债务空间留存度如何影响融资平台杠杆率——来自地市级政府预算执行公报的经验证据  

How Does Debt Space Retention Degree Affect Leverage Ratio of Local Government Financing Vehicles:Empirical Evidences from Municipal Budget Implementation Bulletions

作　　者：郭玉清[1] 姜晓妮 Guo Yuqing;Jiang Xiaoni(School of Economics,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学经济学院,300071

出　　处：《南开经济研究》2022年第6期26-46,共21页Nankai Economic Studies

基　　金：国家自然科学基金面上项目“新时代下地方政府债务风险的理论审视、量化评估及监管战略体系研究”(71973069);南开大学文科发展基金科学研究项目“减税降费背景下的政府债务风险防范与地方投融资机制创新研究”(ZB21BZ0206);中央高校基本科研业务费专项资金项目“新常态背景下地方政府举债融资的大国治理机制研究”(63182006)资助。

摘　　要：中国特色社会主义进入新时代后,随着地方政府债务纳入限额预算管理,秉持底线思维防风险、去杠杆已在理论和政策层面凝聚共识。本文利用地市级政府门户网站手工搜集2015—2019年政府预算执行公报,通过整理政府债务预算限额和余额信息,设计“债务空间留存度”指标,观察了地市级债务空间留存度对融资平台杠杆率的制度影响。本文研究表明,基于省级政府统筹配置的债务限额,地市级债务空间留存度反映出地方政府拓展表外渠道的融资压力,发挥了抑制融资平台杠杆率的制度作用。对于债务留存空间逼仄的地区而言,融资平台杠杆扩张主要源于地方政府提供的财政补偿承诺软化了债权方信贷约束,引导金融机构为融资平台提供信贷支持。本文为防范债务风险跨表传递外溢提供了遏制新增隐性债务、强化债权方信贷约束、推进融资平台市场化转型等政策建议。After Socialism with Chinese characteristics has entered a new era,as local government debt has been brought into budget management under the budget ceiling,consensus that adhere to the bottom-line thinking to risk prevention and deleveraging has been gathered at the academic and policy levels.Based on the implementation of municipal governments budgets from 2015 to 2019 manually collected by the government portals websites,we design the"debt space retention degree"index by the government debt budget limit and balance information.This paper observes the institutional impact of municipal government's debt space retention degree on the leverage ratio of Local Government Financing Vehicles(LGFVs).This study shows that based on the debt limit allocated by provincial governments,the space retention degree of government debt reflects the financing pressure of municipal governments to expand off-balance-sheet chan-nels,exerting the institutional influence of restraining the leverage ratio of LGFVs.For regions with narrow debt space retention degree,the expansion of LGFVs'leverage ratio mainly stems from the financial compensation commitment provided by local governments,which softens the credit constraints of creditors and guides financial institutions to provide credit support for LGFVs.In order to prevent the transmission of debt risk across the balance sheet,this study provides policy suggestions to curb new implicit debt,strengthen creditor's credit constraints,and promote the market-oriented transformation of LGFVs.

关 键 词：债务空间留存度 融资平台杠杆率 风险传递 融资约束 

分 类 号：F812.3[经济管理—财政学] F812.5