地方政府融资平台和资源配置的有效性
阅读全文
下载全文 |
| Title | Financing Platform of Local Governments and Efficiency of Resource Allocation
|
| 作者 | 张雪峰 平新乔 |
| Author | Xuefeng Zhang and Xinqiao Ping |
| 作者单位 | 清华大学经济管理学院;北京大学经济学院 |
| Organization | Tsinghua University; Peking University |
| 作者Email | zxf511@163.com;xqping@pku.edu.cn |
| 中文关键词 | 地方政府融资平台 资源配置有效性 融资结构 |
| Key Words | Financing Platform of Local Governments; Efficiency of Resource Allocation; Financing Structure. |
| 内容提要 | 城市基础设施融资及地方投资公司的出现，是中国过去20年里最重要的经济现象理论上为地方政府融资平台对国有银行信贷的依赖提供一个合理性证明。我们在Diamond-Dybvig (1983)模型的框架内，研究了中国地方政府融资平台依靠信贷融资来改善资源配置效率的实现机制。 这个机制就是，地方政府融资平台保持对于银行信贷融资的依赖，适当提高融资结构中信贷融资对于债劵融资的比重，就有利于提高债劵价格，降低个人消费者（投资者）投资短期化和投资虚拟化的程度，从而提高私人投资者对于城市基础设施项目的投资积极性，进而改善整个经济的资源配置效率。我们的研究揭示，对银行信贷的高度依赖的地方政府融资平台在改善资源配置的有效性中的作用是与中国金融体制的非完全市场化紧紧的捆绑在一起的。中国在整个城市化的过程中，有必要对于一切金融改革先行的主张和建议采取谨慎的态度。 |
| Abstract | Financing for urban infrastructure projects and the appearance of metropolitan investment corporations is one of the most important economic phenomena in the last two decades in China. And, main finance sources of the local financing platforms, which are mainly consisted of the investment corporations, come from the state-owned commercial banks. This paper provides a proof about the justification for the dependence of the local governments’ financing platform on the loan from the state-owned commercial banks. Within the framework by Diamond-Dybvig (1983), we studied how the efficiency of resource allocation could be improved by the dependence of local financing platforms on the state-owned commercial banks. The mechanism of improving the efficiency of resource allocation is as following: by a rising of the ratio of banking loan financing to public debt financing, the price of debt could be increased , then the proportion of the investments in short asset and financing asset would be reduced, and the proportion of investment in long asset and real urban infrastructure asset would be increased, hence, the efficiency of recourse allocation could be improved. Our research finds out that, the role of the local governments’ financing platforms in improving resource allocation is closely connected with the imperfectness of finance markets in China. Therefore, it should be careful about all opinions and suggestions to push the financing liberalization ahead of the whole process of urbanization in china. |
| 文章编号 | WP564 |
| 登载时间 | 2013-11-20 |
|