【作者】 林建设；

【导师】 孙文学；

【作者基本信息】 东北财经大学 ， 财政学， 2011， 博士

【摘要】 地方政府债务问题一直是我国财政体系亟待解决的问题之一。我国在若干法律法规中都曾明确规定,地方政府不得自行举债,但在实际操作过程中,各级地方政府为了发展经济,仅靠地方财政结余和中央发行的地方债不足以满足需求,因此各级地方政府通过各种方式规避国家法律法规,都或多或少的存在着一定的举债行为。我国各个省都有不同规模的各种债务和形式不同的举债欠账行为,其中所占债务总量比重较低的是省级和乡级地方政府,比重相对较高的是市、县两级中间地方政府。我国地方政府债务规模巨大,部分地方政府的负债率超过了100%,并且地方政府债务规模整体上正在逐年增加,仅仅在2000年至2004年之间,地方政府债务就增长了近3倍之多。由于地方政府债务风险的隐蔽性,很多地区的地方政府已经陷入一种超还款能力举债的恶性循环之中。有的地方政府盲目扩张债务,虽然债务的使用在当时提高了该地区的经济发展水平和国民收入水平,间接的增加了地方政府的税收收入,但是债务的偿还以及由此产生的还本付息义务却增加了未来几年的财政负担。这样不但不会对经济发展产生积极的促进和引导作用,反而会阻碍经济增长。在我国特殊的国情及现有的土地政策下,即使是作为信用等级最高的债务人,地方政府也有无法清偿债务的可能,这就对地方政府的债权人,各商业银行,的信贷风险和信用评级产生了不良影响。并且,地方政府在利益的驱动下,往往弱化了对债务规模和偿还能力的控制。有时为了及时获得融资不惜提高举债成本,这就更加大了政府的债务风险,严重的损害了政府在人民群众心目中的形象,甚至使政府陷入了信任危机。我国地方政府一旦遇到财政困难,则存在向上级转嫁债务风险的倾向,最终会波及整个债务系统,并威胁到国家的财政安全,这在国际环境中直接影响到外资对我国经济形势甚至是政治走向的判断,弱化外资进入的动力,影响到国际投行对我国政府的信用评级,并有损于我国作为负责任的大国的形象和国际地位。在此背景下研究地方政府债务的相关问题,并对如何规范治理地方政府债务提出一些建议,是有一定的理论和现实意义的。本文在详细研究了地方政府债务理论的基础上,首先阐明了地方政府债务的形成机理,然后根据收集到的相关资料,对我国地方政府债务的特点及现状作出说明,并在此基础上,对地方政府债务扩张所带来的风险及对国家信用体系的影响作出分析。最后,结合地方政府以及整个社会经济生活的现状,分别从五个方面对地方政府债务的规范治理提出了相应的建议。本文共分八章,各部分的主要内容如下：第一部分为绪论。本章简要介绍了选题背景与研究的意义、国内外相关理论的研究情况、研究内容、研究方法和论文的主要创新与不足之处。此外还对政府与地方政府、债务与地方政府债务、风险,财政风险与地方债务风险等相关概念作了界定和说明。第二章,地方政府债务研究的理论基础。本章主要介绍了与地方政府债务相关的三个基层研究理论：1)信息不对称理论,具体表现在地方政府与债权人之间存在道德风险,以及地方政府与被担保人之间存在道德风险2)激励理论,运用激励理论来揭示地方政府债务的成因；3)制度变迁理论,介绍了制度变迁的一般理论模型,并说明财政制度变迁对中央与地方财权事权关系调整的推动,从而对地方政府债务问题的解决也产生相应的推动作用。第三章,地方政府债务的形成机理。本章从三个方面研究了地方政府债务的形成原因,首先,地方政府债务的形成与我国中央与地方政府财权与事权的不对等有着重要关系；其次,地方政府的许多异化行为,诸如地方官员片面的追求政绩、寻租创租以及地区之间的恶性经济竞争等,都是形成地方政府债务的重要原因；再次,地方政府的收支存在问题,具体表现为地方政府收入中的税收和融资问题；支出中的公共支出过度、公共支出结构不合理问题；以及地方政府债务管理缺乏统一管理机构和科学合理的审批制度。第四章,地方政府债务的基本状况。我国地方政府债务规模巨大,上至省、自治区,下到各级地方政府都有不同程度的负债,2008年金融危机后,我国基础性建设投资加大,使得地方政府债务中城市建设类债务比重占了较大部分。从贷款期限和偿债率来看,地方政府债务的贷款期限较长,偿债率较高。由于我国地方政府债务风险预警机制还尚未完善,因此我国地方政府债务的风险预警和控制机制相对缺乏,并且具有负债日益隐性化,债务管理混乱的特点。本章还对地方政府债务进行了四种类型的划分,并对这四种地方政府债务类型的内涵进行了解释及界定。另外本章还对地方债务的规模、构成、资金筹集方式及用途做了相应的介绍。第五章,地方政府债务扩张对经济运行的主要影响。地方政府债务扩张带来给社会经济生活带来的影响体现在许多方面。地方政府债务的扩张不仅会影响到政府的财政安全,而且会影响到社会经济运行的方方面面。鉴于本文主题,本章重点对我国地方政府债务扩张之于经济运行,主要是经济发展的总量与结构、投资以及收入分配等方面,进行了讨论和分析。第六章,地方政府债务扩张对国家信用体系的影响。地方政府债务扩张首先会对政府本身的公信力以及国际形象产生影响,由于地方政府债务的债权人是各大银行,又会增加银行的回收贷款不确定性,进而产生诱发金融危机的可能性,并且会恶化社会信用环境。第七章,规范治理地方政府债务的政策建议。对地方政府债务的规范及治理主要从地方政府自身财政建设、税收体制建设、中央对地方的监督、债务风险控制以及地方政府官员等几个角度着手。要扩大地方政府财源建设,探索更安全的融资方式；积极改革税收制度,建立与事权相适应的财权分配体制；加强管理体制建设,加大中央对地方政府融资行为的监督力度；引入风险评估机构,建立地方政府债务的风险控制机制；严格政府官员考核标准,重视对官员的选拔和监督。本文可能的创新与不足之处：地方政府债务问题是一个日益受到社会各界关注的问题,本文综合运用了公共经济学、财政学、经济伦理学、以及社会学等理论和方法,系统研究了我国地方政府债务的相关问题,主要在以下几个方面可能有所创新：第一,在研究内容上,本文对地方政府债务可能产生的风险进行了补充完善。国内学者对地方政府当前的举债行为可能产生风险有了比较一致的判断,对于风险的研究也比较广泛,但现有的研究成果只看到了地方政府债务危机对国内经济社会的影响,而忽略了国家信用也会因此遭到严重的打击。在全球一体化的今天,任何国家都不能脱离全球金融环境而单独存在,国与国之间既有竞争又有合作,是密不可分的一体化大市场,由地方政府债务问题引发的一系列连锁反应,最终会影响到我国在世界金融体系中的信用和地位,甚至引发更大范围内的财政问题。这是我们在今后的研究中必须重视的一点,也是本文希望阐述的重点之一。第二,在地方政府债务形式上,本文将研究的视野扩展到地方政府融资平台等其他政府债务形式。国外政府债券发展的时间早,规模大,经验比较成熟,地方政府公债也是非常常用的合法融资手段之一,在缓解地方财政紧张,扩大公共投资等方面发挥了重要的作用。因此对这方面的研究也比较多,可供国内学者从中借鉴的也比较多。另外,作为非正规的融资途径,地方融资平台这种话题还很敏感,还有很多问题说不清楚,因此国内学者对此的研究相对较少。笔者认为要研究地方政府债务问题就必须找到最主要的症结所在,因此本文对地方政府债务的定义范围扩大到了地方政府融资平台,以希丰富国内对此的研究。通事,地方政府债务问题涉及到政治、经济、社会等诸多领域和方面,受本人研究水平、研究能力、和研究时间所限,论文存有诸多不足之处：一是由于地方政府都是违规举债,很多数据和资料难以取得,因此,在研究过程中数据可能显得有些单薄,造成对地方政府债务规模的估计不够准确,影响了论文的严谨性；二是本文的研究方法比较单一,缺乏实证检验的过程,因此在文章的说服力上有所欠缺；三是地方政府融资平台的隐蔽性强,国外没有经验可以借鉴,国内的研究成果也比较少,加之笔者的水平有限,对该问题的研究还不够深入,分析也不够透彻,有待今后的学习工作过程中,不断提高水平,改进和加深自己对该问题的认识。更多还原

【Abstract】 Local government debt is one of the problems of China finance system demanding prompt solution. China has specific laws and regulations which stipulated that Local governments are not allowed to raise loan by themselves. But in actual operation, local fiscal balance and Local bonds issued by the central can hardly satisfy the economic development of the Local government. Therefore, local government more or less borrows money through a variety of ways to circumvent national laws and regulations. Each province has different sizes and various forms of debt, which the provincial and local government township occupy lower proportion of the total debt, and City and county levels among local governments occupy the higher proportion. Local Governments of China have a huge debt, and part of them debt ratio have been over 100%. The scale of local government debt is increasing year by year, and the debt has grown by nearly 3 times only in 2000-2004. Because the hidden of the risk in local government debt, many areas of local government have been plunged into a super ability to repay a vicious cycle of debt. Some of the blind expansion of local government debt can improve the region’s economic development level and income level at that time, as while as indirectly increase tax revenue of local governments, but the repayment of debt and the resulting debt service obligations have increased the financial burden of the next few years. It can not actively promote economic development and guide; instead it will hinder economic growth. According the special situation and the existing land policy in our country, the local government even as the highest credit rating of the debtor also may be unable to pay debts, which makes a negative impact on the credit risk and credit rating of commercial banks. And driven by the interests, local governments often weaken the control of the ability to repay the debt and the scale of the debt. Sometimes in order to get timely access to financing, local governments often improve the cost of debt, which makes a greater risk of government debt. This seriously damages the government’s image among the masses, and even put the government into a crisis of confidence. Once local governments face financial difficulties, there will be tendency to shift the debt risks to higher level, and then it will finally affect the entire debt system and threat the country’s financial security. In the international environment, it will directly impact the judgment of foreign investment on China’s economic situation and political trends, weaken the power of foreign capital investment, influence the international investment bank’s credit rating of our government and are detrimental to China as a responsible big country’s image and international standing. So, there will be some theoretical and practical significance to research on issues related to local government debt and to make some suggestions on how to standardize management of local government debt in this context.On the basis of a detailed research on the theory of local government debt, this paper first clarifies the formation mechanism of local government debt, and then makes an explanation on the characteristics and the status of local government debt according to the information collected. After that, this paper analysis the risks of the expansion of local government debt and the impact on the national credit system and puts forward recommendations on the management of local government debt from five specifications with local governments and the status of the social and economic life.After that, this paper analysis the risks of the expansion of local government debt and the impact on the national credit system and puts forward recommendations on the management of local government debt from five specifications with local governments and the status of the social and economic life.The whole paper consists of seven chapters. Main contents of each chapter are as follows:Chapter 1 is an Introduction. It describes information about the background, significance and some important innovations of the Paper. It also summarizes the structure of the Paper, introduces some typical and new ideas as well as the conclusion. In addition, it makes the definition and description on the concept of the government and local governments, debt and local government debt, risk、financial risk and debt risk.Chapter 2 is the theoretical as a basis for local government debt. This chapter describes three primary research theory associated with the local government debt:1) Asymmetric information theory. There is moral hazard between local government and creditor, as well as between local government and the guarantor; 2) Motivation Theory. Motivation theory reveals the causes of local government debt; 3) Theory of Institutional Change. It describes the general model of theory of institutional change model, and then explains the changes in the financial system promoting both the adjustment of property rights relationship between central and local powers and the local government to solve the debt problem.Chapter 3 is the formation mechanism of the local government debt. This chapter research on the causes of local government debt from three aspects causes. First, the formation of local government debt has an important relationship with the inequality of property rights and powers between central and local governments in China; Second, many of the local government alienation behavior is the formation of an important reason for local government debt, such as one-sided pursuit of performance of local officials, rent-seeking and rent-creating as well as vicious economic competition between regions; Finally, local governments have many problems of revenue and expenditure, such as local government income tax and financing issues, problems of excessive public expenditure and irrational public expenditure structure and the lack of a unified local government debt management agencies and scientific and rational management of the approval system.Chapter 4 is the basic situation of the local government debt. The scale of local government debt is huge, both the provincial government and local governments all have varying degrees of debt. The debt of urban construction accounted for a larger proportion of local government debt because of the increasing in basic construction investment after the 2008 financial crisis. The loan period of the local government debt is long, and the debt service ratio local government debt is high. Because the local government debt risk warning mechanism is not yet complete, local government debt is lack of risk warning and control mechanisms. This chapter also divides local government debt into four types, and makes an explanation and definition on the content of the four types of local government debt. This chapter also makes presentations on the size, composition, raising methods and uses of local debt.Chapter 5 is major impact on economic performance caused by the expansion of local government debt. The impact on social and economic life brought by the local government debt’s expansion reflected in many ways. The expansion of local government debt will not only affect the government’s financial security, but also affect all aspects of social economy. This chapter focuses on the expansion of local government debt in the economic,especially in the amount and structure of economic development, investment and income distribution, etc. Chapter 6 is impact on the national credit system caused by the expansion of local government debt. First of all local government debt will affect the credibility of the government itself and international image of the government. As the creditor of local government debt is major banks, it will increase the uncertainty on recovery of bank loans, and then might evoke the possibility of financial crisis. The expansion of local government debt can also deteriorate the social credit environment.Chapter 7 is the implications of European debt crisis on China for the management of local government debt. This chapter studies the formation and development of the debt crisis in Europe and makes a detailed analysis of the causes of the debt crisis in Europe. European debt crisis has both positive and negative implications on China. It tells China should pay attention to the issue of sovereign debt, reduce local debt default rates, and to strengthen the capacity of overdue debt settlement.Chapter 8 is suggestion to regulate local government debt management. Specification and control of local government debt is mainly from the building of local government’s own finances, the building of tax system, central government’s supervision of local government, debt and risk control, and local government officials. We should do that expand the source of local government financial and explore more secure financing ways; that actively reform the tax system and establish the distribution system that compatible with the powers; that Strengthen the building of the administrative system and increase the central government’s supervision on local government financing; that introduce risk assessment agencies to establish the local government debt risk control mechanism; that be strict on the standards to appraisal officials and pay attention to the select and supervise the officials.The innovations and shortcomings:Local government debt is a problem with growing concern by the community. This paper uses public economics, finance, economic ethics, and sociological theories and methods to make a systematic research on local government debt in China. This paper may be innovating in the following areas.First, the research makes supplement and improve on the possible risks of local government debt. Domestic scholars generally believe that the current local government borrowing behavior may be a risk. However, the existing research results only see the local government debt crisis on the domestic economic and social impact, while ignoring the state credit would therefore be subject to a severe blow. In the context of globalization, no country can separately exist from the global financial environment, and countries are closely related to the integrated market with competition and co-operation. Local government debt caused a chain reaction that will ultimately affect our country’s credit and status in the world financial system, and even lead to a wider range of financial problems. This is the focus of this paper and the point which our future research must pay attention to.Second, in the form of local government debt, the paper will examine the platforms extended to other local government financing in the form of government debt. The development of foreign government bonds is earlier and local government bonds are also very commonly used as one of the legitimate means of financing. It has played an important role in easing local financial constraints and increasing public investment. Therefore, research in this area abroad is more available to scholars in China. In addition, as a non-formal channel of financing, local financing platform is still very sensitive, there are still many unanswered problems and domestic scholars study was relatively few. This paper argues that to study the local government debt must find out what is the main problem. This article expanded the definition of local government debt to local government financing platform which is hoped to enrich the domestic research on this.Local government debt issues related to political, economic, social and many other fields and aspects. By the level of research, research capacity, and research time constraints, there are many deficiencies on this paper:First, as local government borrowings are illegal, a lot of data and information is difficult to obtain. Therefore, the existing data on local government debt is not accurate enough to estimates the size of the local government debt in the course of the study, which affects the rigor of the paper. Second, as the research method of the papers is single and the papers is lack of empirical process, the papers has been the lack of convincing; Third, this paper’s research on the local government debt is not enough thoroughly because of the hidden of local government financing platform and little research data at home and abroad, therefore, some issues also continue to be strengthened in the future.更多还原