从基础设施公募REITs谈共同富裕目标实现的财政调控路径  

Views on the Fiscal Regulation Path to Achieve Common Prosperity from the Perspective of the Infrastructure Public REITs

作　　者：季洁 Ji Jie

机构地区：[1]南京航空航天大学法律系

出　　处：《财政科学》2024年第2期118-133,共16页Fiscal Science

基　　金：中央高校基本科研业务费专项资金资助(项目编号:1010-XBG23004);中国法学会2023年度部级法学研究自选课题(立项编号:CLS(2023)D21)。

摘　　要：共同富裕的实现依托于生产增长与分配正义的融合,是一个以“蛋糕”做大做好为基础,继而注重切好分好的良性循环。在公共基础设施建设领域,无论是生产层面的量性与质性目标,抑或分配层面的公平性与公正性要求,均有赖于公共财政资金的支撑与调控。然而,我国非公债型政府投融资工具不足、对公共财政惯性依赖、财政双层委托代理的治理困境与权力配置失衡的自利驱动,成为公共基础设施助力共同富裕实现的阻碍。基础设施公募REITs的启动为公共基础设施结构性融资与资金退出提供通道,具有填补非公债式政府融资工具、释放沉淀资金缓解财政重压、锚定价值保障财政精准投入,以及信息披露助力财政权责配置的价值功能。在推进共同富裕实现的进程中,基础设施公募REITs为财政调控提供了一个类别化、拓展化、市场化和精准化的方案,其思路可延伸至他类公共产品的差异化财政调控,以更大程度满足生产与分配的双层调控需求。The realization of common prosperity relies on the dual integration of production growth and distributive justice,and is a virtuous circle based on making the"cake"bigger and better,and then focusing on cutting and dividing well.In the field of public infrastructure construction,both the quantitative and qualitative goals at the production level and the fairness and impartiality requirements at the distribution level depend on the support and regulation of public financial funds.However,the lack of non-public debt government investment and financing tools,the inertial dependence on public finance,the governance dilemma of fiscal two-tier principal-agent and the self-interest drive of unbalanced power allocation have become the financial obstacles that hinder the realization of common prosperity by public infrastructure.The launch of infrastructure public REITs provides a channel for infrastructure structured financing and capital exit,and has the value functions of filling non-public debt government financing tools,releasing precipitated funds to alleviate financial pressure,anchoring value,ensuring accurate financial investment and information disclosure,and helping the allocation of financial rights and responsibilities.The implementation of public infrastructure REITs provides a categorical,expanding,market-oriented and precise regulation and control path for fiscal regulation,which can be extended to the differentiated fiscal regulation and control of other types of public goods,so as to meet the needs of dual-level regulation and control of production and distribution to a greater extent.

关 键 词：共同富裕 基础设施公募REITs 生产增长 分配正义 差异化财政调控 

分 类 号：D912.2[政治法律—民商法学]