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解决机制问题是规范地方政府举债的根本

2017-07-11 09:46:21   经济参考报

原标题:解决机制问题是规范地方政府举债的根本

作为一种重要的资源配置方式,地方举债有其理论上的逻辑性。除了能有效解决地方公共产品投入与产出时间错配问题,地方政府债本身也能发挥熨平地方经济周期的作用。因此,赋予地方合法的举债权是完善地方收入体系,规范地方政府行为的重要举措。而另一方面,作为中央财政与地方财政的关联点,以及财政领域与金融领域的一个交汇点,地方政府债务在涉及财政风险以及宏观金融稳定方面又具有非常特殊的地位与作用。这一点,其他国家为我们提供了许多警示案例。尤其是在次贷危机、欧债危机之后,全球加强地方政府债务风险管理更是取得共识。

在历经“明令禁止、变相萌芽、平稳增长、急剧膨胀”之后,中国地方政府债务开始纳入规范治理的范畴。中国地方政府债从不具法理支撑、游离于预算监督之外,进入了规范管理、制度约束阶段;从零敲碎击、运动式检查进入全面的、常态化监管阶段。各地纷纷建立地方政府性债务管理与风险预警机制,地方政府债务增长一定程度上得到控制,违约率有所下降。

一方面,改革成效显著,另一方面,问题也是老生常谈。历年的审查报告都突出反映了地方政府违规举债的问题,今年亦不例外。尽管近些年大力推进的地方政府债务改革,“关了后门,开了前门”,但违规现象仍屡禁不止。另外,变相债务相继出现。最突出的当属目前如火如荼的地方产业投资基金、PPP融资模式、政府购买服务等产生的变相债务。以产业投资基金为例,作为后地方政府债务时期政府重要的投融资模式,政府产业投资基金试图发挥政府资金的引导作用,吸引社会资本参与,开启以股权融资替代债务融资的新模式,调动金融资源服务产业结构调整与经济结构升级。从实际资金投向看,地方投资基金广泛参与到各省市中小企业融资、风险投资、基础设施等行业与领域当中。大量产业资金还入股PPP项目,进入公共基础设施领域,部分承担了之前由地方平台企业完成的地方公共产品供给功能。在风险分担上,为提高对社会资本吸引力,部分地方通过产业投资基金与入股方或项目单位签订合同,做出固化收益、兜底回购、分期付款等承诺,甚至人大出具担保函。这些名义上为股权投资,不纳入政府资产负债表负债方管理的政府投资基金,以合同形式承诺固定收益,锁定风险,实属政府显性或有负债。项目运作成败将影响地方财政的实际负担。

为何在除旧立新、分类治理之后,我国仍有部分地方政府债务无法纳入预算监管的盘子?

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