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我国地方融资平台的债务问题一直是各方关注的重点。按照制度变迁的一般均衡分析框架,中央政府和地方政府以融资平台制度影响因素为基础相互制衡,融资平台呈现制度均衡的稳定性、波动性和不对称性三大特征。在宏观经济波动下,融资平台制度在均衡调整的同时,也对社会福利产生了较大影响。尽管如此,中央政府主导下的地方融资平台制度仍具有相对优越性,而当前我国融资平台制度体系并未形成稳定均衡,未来应重点实施制度创新,调整影响社会福利损失的制度均衡条件。
The debt problem of China’s local financing platform has always been the focus of attention of all parties. In accordance with the general equilibrium analysis framework of institutional change, the central government and local governments check and balance each other based on the influencing factors of the financing platform system. The financing platform presents the three characteristics of system stability, volatility and asymmetry. Under the macroeconomic fluctuations, the financing platform system has brought a great impact on social welfare while balancing the adjustment. Nevertheless, the system of local financing under the guidance of the central government still has relative superiority. However, the current system of financing platform in our country has not formed a stable equilibrium. In the future, we should focus on the implementation of system innovation and adjust the system equilibrium conditions that affect the loss of social welfare.