政府融资平台贷款项目风险管理

【作者】 梁鸿建；

【导师】 王松江；

【作者基本信息】 昆明理工大学 ， 工商管理， 2008， 硕士

【摘要】 随着中国投融资体制改革的深化,政府职能发生了根本转变。分税制的推进,导致财政收入向中央政府高度集中,加激了各级地方政府旺盛的投资需求与有限的可支配财力之间的矛盾。为了规避现行法律的限制,通过融资平台借贷资金,使用于非经营性、准经营性项目,依靠财政未来收入还本付息成为地方政府间接负债的新形式。近年急剧增长的政府融资平台类贷款潜在很大风险,对中国财政体系、金融体系的安全与稳定形成新的挑战。本文梳理了中国政府投融资体制改革的进程,分析了分税制的影响,确定了政府融资平台贷款项目的范畴,并结合具体的项目实例,运用项目风险管理的方法,从法律风险、行政审批风险、市场风险、建设风险、信用风险等方面进行了定性分析,详细分析了各风险因素的成因、对项目实施的影响程度,再通过专家评价,运用模糊综合评价模型进行定量分析,得出了明确的贷款决策建议。最后有针对性地提出了风险应对规划,即采用BT模式运作;设立合法有效的抵押和质押担保;将完成行政审批和落实资本金作为合同签订的必要条件;敦促上报调整水价等措施。通过研究,为政府融资平台贷款项目的风险管理提供了具有参考意义的范式。更多还原

【Abstract】 The function of government has radically altered along with the deepen revolution of the investment financial system. Moreover, the system of dividing taxes has been widely promoted, as a result of that it has lead the state revenue to highly concentrate to central government and has provoked the contradiction of the active investment demands from local government at several levels and the limit collective financial resources. In order to getting around the law, a new mode which is to build a financing platform for local government to float loans has emerged. The local government utilizes the future fiscal revenue to repay the interests and principle and accept loans for those Non-operational projects as well as pre-operational projects. However, in recent years, the government financing platform has grown too fast as to accumulate huge risks. These risks have now become a new challenge for the security and stable of the Chinese fiscal system and the financial system.This paper demonstrates the procedure of the revolution of the investment financial system; it analyzes the influence of the dividing taxes system, and defines the projects for the government financing platform. A detailed project case has been raised as the example. This paper utilize the project risk management methodology and proceed both qualitative and quantitative analysis on different aspects including law risk、risk of government admission、market risk、construction risk and credit risk, etc. It also analyzes the various types of risks and points out how they influence the implementation of the projects. The deterred final loan terms might be given through expert appraisal and vague model analysis. In the end, it has figured out the proposal for releasing the particular types of risks, by using "BT" operation mode, setting effectual mortgage and impawn, setting the government approval and the capital as the initial condition for signing the contract and other methods. This paper has set a considerable model for the government financing system to manage the risk exposed from projects.更多还原