)承擔(dan)投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)在建項目后續資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)問題，防止“半拉子”工程出(chu)現，造成(cheng)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)損失與浪費。三是加強(qiang)平(ping)(ping)臺(tai)(tai)投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)管(guan)(guan)(guan)理(li)(li)。投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)管(guan)(guan)(guan)理(li)(li)包括融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)管(guan)(guan)(guan)理(li)(li)和投(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)管(guan)(guan)(guan)理(li)(li)，一方(fang)(fang)面需要(yao)銀行(xing)金(jin)(jin)融(rong)(rong)機構(gou)嚴格規(gui)(gui)范對(dui)(dui)投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平(ping)(ping)臺(tai)(tai)公(gong)司(si)的(de)(de)(de)放貸(dai)管(guan)(guan)(guan)理(li)(li)，加強(qiang)還本(ben)付息現金(jin)(jin)流(liu)缺失等各(ge)種風(feng)險(xian)(xian)識別(bie)和風(feng)險(xian)(xian)管(guan)(guan)(guan)理(li)(li)；另一方(fang)(fang)面平(ping)(ping)臺(tai)(tai)投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目必須符合有(you)關(guan)(guan)政策要(yao)求(qiu)，投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)要(yao)嚴格按(an)照(zhao)規(gui)(gui)定用途使(shi)用，投(tou)(tou)(tou)(tou)(tou)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)和擔(dan)保(bao)要(yao)嚴格按(an)照(zhao)相(xiang)關(guan)(guan)規(gui)(gui)定執行(xing)。

（二）宏觀角度

宏觀角度(du)看，轉變(bian)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)職(zhi)(zhi)能，完(wan)(wan)(wan)善(shan)(shan)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)債(zhai)(zhai)(zhai)務(wu)(wu)管(guan)(guan)(guan)理(li)體(ti)制(zhi)，強(qiang)化(hua)對融資(zi)(zi)平(ping)臺(tai)(tai)監(jian)督管(guan)(guan)(guan)理(li)是(shi)(shi)理(li)順地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)與(yu)中(zhong)(zhong)(zhong)(zhong)(zhong)央政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)關(guan)系機(ji)(ji)制(zhi)，解決(jue)兩者不(bu)完(wan)(wan)(wan)全問題，化(hua)解由這種(zhong)(zhong)不(bu)完(wan)(wan)(wan)全產(chan)生風險(xian)的(de)(de)關(guan)鍵所在。一是(shi)(shi)重新厘清中(zhong)(zhong)(zhong)(zhong)(zhong)央與(yu)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)職(zhi)(zhi)能關(guan)系。從根本(ben)上看，地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)投融資(zi)(zi)平(ping)臺(tai)(tai)產(chan)生是(shi)(shi)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)財權和(he)事(shi)權不(bu)匹(pi)配而(er)形(xing)成(cheng)的(de)(de)復雜結果，地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)大(da)量承擔經(jing)濟(ji)(ji)建(jian)設職(zhi)(zhi)能但同(tong)時在財權上受中(zhong)(zhong)(zhong)(zhong)(zhong)央政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)的(de)(de)約束[13]。因(yin)而(er)，推進(jin)(jin)“公共(gong)服務(wu)(wu)型(xing)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)”建(jian)設，讓地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)財政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)從“吃飯財政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)”與(yu)“建(jian)設財政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)”中(zhong)(zhong)(zhong)(zhong)(zhong)走出(chu)來，真正向(xiang)“公共(gong)財政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)”轉變(bian)；同(tong)時需要(yao)改進(jin)(jin)對地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)官(guan)員(yuan)的(de)(de)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)績考(kao)核辦法，逐步建(jian)立經(jing)濟(ji)(ji)發(fa)展(zhan)、民(min)生改善(shan)(shan)與(yu)環境保護等(deng)多(duo)重標(biao)準的(de)(de)科學評(ping)(ping)價(jia)(jia)體(ti)系，引(yin)導(dao)各級(ji)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)投融資(zi)(zi)行為朝理(li)性化(hua)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)向(xiang)發(fa)展(zhan)[14]。二(er)是(shi)(shi)逐步理(li)順和(he)完(wan)(wan)(wan)善(shan)(shan)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)債(zhai)(zhai)(zhai)務(wu)(wu)管(guan)(guan)(guan)理(li)體(ti)制(zhi)。我國龐大(da)的(de)(de)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)債(zhai)(zhai)(zhai)務(wu)(wu)種(zhong)(zhong)類多(duo)樣(yang)，成(cheng)因(yin)復雜，隱形(xing)債(zhai)(zhai)(zhai)務(wu)(wu)或(huo)(huo)或(huo)(huo)有債(zhai)(zhai)(zhai)務(wu)(wu)占比相對較高(gao)，中(zhong)(zhong)(zhong)(zhong)(zhong)央政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)要(yao)合(he)理(li)監(jian)督并(bing)引(yin)導(dao)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)債(zhai)(zhai)(zhai)務(wu)(wu)向(xiang)“顯性化(hua)”發(fa)展(zhan)，完(wan)(wan)(wan)善(shan)(shan)統一領(ling)導(dao)與(yu)財政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)歸(gui)口(kou)管(guan)(guan)(guan)理(li)的(de)(de)財務(wu)(wu)管(guan)(guan)(guan)理(li)體(ti)制(zhi)，明確(que)債(zhai)(zhai)(zhai)務(wu)(wu)范圍和(he)統計口(kou)徑(jing)，正確(que)計算(suan)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)債(zhai)(zhai)(zhai)務(wu)(wu)率(lv)、償(chang)債(zhai)(zhai)(zhai)率(lv)等(deng)預警指標(biao)等(deng)。三是(shi)(shi)強(qiang)化(hua)中(zhong)(zhong)(zhong)(zhong)(zhong)央政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)投融資(zi)(zi)平(ping)臺(tai)(tai)監(jian)管(guan)(guan)(guan)職(zhi)(zhi)能。中(zhong)(zhong)(zhong)(zhong)(zhong)央政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)與(yu)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)應(ying)發(fa)揮出(chu)資(zi)(zi)人(ren)作(zuo)用(yong)，加強(qiang)對投融資(zi)(zi)平(ping)臺(tai)(tai)監(jian)管(guan)(guan)(guan)工作(zuo)，建(jian)立由財政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)部門、審計部門或(huo)(huo)委(wei)托中(zhong)(zhong)(zhong)(zhong)(zhong)介(jie)機(ji)(ji)構對地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)債(zhai)(zhai)(zhai)務(wu)(wu)資(zi)(zi)金的(de)(de)使用(yong)進(jin)(jin)行專項審計，對平(ping)臺(tai)(tai)項目的(de)(de)債(zhai)(zhai)(zhai)務(wu)(wu)償(chang)還能力、收益(yi)能力與(yu)社(she)會經(jing)濟(ji)(ji)效益(yi)等(deng)進(jin)(jin)行綜合(he)績效評(ping)(ping)價(jia)(jia)，將(jiang)地(di)(di)(di)(di)(di)方(fang)(fang)(fang)(fang)(fang)(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)(fu)(fu)債(zhai)(zhai)(zhai)務(wu)(wu)納入領(ling)導(dao)干部任期經(jing)濟(ji)(ji)責(ze)任審計范圍[15]；嚴(yan)格執行項目資(zi)(zi)本(ben)金管(guan)(guan)(guan)理(li)制(zhi)度(du)，跟蹤貸(dai)款(kuan)資(zi)(zi)金使用(yong)去向(xiang)，防(fang)止貸(dai)款(kuan)資(zi)(zi)金被(bei)擠占與(yu)挪用(yong)。

參考文獻：

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[4] 王曉曦.我國政(zheng)府(fu)融資平(ping)臺(tai)的(de)制(zhi)度(du)缺陷和風險機理研(yan)究[J].財政(zheng)研(yan)究，2010（6）.

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[10] 劉煜(yu)輝，沈(shen)可挺.中國地(di)方政府公共資本(ben)融資：問題、挑戰(zhan)與對策――基于地(di)方政府融資平臺(tai)債務狀況(kuang)的分析[J].金融評論，2011（3）.

[11] 辛清(qing)泉(quan)，林斌.債(zhai)務杠桿與(yu)企業投資：雙(shuang)重預算軟約束視(shi)角[J].財經(jing)研究，2006（7）.

[12] 史朝陽.經(jing)濟增(zeng)長視(shi)角下我國地方政府債務(wu)問題(ti)研究[D].武(wu)漢：華中科(ke)技大學，2012.

[13] 劉兆云.地(di)方(fang)政府(fu)投融資(zi)平(ping)臺風險(xian)及(ji)其防范(fan)措施(shi)――基于(yu)地(di)方(fang)政府(fu)投融資(zi)公司視(shi)角[J].企業經濟(ji)，2011（6）.

篇9

關鍵詞：地方政(zheng)府；財政(zheng)投融(rong)資(zi)；管(guan)理對策(ce)

中圖(tu)分類(lei)號：F810 文(wen)獻標識碼：A 文(wen)章編號：1001-828X（2013）10-0-02

經濟(ji)發(fa)展需要(yao)(yao)政(zheng)府(fu)對公共基(ji)礎設施進(jin)(jin)行(xing)(xing)財(cai)政(zheng)投(tou)融(rong)資(zi)(zi)，但是，財(cai)政(zheng)投(tou)融(rong)資(zi)(zi)過多，又會(hui)使政(zheng)府(fu)面臨巨(ju)大的債(zhai)務風險，因此就(jiu)需要(yao)(yao)對財(cai)政(zheng)投(tou)資(zi)(zi)資(zi)(zi)金進(jin)(jin)行(xing)(xing)嚴密監管(guan)和嚴格控制。這就(jiu)需要(yao)(yao)財(cai)政(zheng)部門思(si)考如何(he)(he)(he)進(jin)(jin)行(xing)(xing)投(tou)融(rong)資(zi)(zi)，如何(he)(he)(he)尋找政(zheng)府(fu)融(rong)資(zi)(zi)對經濟(ji)發(fa)展支持(chi)與制約的平衡點？如何(he)(he)(he)強(qiang)化(hua)投(tou)融(rong)資(zi)(zi)監管(guan)？從我國(guo)金融(rong)改(gai)革和政(zheng)府(fu)改(gai)革的角度(du)考慮，拓(tuo)寬(kuan)融(rong)資(zi)(zi)渠道(dao)，強(qiang)化(hua)財(cai)政(zheng)監督，創(chuang)新投(tou)融(rong)資(zi)(zi)監管(guan)體(ti)系，應該是強(qiang)化(hua)財(cai)政(zheng)投(tou)融(rong)資(zi)(zi)管(guan)理的重要(yao)(yao)途(tu)徑。

一、財政投(tou)融(rong)資(zi)的主要模式及(ji)輔助手段(duan)

1.財政投(tou)融資的基本概念

所謂“財(cai)政(zheng)(zheng)投(tou)融(rong)資(zi)(zi)(zi)(zi)”，是(shi)指(zhi)政(zheng)(zheng)府財(cai)政(zheng)(zheng)部門(men)在國(guo)家(jia)預算一般(ban)會(hui)計和(he)特(te)別會(hui)計之(zhi)(zhi)外，進行(xing)長期投(tou)資(zi)(zi)(zi)(zi)和(he)貸(dai)款的(de)(de)金(jin)融(rong)活動。它以國(guo)家(jia)的(de)(de)信用為基礎，通過多種(zhong)渠道籌措資(zi)(zi)(zi)(zi)金(jin)，有(you)償地投(tou)資(zi)(zi)(zi)(zi)于具有(you)公共(gong)性(xing)的(de)(de)領域。這(zhe)是(shi)一種(zhong)政(zheng)(zheng)策性(xing)投(tou)融(rong)資(zi)(zi)(zi)(zi)，是(shi)介于傳統的(de)(de)財(cai)政(zheng)(zheng)投(tou)資(zi)(zi)(zi)(zi)和(he)一般(ban)商(shang)業性(xing)投(tou)資(zi)(zi)(zi)(zi)之(zhi)(zhi)間的(de)(de)一種(zhong)新(xin)型政(zheng)(zheng)府投(tou)資(zi)(zi)(zi)(zi)方式，將財(cai)政(zheng)(zheng)融(rong)資(zi)(zi)(zi)(zi)的(de)(de)良好信譽與(yu)金(jin)融(rong)投(tou)資(zi)(zi)(zi)(zi)的(de)(de)高效動作相結合(he)的(de)(de)資(zi)(zi)(zi)(zi)金(jin)運(yun)作方式。它主要為提(ti)供公共(gong)物品的(de)(de)基礎產業部門(men)融(rong)資(zi)(zi)(zi)(zi)，其資(zi)(zi)(zi)(zi)金(jin)來源(yuan)一般(ban)是(shi)財(cai)政(zheng)(zheng)撥付的(de)(de)資(zi)(zi)(zi)(zi)本金(jin)和(he)吸(xi)收的(de)(de)社會(hui)資(zi)(zi)(zi)(zi)金(jin)。

2.政府投融資主(zhu)體(ti)及平臺

通(tong)過下設(she)的公(gong)(gong)司(si)性質的實(shi)體(ti)進行投融(rong)(rong)資(zi)(zi)(zi)(zi)是財(cai)政(zheng)投融(rong)(rong)資(zi)(zi)(zi)(zi)的主(zhu)要方(fang)式。這種(zhong)投融(rong)(rong)資(zi)(zi)(zi)(zi)主(zhu)體(ti)（以下簡稱為主(zhu)體(ti)）一般由地方(fang)政(zheng)府及其部門(men)和機(ji)構等(deng)(deng)(deng)(deng)通(tong)過財(cai)政(zheng)撥款或(huo)注入股權、土地等(deng)(deng)(deng)(deng)資(zi)(zi)(zi)(zi)產設(she)立，從事(shi)政(zheng)府指定或(huo)委(wei)托的公(gong)(gong)益(yi)性或(huo)準(zhun)公(gong)(gong)益(yi)性項目的融(rong)(rong)資(zi)(zi)(zi)(zi)、投資(zi)(zi)(zi)(zi)、建設(she)和運(yun)營，擁有(you)獨立法人資(zi)(zi)(zi)(zi)格的經濟實(shi)體(ti)。例如(ru)：青島市(shi)屬(shu)(shu)國有(you)投資(zi)(zi)(zi)(zi)公(gong)(gong)司(si)有(you)青島國信、城投、華通(tong)等(deng)(deng)(deng)(deng)集團公(gong)(gong)司(si)，各(ge)區(qu)、市(shi)還(huan)有(you)自己的下屬(shu)(shu)投資(zi)(zi)(zi)(zi)公(gong)(gong)司(si)（或(huo)中心(xin)），多個(ge)局(ju)（委(wei)）也有(you)開發投資(zi)(zi)(zi)(zi)公(gong)(gong)司(si)，如(ru)隸屬(shu)(shu)于市(shi)交通(tong)運(yun)輸(shu)委(wei)的“青島交通(tong)開發投資(zi)(zi)(zi)(zi)中心(xin)”等(deng)(deng)(deng)(deng)等(deng)(deng)(deng)(deng)。人們通(tong)常習慣上把這種(zhong)投融(rong)(rong)資(zi)(zi)(zi)(zi)主(zhu)體(ti)再加(jia)上相(xiang)互合作的擔保公(gong)(gong)司(si)、相(xiang)關機(ji)構、相(xiang)關信息(xi)管理(li)系(xi)統(tong)（網站(zhan)）等(deng)(deng)(deng)(deng)整個(ge)系(xi)統(tong)稱為投融(rong)(rong)資(zi)(zi)(zi)(zi)平臺。

3.創業投資基金

近年來，各(ge)地(di)政府紛(fen)紛(fen)成立(li)創(chuang)(chuang)業(ye)投(tou)資(zi)引導(dao)基(ji)(ji)(ji)金(jin)管理中心，目的(de)(de)是(shi)推動創(chuang)(chuang)業(ye)基(ji)(ji)(ji)金(jin)的(de)(de)設立(li)，并進行規范化管理和(he)引導(dao)。政府利用引導(dao)基(ji)(ji)(ji)金(jin)介入，與想在本(ben)地(di)投(tou)資(zi)的(de)(de)企業(ye)或者基(ji)(ji)(ji)金(jin)聯合在本(ben)地(di)成立(li)新(xin)(xin)(xin)的(de)(de)基(ji)(ji)(ji)金(jin)，一方面(mian)提升投(tou)資(zi)機構信(xin)心，另一方面(mian)利用本(ben)土優勢(shi)，協(xie)調(diao)各(ge)方面(mian)關系，可以推進項目建設順利發展。截至2012年底，僅在青島登記備案的(de)(de)創(chuang)(chuang)業(ye)投(tou)資(zi)基(ji)(ji)(ji)金(jin)已達10家(jia)，注(zhu)冊(ce)資(zi)金(jin)13.5億(yi)，管理基(ji)(ji)(ji)金(jin)規模已達20多(duo)(duo)億(yi)元(yuan)。調(diao)查發現，這(zhe)些(xie)基(ji)(ji)(ji)金(jin)大多(duo)(duo)數投(tou)向了中小企業(ye)，而且是(shi)其(qi)中的(de)(de)高(gao)新(xin)(xin)(xin)產(chan)業(ye)，很好地(di)促進了高(gao)新(xin)(xin)(xin)產(chan)業(ye)的(de)(de)發展和(he)企業(ye)調(diao)結(jie)構轉方向。

4.政府投(tou)融資(zi)模式的配套(tao)擔保措施

（1）建(jian)立(li)為(wei)(wei)農民服務的(de)城鄉(xiang)社區(qu)建(jian)設(she)融(rong)(rong)資擔(dan)保有(you)限責任公(gong)司(si)。以農村(cun)的(de)“四(si)權”為(wei)(wei)擔(dan)保，即農村(cun)土地承包經營權、集體(ti)建(jian)設(she)用(yong)(yong)地使(shi)用(yong)(yong)權、居民房(fang)屋所有(you)權和林權等“四(si)權”可(ke)進行擔(dan)保融(rong)(rong)資，建(jian)設(she)新型農村(cun)社區(qu)建(jian)設(she)融(rong)(rong)資模式(shi)，激活(huo)農村(cun)土地、山(shan)林等多種資源要素(su)。

 （2）建(jian)立(li)為(wei)(wei)中小企(qi)業(ye)融資服務(wu)的擔保(bao)機構。以青(qing)島(dao)市為(wei)(wei)例，2009年9月，由青(qing)島(dao)市政府出資成立(li)了青(qing)島(dao)華商匯通(tong)投資有限公(gong)司。2013年5月，青(qing)島(dao)市政府與山東省再(zai)擔保(bao)集(ji)團簽訂《推進中小企(qi)業(ye)融資戰略合(he)作協(xie)議》，通(tong)過再(zai)擔保(bao)、擔保(bao)等方式擴大合(he)作銀行對擔保(bao)機構和中小企(qi)業(ye)的綜(zong)合(he)授信額度。2013年7月，青(qing)島(dao)城投集(ji)團設立(li)青(qing)島(dao)城鄉(xiang)社區(qu)建(jian)設融資擔保(bao)有限責(ze)任公(gong)司，是省內資金(jin)規模最(zui)大的融資性擔保(bao)公(gong)司。

（3）推出中小(xiao)(xiao)企(qi)業(ye)股權投融資平臺。目的是促進(jin)各類中小(xiao)(xiao)企(qi)業(ye)的產權流轉和并購重組(zu)，拓展中小(xiao)(xiao)企(qi)業(ye)融資渠道。

二、地方政府投融資(zi)管理問題(ti)分析

近幾年，各(ge)地在(zai)財政主導或引導下投(tou)融資(zi)(zi)方(fang)(fang)面發展較快，取得了(le)較大(da)的(de)(de)成績，但是也存(cun)在(zai)一些(xie)問題(ti)，很多地方(fang)(fang)的(de)(de)投(tou)融資(zi)(zi)平(ping)臺尚(shang)處(chu)于(yu)初步發展階(jie)段，體(ti)系建設還不夠完善，存(cun)在(zai)多頭融資(zi)(zi)、多頭監管(guan)(guan)、信(xin)息分散(san)的(de)(de)問題(ti)，凸顯出(chu)財政管(guan)(guan)理方(fang)(fang)面還存(cun)在(zai)一些(xie)需要解決的(de)(de)問題(ti)。

1.借鑒(jian)和利用(yong)國際(ji)投融資(zi)水(shui)平不高、融資(zi)額較少

雖然多個地方(fang)政(zheng)府借鑒了一(yi)些新的國(guo)際投融(rong)資手段，如：設立(li)多種創(chuang)業基金、發行(xing)債券(quan)、使(shi)用BOT等，但與國(guo)外成(cheng)功案(an)例(li)相(xiang)比，存(cun)在著借用國(guo)際融(rong)資金額較少，使(shi)用外國(guo)政(zheng)府和(he)世(shi)界金融(rong)組織(zhi)貸款少以及國(guo)際貿易(yi)使(shi)用出口信貸不(bu)多的問題。

2.政府可給(gei)予平臺(tai)的資源較少、平臺(tai)償債(zhai)能力堪(kan)憂

一是(shi)政(zheng)府(fu)給予融(rong)資(zi)平臺的可利(li)用資(zi)源較少，或(huo)(huo)者(zhe)(zhe)可利(li)用價(jia)值(zhi)不高，平臺公司(si)(si)更多的是(shi)依靠政(zheng)府(fu)背景向銀行等進(jin)行融(rong)資(zi)，政(zheng)府(fu)因此承(cheng)擔很(hen)大的擔保責任；二(er)是(shi)公共基礎設(she)施很(hen)難由(you)建設(she)或(huo)(huo)者(zhe)(zhe)經營(ying)方自行定(ding)價(jia)運營(ying)收(shou)費，這些項目(mu)盈利(li)能力往(wang)往(wang)不及(ji)預期，如海(hai)灣(wan)大橋、海(hai)底隧道等至今沒(mei)有進(jin)入贏(ying)利(li)狀態，導致(zhi)后續類似較大項目(mu)難以利(li)用BOT等方式收(shou)費，或(huo)(huo)者(zhe)(zhe)運營(ying)回收(shou)周期變(bian)長。三是(shi)融(rong)資(zi)平臺公司(si)(si)所投資(zi)經營(ying)的大多是(shi)公共基礎項目(mu)，總體盈利(li)水平不會太高，目(mu)前(qian)靠公司(si)(si)盈利(li)支(zhi)付融(rong)資(zi)利(li)息尚(shang)可，兩(liang)年以后大量進(jin)入還款期，本息相(xiang)加將(jiang)是(shi)巨大的負擔，到那時(shi)繼續融(rong)資(zi)的能力將(jiang)逐漸變(bian)弱(ruo)。

3.投融資規模增加(jia)過快、負債結構不(bu)合(he)理。

投(tou)融(rong)(rong)資(zi)(zi)規模快速上升(sheng)、投(tou)資(zi)(zi)效益下降、投(tou)資(zi)(zi)風險上升(sheng)的現象，導致政府(fu)宏(hong)觀調控對資(zi)(zi)源(yuan)配置應起的基礎性(xing)調控作用(yong)減弱，配置職能失靈。此外，融(rong)(rong)資(zi)(zi)結構單一，依靠銀行貸款融(rong)(rong)資(zi)(zi)占(zhan)(zhan)比較(jiao)高債(zhai)券(quan)融(rong)(rong)資(zi)(zi)所(suo)占(zhan)(zhan)比率太低，比如青(qing)島，銀行貸款達(da)82%以上，充(chong)分利用(yong)資(zi)(zi)本(ben)市場融(rong)(rong)資(zi)(zi)的能力較(jiao)弱，債(zhai)券(quan)融(rong)(rong)資(zi)(zi)，僅占(zhan)(zhan)18%；在投(tou)融(rong)(rong)資(zi)(zi)平(ping)臺建(jian)設(she)中，政府(fu)投(tou)融(rong)(rong)資(zi)(zi)比例較(jiao)低，大多為1：4，財(cai)政投(tou)資(zi)(zi)占(zhan)(zhan)比較(jiao)小，而且缺少相應的資(zi)(zi)本(ben)金補充(chong)機制。

4.缺乏(fa)統一的(de)投(tou)融資監管(guan)平(ping)臺和管(guan)理機制

在(zai)(zai)財政(zheng)(zheng)投(tou)融(rong)(rong)資(zi)關系中，既(ji)涉(she)及(ji)廣(guang)大(da)投(tou)資(zi)者、投(tou)融(rong)(rong)資(zi)主體、政(zheng)(zheng)府內的(de)多個(ge)(ge)(ge)部(bu)門，又涉(she)及(ji)銀(yin)行等(deng)多種金融(rong)(rong)機(ji)構，當事各方信息極不(bu)對稱。在(zai)(zai)政(zheng)(zheng)府中涉(she)及(ji)多個(ge)(ge)(ge)層級(ji)的(de)政(zheng)(zheng)府和部(bu)門，而且不(bu)在(zai)(zai)同(tong)一個(ge)(ge)(ge)融(rong)(rong)資(zi)平臺(tai)，經(jing)常(chang)有同(tong)一個(ge)(ge)(ge)項目經(jing)過(guo)包裝在(zai)(zai)不(bu)同(tong)渠道、不(bu)同(tong)銀(yin)行進行貸款或(huo)發行債券的(de)情況(kuang)，導致各級(ji)政(zheng)(zheng)府都無法準確的(de)、及(ji)時(shi)的(de)掌握融(rong)(rong)資(zi)總量，也(ye)是(shi)一個(ge)(ge)(ge)極大(da)的(de)風險，這說明缺乏統(tong)一的(de)投(tou)融(rong)(rong)資(zi)監(jian)管平臺(tai)和信息管理及(ji)共享機(ji)制(zhi)。

三、地方(fang)財政投融資管理(li)對策

自2011年(nian)以來，中(zhong)央政(zheng)(zheng)府(fu)已(yi)經認識到(dao)地(di)(di)方政(zheng)(zheng)府(fu)財(cai)(cai)政(zheng)(zheng)投融(rong)(rong)資(zi)特別(bie)是各種(zhong)融(rong)(rong)資(zi)平臺(tai)存在的問題，在清(qing)理規(gui)范(fan)地(di)(di)方政(zheng)(zheng)府(fu)融(rong)(rong)資(zi)平臺(tai)的大(da)背景(jing)下，政(zheng)(zheng)府(fu)財(cai)(cai)政(zheng)(zheng)需要(yao)加強對融(rong)(rong)資(zi)平臺(tai)等財(cai)(cai)政(zheng)(zheng)投融(rong)(rong)資(zi)加強管(guan)理，拓寬融(rong)(rong)資(zi)渠(qu)道，創新融(rong)(rong)資(zi)和(he)監管(guan)方式(shi)。

1.拓寬融(rong)資(zi)渠道，豐富融(rong)資(zi)手段

（1）拓寬基礎性項(xiang)目的(de)(de)(de)(de)投融(rong)(rong)資渠(qu)道。充(chong)分利用(yong)多種(zhong)金融(rong)(rong)手段，如通過綜合授信(xin)的(de)(de)(de)(de)一(yi)籃子(zi)融(rong)(rong)資計劃，擴大政府的(de)(de)(de)(de)投融(rong)(rong)資渠(qu)道。可(ke)以(yi)采用(yong)承兌(dui)匯(hui)票(piao)的(de)(de)(de)(de)方式，即先期(qi)存(cun)入(ru)20-30%的(de)(de)(de)(de)保證金，開立100%的(de)(de)(de)(de)全額(e)銀(yin)(yin)(yin)行(xing)承兌(dui)匯(hui)票(piao)，作(zuo)為支付工程款(kuan)(kuan)項(xiang)的(de)(de)(de)(de)資金，到期(qi)按期(qi)償還銀(yin)(yin)(yin)行(xing)的(de)(de)(de)(de)債務(wu)，同時(shi)在商業(ye)銀(yin)(yin)(yin)行(xing)取(qu)得(de)綜合授信(xin)。通過這種(zhong)方式，資金可(ke)以(yi)長(chang)期(qi)滾動使用(yong)，從而變流動資金貸(dai)款(kuan)(kuan)為中(zhong)間業(ye)務(wu)和票(piao)據貼現業(ye)務(wu)，從而擺脫了依靠銀(yin)(yin)(yin)行(xing)提(ti)供信(xin)貸(dai)的(de)(de)(de)(de)單一(yi)性。

（2）盤(pan)活存量資(zi)產(chan)。土地(di)是城市(shi)的(de)最大資(zi)產(chan)，盤(pan)活存量資(zi)產(chan)應以建立(li)土地(di)儲備制度為突破口。在(zai)具體運作中，要(yao)把握好土地(di)供應總量，注(zhu)重“賣(mai)”“養”并舉，優(you)化(hua)土地(di)開發環(huan)境，提(ti)高土地(di)融(rong)資(zi)效益，為平臺公司提(ti)供更(geng)多的(de)融(rong)資(zi)資(zi)源(yuan)。

（3）采(cai)用多種方(fang)式搞活增量資(zi)(zi)產。深化(hua)政府(fu)投融(rong)資(zi)(zi)體制(zhi)改革，放眼(yan)國際國內(nei)資(zi)(zi)本(ben)市場，大(da)膽嘗試各種現(xian)代(dai)融(rong)資(zi)(zi)方(fang)式，拓寬(kuan)融(rong)資(zi)(zi)領域，大(da)量使用債(zhai)券(quan)融(rong)資(zi)(zi)、可轉換(huan)債(zhai)券(quan)、上市融(rong)資(zi)(zi)、風險投資(zi)(zi)、項目融(rong)資(zi)(zi)、利用外資(zi)(zi)、廣告補償、社會(hui)保障基(ji)金等方(fang)式。

2.進行制(zhi)(zhi)度(du)創(chuang)新(xin)，完善(shan)投融資管理制(zhi)(zhi)度(du)

要改(gai)變過去以經濟效益(yi)指標(biao)為主，政府項(xiang)目(mu)考核(he)為輔的考核(he)模式，實現自(zi)主經營(ying)項(xiang)目(mu)考核(he)和政府項(xiang)目(mu)考核(he)并(bing)重，分別考核(he)，綜合評價，建立標(biao)準化、規(gui)范化的投融資(zi)管理(li)制(zhi)度(du)。

一是要完善融(rong)資(zi)管理制(zhi)度，明確融(rong)資(zi)項目分類、融(rong)資(zi)主題、融(rong)資(zi)方(fang)式(shi)、融(rong)資(zi)成(cheng)本、融(rong)資(zi)風(feng)險、融(rong)資(zi)監管、信息等方(fang)面的(de)限制(zhi)。

二是要完(wan)善投(tou)資效益評估辦(ban)法，明(ming)確投(tou)資項(xiang)目的(de)(de)考核分類、實施主(zhu)體、考核標準等，加強(qiang)對項(xiang)目的(de)(de)進度(du)(du)、質量、安(an)全、投(tou)資預(yu)算和資金(jin)成本(ben)、信息透明(ming)度(du)(du)和可信度(du)(du)的(de)(de)控制，以(yi)提高財政(zheng)投(tou)資的(de)(de)效益。

3.創新財政管理(li)(li)，構造財政投融資的管理(li)(li)體系

（1）明確(que)投資(zi)(zi)(zi)主體(ti)。成立一個代表政府投融資(zi)(zi)(zi)的經濟實體(ti)如政府投資(zi)(zi)(zi)公(gong)司或發展公(gong)司作(zuo)為投資(zi)(zi)(zi)主體(ti)，集中政府必要的財力、物力，實行(xing)政府主導、市場運作(zuo)的投資(zi)(zi)(zi)體(ti)制(zhi)。

（2）建立財政投融(rong)資(zi)(zi)監(jian)督管(guan)(guan)理(li)部門(men)。在(zai)財政局內成(cheng)(cheng)立專門(men)的(de)(de)機(ji)構(gou)(gou)，如成(cheng)(cheng)立投融(rong)資(zi)(zi)管(guan)(guan)理(li)中(zhong)心，作為(wei)固定(ding)的(de)(de)組(zu)織(zhi)機(ji)構(gou)(gou)并由專業人員組(zu)成(cheng)(cheng)。以此機(ji)構(gou)(gou)專門(men)負(fu)責(ze)制定(ding)市場運作所需要的(de)(de)各(ge)(ge)項配(pei)套政策；制定(ding)財政投融(rong)資(zi)(zi)的(de)(de)規劃(hua)，確(que)定(ding)項目的(de)(de)輕重(zhong)緩急(ji)；統籌預算內、外政府專項資(zi)(zi)金(jin)，在(zai)引導社會各(ge)(ge)類資(zi)(zi)金(jin)中(zhong)起基礎性(xing)、決定(ding)性(xing)作用(yong)；對(dui)項目的(de)(de)投融(rong)資(zi)(zi)方案進(jin)行審(shen)批，對(dui)執(zhi)行情(qing)況進(jin)行監(jian)督管(guan)(guan)理(li)。

（3）建立城市(shi)開發基(ji)金組織。與(yu)一般的金融(rong)機(ji)構(gou)不同，地方城市(shi)開發基(ji)金組織兼有經(jing)濟審查(cha)和工(gong)程監(jian)控職能可以積聚大(da)量(liang)金融(rong)、會(hui)計人員以及(ji)工(gong)程專家，與(yu)其財政投融(rong)資機(ji)構(gou)的性質相適(shi)應的。

通過以上三種方式形成(cheng)總體政府主導(dao)，分層(ceng)（企業或(huo)項目層(ceng)）市場運(yun)作的財政投(tou)融資(zi)格局。

（4）組建投融資管理戰略聯盟。強化與銀(yin)(yin)行及銀(yin)(yin)監會(hui)戰略同盟的聯系，加強與國家政(zheng)策性銀(yin)(yin)行的業務合作，建立政(zheng)、銀(yin)(yin)聯手監管機制，定期(qi)或不定期(qi)地組織召開政(zheng)府、銀(yin)(yin)行和銀(yin)(yin)監局三方聯席(xi)會(hui)，加強溝通(tong)和信息共(gong)享，提高監管能力(li)和辦(ban)事效(xiao)率(lv)。

4.進行科技創新，建立政府債務風險預(yu)警機制

加強政(zheng)府(fu)債(zhai)(zhai)務管(guan)理，建(jian)立風險(xian)模型(xing)比較財(cai)政(zheng)投(tou)融資(zi)政(zheng)策(ce)的效果和(he)風險(xian)，進行投(tou)資(zi)乘數(shu)分析，尋找(zhao)財(cai)政(zheng)投(tou)融資(zi)和(he)國民(min)收入增長的平衡點(dian)，幫助政(zheng)府(fu)決策(ce)，強化風險(xian)意識，嚴格控制(zhi)債(zhai)(zhai)務規模，防止債(zhai)(zhai)務風險(xian)。

根據凱恩斯理論，投(tou)(tou)資刺(ci)激需求(qiu)的(de)增(zeng)(zeng)長，投(tou)(tou)資完成(cheng)后又增(zeng)(zeng)加(jia)(jia)能供給，所以投(tou)(tou)資是經(jing)濟(ji)增(zeng)(zeng)長的(de)動力，對經(jing)濟(ji)影響具有(you)乘(cheng)數作用。投(tou)(tou)資乘(cheng)數是指增(zeng)(zeng)加(jia)(jia)一單位投(tou)(tou)資，所導致的(de)國民收(shou)入增(zeng)(zeng)長的(de)倍(bei)數。假設(she)Y=GNP，C為消費額(e)，I為投(tou)(tou)資額(e)，G為財政(zheng)支(zhi)出額(e)，X為凈(jing)出口額(e)則(ze)Y=C+I+G+X，當I過大時，政(zheng)府為償(chang)還利息財政(zheng)支(zhi)出會降(jiang)低、消費下降(jiang)，則(ze)Y必然下降(jiang)。，其中K即為投(tou)(tou)資乘(cheng)數。

為此，應充分(fen)利(li)用現代信息(xi)技(ji)術(shu)，建(jian)立投(tou)(tou)融(rong)資(zi)(zi)(zi)統(tong)一(yi)管(guan)理(li)、信息(xi)監控平臺(tai)系(xi)統(tong)，進(jin)行項目(mu)(mu)備(bei)案，讓(rang)投(tou)(tou)融(rong)資(zi)(zi)(zi)的(de)(de)各(ge)方(fang)信息(xi)匯總進(jin)入(ru)監控平臺(tai)，做到權(quan)利(li)關系(xi)明(ming)了(le)，項目(mu)(mu)進(jin)展(zhan)明(ming)了(le)，融(rong)資(zi)(zi)(zi)債(zhai)權(quan)關系(xi)清晰，資(zi)(zi)(zi)金的(de)(de)“借、用、還(huan)和(he)(he)審”透明(ming)。所有環(huan)節經審批(pi)備(bei)案入(ru)網、數(shu)據交換以后，才可(ke)(ke)以進(jin)行下一(yi)步，既(ji)可(ke)(ke)以提(ti)高信息(xi)透明(ming)度(du)和(he)(he)共享度(du)，提(ti)高審批(pi)速(su)度(du)，又(you)可(ke)(ke)以加強監督，便于審計、統(tong)計，使上述的(de)(de)制(zhi)度(du)創新(xin)(xin)和(he)(he)管(guan)理(li)創新(xin)(xin)又(you)可(ke)(ke)以依(yi)托的(de)(de)平臺(tai)，落到實處(chu)得到執行。綜上，投(tou)(tou)融(rong)資(zi)(zi)(zi)是一(yi)項非常(chang)復雜的(de)(de)工作，必須根據社會經濟環(huan)境和(he)(he)項目(mu)(mu)實際(ji)情況(kuang)靈活運用，進(jin)行合理(li)的(de)(de)組(zu)合配置，這(zhe)一(yi)切需要政府(fu)構(gou)造更加完善的(de)(de)投(tou)(tou)融(rong)資(zi)(zi)(zi)監管(guan)體系(xi)，健全(quan)管(guan)理(li)制(zhi)度(du)，規(gui)范政府(fu)投(tou)(tou)融(rong)資(zi)(zi)(zi)行為，創新(xin)(xin)監管(guan)體系(xi)，強化風險管(guan)理(li)和(he)(he)績效評估，才能既(ji)通過投(tou)(tou)融(rong)資(zi)(zi)(zi)促進(jin)經濟發展(zhan)，又(you)做到風險可(ke)(ke)管(guan)可(ke)(ke)控。

參考文獻：

[1]巴(ba)曙松.地方政府(fu)投融資(zi)平臺的(de)發展及其風險評(ping)估[J].西南(nan)金融，2009（9）.

[2]牛建(jian)鋒，武根啟(qi).加強投融(rong)資平(ping)臺建(jian)設支持(chi)地(di)方經濟發展[J].財會研究，2009（12）.

[3]肖耿，李金迎(ying)，王洋.采取組合措施化解地(di)方政(zheng)府(fu)融資(zi)平(ping)臺貸(dai)款風險[J].中(zhong)國金融，2009（20）.

[4]黃志龍.整(zheng)頓(dun)和規范地方(fang)政(zheng)府融資平臺的(de)對策(ce)建議[J].中國(guo)經濟分(fen)析與展望(wang)（2010-2011），2011（1）.

篇10

曾幾何時,在我國的經濟生活中(zhong)也出現了一只“孫猴(hou)子(zi)”,那就是(shi)地方債(zhai)務。據銀(yin)(yin)監會通報,到今年6月末,我國商業銀(yin)(yin)行(xing)地方融(rong)資(zi)(zi)平臺貸款達(da)到7.66萬億(yi)元(yuan),其中(zhong)造成呆、壞賬風險(xian)貸款達(da)1.76萬億(yi)元(yuan)。另據有關資(zi)(zi)料(liao)披露,目前,全國各省、自治區、直轄市共設立投(tou)、融(rong)資(zi)(zi)平臺公司8221家(jia),其中(zhong)縣級(ji)平臺4907家(jia)。有專家(jia)預測,如果不制約任(ren)其發(fa)展(zhan),到2011年,地方融(rong)資(zi)(zi)平臺負債(zhai)將達(da)15萬億(yi)元(yuan)。這是(shi)多(duo)么驚人的數字啊,簡直比當年孫猴(hou)子(zi)大(da)鬧天宮還可怕(pa)。

面對這(zhe)種狀(zhuang)況,不少有(you)識之士(shi)發(fa)出警語:快給(gei)這(zhe)只“猴子”戴(dai)上一個“緊箍咒”吧!

中央(yang)政(zheng)府體察民意,今天終于(yu)(yu)將(jiang)“緊箍(gu)咒”戴在了地(di)方債務的頭上了,這就(jiu)是(shi)8月中旬(xun),財政(zheng)部、發改委(wei)、央(yang)行、銀監會聯合(he)了《關(guan)(guan)于(yu)(yu)貫徹國務院(yuan)加(jia)強地(di)方政(zheng)府融(rong)資(zi)平臺公司(si)管理有關(guan)(guan)問(wen)題(ti)的通(tong)知(zhi)相關(guan)(guan)事(shi)項的通(tong)知(zhi)》(以(yi)下簡(jian)稱《通(tong)知(zhi)》)。《通(tong)知(zhi)》要(yao)求(qiu)各地(di)財政(zheng)部門對地(di)方融(rong)資(zi)平臺公司(si)債務情(qing)況(kuang)進行清理核(he)實(shi),并將(jiang)核(he)實(shi)情(qing)況(kuang)上報。