商业银行如何有效防范基础设施投融资的法律风险?  

How to Effectively Prevent Legal Risks in Infrastructure Investment and Financing from the Perspective of Commercial Banks

作　　者：朱迪星[1] ZHU Dixing(Hubei Branch,The People's Bank of China)

机构地区：[1]中国人民银行湖北省分行

出　　处：《金融市场研究》2024年第6期117-128,共12页Financial Market Research

摘　　要：基础设施投融资在促进经济增长的同时也积累了大量地方债务。在经济下行期由基础设施投融资引致的地方债务风险明显上升,影响经济金融稳定。2023年中央金融工作会议和中央经济工作会议均强调要防范化解地方债务风险,而法律是重要的制度保障。但由于基础设施投融资领域政策法规不健全、风险分担机制不完善、风险处置缺乏司法保障、资产处置缺乏市场化手段等问题,商业银行在参与地方债务风险化解中可能面临法律风险,影响中央“一揽子化债方案”实施效果。从长期看,应完善基础设施投融资法律法规体系、健全基础设施项目的债务融资机制、强化银行参与基础设施投融资业务的法律合规性审核、完善公共基础设施项目投资回报机制、构建防范化解基础设施投融资风险的长效机制等,从源头上防范基础设施投融资法律风险,促进经济与地方债务良性循环,筑牢经济高质量发展基石。Infrastructure investment coupled with infrastructure financing has promoted economic growth but has also led to significant levels of local government debt. During the economic slowdown, risks from local government debt linked to infrastructure investment and financing increased dramatically, affecting economic and financial stability. The Central Financial Work Conference and the Central Economic Work Conference both emphasized the need to prevent and resolve risks from local debt. They added that the law is an important institutional guarantee, but there are a number of major shortcomings in the legal environment. Commercial banks may face legal risks when participating in the resolution of local debt risks due to unsound policies and regulations, imperfect risk-sharing mechanisms, a lack of judicial guarantees in risk disposal. Ultimately, this could affect the implementation of the central package of debt resolution programs. This paper makes a number of recommendations, including improving the legal and regulatory framework covering infrastructure investment and financing, improving the debt financing mechanism of infrastructure projects, strengthening the compliance auditing of banks involved in infrastructure investment and related financing, improving the investment return mechanism of public infrastructure projects, and constructing a long-term mechanism for preventing and resolving risks from infrastructure investment and financing.

关 键 词：基础设施投融资 债务风险 法律风险 长效机制 

分 类 号：D922.2[政治法律—经济法学] F832.4[政治法律—法学] F283[经济管理—金融学]