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随着我国工业化和城市化进程向纵深推进,地方政府对城市基础设施建设资金的巨大需求日益显现,地方融资平台应运而生。地方性融资平台的出现,极大地弥补了地方政府在城市规划建设中的资金缺口,并有效延伸了其公共管理职能,特别是在应对2008年开始的金融危机中发挥了重要的作用。但是,庞大的融资规模、高负债集中度和不合理的负债结构很可能在未来形成系统性风险。地方融资平台风险背后的深层次问题在于公共管理制度下的财政体制不完善,由此亟须科学分类、规范运作。
With the progress of industrialization and urbanization in our country, the huge demand of funds for urban infrastructure construction by local governments is increasingly apparent, and local financing platforms emerge as the times require. The emergence of a local financing platform has greatly made up for the local government’s funding gap in urban planning and construction and effectively extended its public management functions. In particular, it played an important role in coping with the financial crisis that started in 2008. However, huge financing scale, high debt concentration and unreasonable debt structure are likely to form systemic risks in the future. The deep-seated problems behind the risks of local financing platforms lie in the imperfect financial system under the system of public administration. Therefore, it is imperative to classify and standardize the operation scientifically.