地方政府不应为企业融资兜底

The local government shall not disclose the ins and outs of enterprise financing

　　即便是为了解决迫在眉睫的企业“存亡”问题，也一定要恪守法治的底线，区分市场与政府的不同

Even in order to solve the imminent enterprise"survival"problems,Also must abide by the rule of law of the bottom line,Distinguish between the market and the government's different

　　文 王旭坤

Wen WangXuKun

　　“7月12日，江西省新余市人大常委会通过决议，将当地最大民营企业江西赛维LDK公司偿还5亿元信托贷款的缺口资金纳入财政预算。”这样一条新闻，迅速将塞维集团、新余市人大及其政府推向风口浪尖。

"On July 12,The jiangxi province xinyu people's congress standing committee passed a resolution,Will the local maximum private enterprise LDK LDK company pay 500 million yuan trust loans gap funds into the financial budget."Such a news,Rapid will be severs group/Xinyu NPC and its government to in the teeth of the storm.

　　新余政府最初辩解：对赛维的资金支持是有条件的，需要赛维资产做抵押。塞维方面则认为自己解决了纳税、就业等大问题，政府理应施以援手。稍后，市政府有关领导表态：政府不担保、不入股、不还债。并且从市人大网站上撤下了相关议案。

The government first XinYu excuse:In the dimension of the financial support is conditional,Need to "d assets do mortgage.Severs the think you solve the tax/Employment etc big problem,The government should to help.later,The municipal government said the leaders:The government does not guarantee/Don't become a shareholder/Not paying a debt.And from a web site is removed the relevant bill.

　　财政替企业做担保 Financial for enterprise as security

　　根据现有调查情况，事实基本如下：2009年6月，赛维公司向华融国际信托有限责任公司(下称“华融信托”)办理了5亿元人民币信托业务，为期三年，用于支持赛维公司硅料项目建设，这一信托计划于2012年6月29日到期。省财政用“赛维LDK稳定发展基金”为这笔5亿元信托买了单。

According to the existing research situation,The basic facts are as follows:In June 2009,"D company to wisewin international trust co., LTD(said"Wisewin trust")Dealt with 500 million yuan RMB trust business,Three years,Used to support the d company silicon material project construction,The trust plan in 2012 expires on June 29.Province with financial""D LDK stable development fund"For the 500 million yuan trust bought single.

　　赛维希望继续获得华融信托3年五个亿的融资，并拟以新的信托计划发行成功后归还省财政。在商定新的信托计划时，华融方面提出需要新余市人民政府出具经市人大常委会会议审议通过的将该贷款还款计划列入财政预算的相关文件。

"D hope to continue to get wisewin trust 3 years five financing,And quasi with a new trust plan issued after the success of provinces financial return.In the agreed a new trust plan,Wisewin puts forward need xinyu municipal people's congress standing committee issued by the people's government after deliberation by the session of the the loan repayment plan included in the budget of the relevant documents.

　　这样一来，一旦赛维将来偿还不能，由市政府在财政预算内安排资金代为归还。

so,Once the dimensional future repayment can't,By the municipal government in the financial budget arrangement for funds to return.

　　这场“财政替企业做还债担保”的闹剧是新余市政府为了维护新余市经济秩序和社会稳定不得不为之的“赌博”。

the"Financial debts for enterprise do guarantee"The drama is XinYu municipal government in order to maintain xinyu economic order and social stability of had to"gambling".

　　对于“救还是不救”，地方政府也陷入两难境地：按照华融的要求，用财政的钱来担保兜底，很难在法治的口径内得到支持；不救，赛维2011年的净利润亏损额高达54.9亿元，资产负债率已经高达87%。一旦倒下，会严重影响当地的经济发展和财税收入，并可能引发后续的金融风险和财政风险。

for"Save or not to save",The local government also into dilemma:According to the requirements of the many,With the finance money to guarantee reveal all the details,It is hard to get the support of the rule of law in diameter;Don't save,"D 2011 net profit loss is as high as 5.49 billion yuan,Asset liability ratio has been as high as 87%.Once fell down,Will seriously affect the local economic development and financial income,And may cause subsequent financial risk and financial risk.

　　山东省政府曾动员晨鸣纸业(000488,股吧)驰援山东海龙，后来双方相救不成“兵戎相见”。在经济发展逐渐趋缓后，债务难题逐渐浮出水面。

Shandong province government has mobilized ChenMing paper(000488,guba)Step into the breach shandong hailong,Then both sides can rescue"Resort to arms".In the economic development gradually after slowing,The debt problem gradually floating to the water surface.

　　未来，地方政府不仅面临自身债务危机，也必须应对频发的企业债务危机和金融呆坏帐问题——这与当地财政收入与经济繁荣息息相关。

The future,The local government is not only faced with their own debt crisis,Must also cope with frequent enterprise debt crisis and financial capital, which with the local finance income and economic prosperity is closely linked.

　　恪守法治底线 Scrupulously abide by the rule of law the bottom line

　　即便是为了解决迫在眉睫的企业“存亡”问题，也一定要恪守法治的底线，区分市场与政府的不同。

Even in order to solve the imminent enterprise"survival"problems,Also must abide by the rule of law of the bottom line,Distinguish between the market and the government's different.

　　一、江西赛维与华融国际信托有限责任公司之间的信托贷款，是两个企业之间的合同关系。

a/LDK and wisewin international trust limited liability company between trust loans,Are two contract relationship between enterprises.

　　据悉，华融高层中有不少江西籍人士，促成了前次信托融资。华融帮赛维融资渡过难关，但是到了还钱的时候，赛维经营面临严重困境——2012年第一季度盈利不到十个亿。在新一轮融资中，华融一定会考虑自身资金安全——第一次5亿融资由省政府动用专项基金解决，第二次5个亿新融资转而寻求市政府做财政担保。

It is reported,Wisewin top has a lot of jiangxi nationals,They contributed to the trust financing.Wisewin help "d financing tide over the difficulties,But in also money,"D management faced with serious trouble - 2012 first quarter profit less than 10.In the new round of financing,Wisewin would have to consider their own capital safety - the first 500 million financing by the provincial government special fund use to solve,The second five new financing to seek the city government made financial security.

　　这反映了资金提供方对赛维运营的担忧，据悉后者在正常的商业银行系统已经很难获得贷款，而危机之前赛维的贷款要求满足率为100%。在这样的困境中，赛维为了获得持续的资金支持，就必须满足华融的要求——“人大及政府的相应允诺”，于是引发了后续闹剧。

This reflects the disclosing party funds to "d operation concerns,It is reported the latter in normal commercial bank system has been hard to get loans,Before the crisis and the dimension of the request for the loan meet rate was 100%.In such a dilemma,"D in order to obtain continuous financial support,To meet the requirements of wisewin --"National People's Congress and the government's corresponding promise",So triggered a subsequent farce.

　　从这一点说，华融是“始作俑者”，此举是为了其资金安全，却并不合法。

From this point,Wisewin is"creation",The move is in its capital safety,Is not legal.

　　二、新余市政府和江西赛维是政府和企业之间的关系。

two/XinYu municipal government and LDK is government and the relationship between the enterprise.

　　政府为企业提供良好的投资及经营环境、合法的激励机制，是应该的。但是动用财政收入，来为企业债务担保却是荒唐之极——不论其性质是国企或民企。

The government to provide enterprises with good investment and business environment/Legal incentive mechanism,Is should.But the use of fiscal revenue,For the enterprise security for debt is very absurd, no matter its nature is state-owned enterprises or corporation.

　　按照现行《担保法》的规定，政府是不能为企业担保的。即便是在实际运作中，只有部分政府在满足一定条件后为自己的融资平台和国有企业做担保。这个问题，在本质上仍然是市场和政府之间的界分。“经营型政府”和“全能型政府”的理念指导着政府行为，久而久之，政府干涉企业运营，企业越大越容易绑架政府、金融财政化等负面效应开始显现。

According to the current[Security law]regulations,The government is not for enterprise guarantee.Even in the actual operation,Only some of the government after satisfying certain conditions for their financing platform and state-owned enterprise as security.The problem,In essence is still between the market and the government of the boundary points."Operational government"and"All-round government"The concept of guides the government behavior,As time passes,Government intervention enterprise operation,Enterprise bigger is easy to kidnap the government/Financial CaiZhengHua etc negative effect began to appear.

　　对比2009年上海市闵行区政府成功处理“楼倒倒”事件，其经验之一是政府清楚的界分了“哪些是企业行为和企业责任？哪些是政府行为和政府责任？”江西新余政府在处理辖区内企业债务问题上，不应选择做积极主动的全能选手，否则后患无穷。

Contrast, minhang district of Shanghai in 2009 the government succeeded processing"Floor pour down"events,The experience is one of the government clear boundary points"What is the enterprise behavior and corporate responsibility?What is the government behavior and the government responsibility?"Jiangxi XinYu government in processing within the jurisdiction of enterprise debt issues,Should not choose to be active all-around player,Otherwise no end of trouble for the.

　　三、新余市政府和新余市人大的关系，是行政机关和代议机关之间的关系。

three/XinYu municipal government and the relationship between the xinyu National People's Congress,Is the administrative organs and the relationship between the representative organs.

　　按照当地政府的说法“只要赛维生存下来，整个产业链就不会停”。但是人大及其政府对辖区内企业的扶持要“合理合法合情”，可以有税收支持、有金融支持、有人才支持，却不能违法由财政兜底债务——这种支持是滥用纳税人钱财——却不问其意见。

According to the local government said"As long as the "save subsist,The whole industry chain will not stop".But the National People's Congress and the government in the area under its jurisdiction to the support of enterprise"Reasonable legal within",Can have a tax support/Financial support/Have talent support,But not by illegal financial out debt - this support is abuse taxpayer money - but don't ask their opinion.

　　地方人大对地方政府预算的审查，最应该代表的是辖区内广大民众的利益，替他们说话，做到公开与民主。拿新余全体纳税人的钱，谋一家之私——就算它是民企——亦是荒唐之致。现行1995年《预算法》正在积极修订之中，笔者支持在预算审议过程中，适当加强人大的权力，实现立法权与行政权的牵制与平衡。

Place National People's Congress on local government budget review,Most should represent the interests of the general public within its jurisdiction,Speak for them,Do open and democratic.Take XinYu all the taxpayers' money,For a private - even if it is corporation - is also the absurd to.The current 1995[Budget act]Are actively in the revision,The author support in the budget in the process of deliberation,Appropriate to strengthen the power of the National People's Congress,To realize the legislative power and executive power of traction and balance.

　　否决“不合法”的政府议案 veto"illegal"Government bill

　　现在，地方政府各级人大较少具备严格的预算审查意识，有体制和机制的原因，其成熟需要一个过程。如果当初在审议时，新余市人大能否决这样一项“不合法”的政府议案，不将此项财政支出纳入年度预算，也就不会有之后的“一片嘘声”。舆论讨论的焦点势必变成“地方人大及其常委会对政府预算草案的否定权、修改权和调整权”的问题。

now,Local governments at all levels of people's congress has less strict budget review consciousness,Have the reason of system and mechanism,The mature need a process.If in the first,Xinyu National People's Congress can veto such a"illegal"Government bill,Will not the financial expenditure into the annual budget,There won't be later"A piece of booing".The focus of the discussion of public opinion will become"Place National People's Congress and its standing committee for the government budget proposal negative right/Cumulative revision and right"problems.

　　在应对债务危机中，“借新还旧”是最常用的招数。只要能不断融资，危机就不会真正到来。但是一定要分清“钱”的性质，赋税收入、政府债务收入、金融机构贷款、政府金融稳定基金等，这些钱是不一样的。地方政府的财政收入和财政支出，不能想怎么用就怎么用。人大尤其要管好政府的“钱袋子”。

In dealing with a debt crisis,"Borrow new also old"Is the most commonly used way.As long as it can constantly financing,The crisis will not come true.But must distinguish"money"Properties of,Tax revenue/The government debt income/Financial institution loans/The government financial stabilization fund, etc,The money is not the same.The local government financial income and expenditure,Can not think how to use is how to use.National People's Congress especially to manage government"Fund sources".

　　也许有官员会认为，法律分析过于单纯，比如：万一企业倒闭了怎么办？工人失业造成社会不稳定怎么办？笔者想强调的是：法律是最重要的“游戏规则”。长期以来，我们就是在这种“瞻前顾后，寻求万全之策”之中，在所谓的“稳定和发展第一”之中最先抛弃了最该坚守的“法治”。

Maybe officials will think,Legal analysis is too simple,For example:One thousand enterprise went out of business?Workers unemployment caused social instability?The author would like to emphasize that the:The law is the most important"The rules of the game".For a long time,It is in this"Selecting the,Seek one size fits all"of,In the so-called"The stability and development"In the first abandoned most of the hold"The rule of law".

　　这种做法，一旦蔓延，遗害无穷——进一步混淆地方政府债务的概念与范围；进一步混淆政府和市场之间的界限；助长全能型政府和经营政府的理念；弱化人大的预算审查权力等。

This kind of practice,Once the spread,Leave endless troubles - further confusion local government debt concept and range;Further confusion between government and market boundaries;Encourage all-round government and business concept of government;Weakening National People's Congress's budget review power, etc.

　　讲得再具体一点，赛维的债务若最终不能归还。算到底也只是或有隐性债务——“私营实体未予担保的债务（义务）的违约”。如果新余市政府连或有隐性债务，都能堂而皇之的，在“利益集团游说”以及“政治压力”的情况下自己主动承担，那么此后，那些“下级政府的财政缺口和债务、地方金融机构的不良资产和债务、地方国有事业和企业单位的亏损、欠债或损失挂账、以地方政府名义融资违规运行形成的或有负债、对非公共部门债务的清偿、地方政策性投资公司的呆坏账损失”等诸如此类的债务，也就没有理由“照此办理、照单全收”了？

Speak again a bit more specific,"D debt if the final can not return.What is just or recessive debt --"Private entity for the debts of the guarantee(obligations)Of breach of contract".If XinYu municipal government even or recessive debt,Can hall,in"Interest groups lobbying"and"Political pressure"Under the circumstance of oneself active bear,So then,Those who"The lower the government's financial gap and debt/Local financial institutions of the bad assets and debts/Local state-owned business and enterprise unit losses/Credit debt or loss/In the name of the local government financing illegal operation form or liabilities/In the public sector debt pay off/Local policy investment company's non-performing loss"Such as debt,There is no reason"Dealt with according to the/Accept according to the order"the?

　　当初，经营型政府的理念把企业一块拖上飞速的战车，出了问题，再来充当全能政府的唯一结果就是：加速自己财政破产。

had,The concept of operational government the enterprise a drag on rapid chariots,Out of the question,Come again as the only result is almighty government:To accelerate your financial bankruptcy.