财政金融协同的地方债务管理路径探索——基于城投公司承建专项债券项目的研究  

Exploring Local Debt Management Paths through Fiscal and Financial Synergy:A Study Based on Special Bond Projects Undertaken by Local Government Financing Vehicles

作　　者：钱一蕾 钟宁桦[2] 沈一童 Qian Yilei;Zhong Ninghua;Shen Yitong(School of Finance,Shanghai University of Intermational Business and Economics;School of Economics and Management,Tongji University)

机构地区：[1]上海对外经贸大学金融管理学院 [2]同济大学经济与管理学院

出　　处：《管理世界》2025年第2期40-54,共15页Journal of Management World

基　　金：国家社科基金重大项目“新形势下地方债务风险管控的目标、难点与实现路径研究”(19ZDA073);上海市哲学社会科学规划课题“基于数字基建投入的财政资金支持数字经济发展的路径研究”(2024EJB005);同济大学中央高校基本科研业务费专项资金(2023-4-YB-01)和同济大学文科创新团队培育计划的资助。

摘　　要：优化地方债务管理模式需要发挥财政与金融的协同效应。专项债券是落实积极财政政策的重要抓手,而城投公司则是专项债券项目的重要承建主体和金融市场的重要融资方,可以为符合收益要求的项目配套市场化融资。两者的结合衔接了财政和金融资源。本文将6.7万个专项债券项目数据、城投公司财务数据和地区经济基本面数据进行匹配,探究了城投公司承建专项债券项目这一模式对于微观企业和宏观区域层面的影响。研究发现,该模式一方面改善了城投公司的经营绩效,并为其带来更多低成本、长期限的债务融资,有助于防范化解城投债务风险;另一方面也可以发挥政府投资对于社会资本的引导作用,放大专项债券的投资撬动杠杆,提升区域投资效率。进一步分析发现,上述积极效应能否有效发挥,与专项债券项目的投向领域高度相关。在投资回报情况较好的市政和产业园以及生态环保领域,提质增效的作用更为明显;而在收益情况不容乐观的交通领域,反而导致经营绩效和投资效率的恶化。因此,建议在高质量专项债券项目上,积极探索使用城投公司承建专项债券项目的模式,助力实现“稳增长”与“防风险”的长期均衡。Improving the local government debt management system requires fiscal and financial synergy.Special bonds are the largest incremental fiscal resources in recent years,and local government financing vehicles(LGFVs)are important construction entities of special bond projects as well as important financing parties in the financial market,able to provide market-based financing for special bond projects that meet profit requirements.The combination of the two links fiscal and financial resources.Based on matching and analyzing data of over 67,000 special bond projects,LGFVs'financial data,and regional economic fundamentals,we explore the impact of the pattern"LGFVs undertaking special bond projects"at the firm and regional levels.The findings show that this pattern improves the operating performance of LGFVs,brings them more low-cost,long-term debt finance,and aids in preventing and resolving LGFVs'debt risks.Meanwhile,the pattern can leverage government investment to guide social capital,amplify the investment leverage of special bonds,and enhance regional investment efficiency.Further analysis suggests that whether the above positive effects can be effectively exerted is highly related to the investment field of special bond projects:in municipal and industrial parks as well as ecological environmental protection field with good investment returns,the positive effects are more obvious;while in the transportation field with low returns,it leads to deterioration of operating performance and investment efficiency.Therefore,it is recommended to actively apply the pattern"LGFVs undertaking special bond projects"in high-quality projects to help achieve long-term equilibrium between"stable growth"and"risk prevention".

关 键 词：专项债券 城投公司 财政金融协同 稳增长 防风险 

分 类 号：F812.5[经济管理—财政学] F832.51