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中央收紧地方债:疏堵结合 严防地方隐形债务扩张变形计

2017-07-28 13:58:10   中国经济网

“这其中风险暗藏,如果地方财力不足导致债务无法偿还,随之而来的就是风险,那就意味政府承担的很多公共服务都会停止。”上述官员说,无力偿还固然是一大风险,但这是建立在债权债务关系清晰的基础上的。实际情况是,融资平台举债,地方政府如果“拒不认账”,银行就会大量累积坏账,很有可能引发区域性、系统性的风险。

为了防风险,2014年10月出台了地方政府债务管理的纲领性文件:《国务院关于加强地方政府性债务管理的意见》(43号文)。要求地方政府举债和地方国有企业举债要政企分开,企业不能为政府举债,政府也不得要求企业举债。同时修改了预算法,把举债的权力下放一级到省级政府。自此地方债只有一种形式,就是省级政府向债券市场举借的地方债。这也就是最近成为焦点的真正意义上的地方债,指的是地方政府作为债务主体,向金融机构或资本市场举借形成的债务。

地方债包括置换和新增。所谓置换也就是借新还旧。地方政府在2013年到2014年集中统计上报了一次政府债务的存量数据,这些债务随着时间的推移将逐渐到期,需要还本付息,然而地方政府财力有限,通过发行新的地方债偿还老的地方债,债务问题可以得到暂时“平息”。并且将融资平台身后的地方政府从幕后推向台前,用省级政府的信誉显著降低政府的融资成本。

其次新增,就是地方政府为了建设需要增加的债务,按照规定债务的数量严格控制,每年由财政部下发给地方,不得超限。这也是为了降低地方政府的债务风险。

风险:隐形债务扩张演变

无法通过融资平台举债,地方发债又有限额,如何破局?地方债扩张演变出了新形式。

在中央政府规范和约束地方债情况下,地方政府仍有投资冲动。规范的融资路径难以满足其资金需求,加之银行业面临日益严峻的“资产荒”,迫切需要寻找能提供一定回报且风险可控的优质借款主体。供求契合,面对已有的政策约束,银行和地方政府在融资模式上进行了“创新”以规避监管。其中最值得关注的是PPP和政府产业引导基金的异化。

国家金融与发展实验室银行研究中心主任曾刚告诉记者,在过去几年的金融实践中,地方政府债务行为与“影子银行”的发展密切相关。2015年以来,在投融资平台受限的背景下,地方政府大量通过PPP项目、政府引导基金以及违规担保等,变相扩大隐形债务规模。在资金供给端,则与各类“影子银行”对接,既没有在政府的负债中得以体现,也没有被纳入银行的资产负债表,风险敞口极不透明。这一方面有可能造成地方政府的过度负债,加大财政风险;另一方面则可能造成银行体系风险的过度积累,影响金融体系的稳定。

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