基建投资热潮下 Infrastructure investment boom down

　　警惕平台贷风险抬头 Alert platform credit risk looked up

　　随着银监会2011年以来对地方政府融资平台贷款的严厉管控，银行业金融机构也开始了一场关于平台贷款的整肃。

Since 2011, with the CBRC for local government loan financing platform of strict control,Banking financial institutions also started a purge of the loans on the platform.

　　但近期各地政府相继出台大额投资计划，发改委近日也集中公告了一批以基建为主的投资项目。这些基建项目的大举动工，将需要大笔的资金支持。而通过平台公司从银行获得贷款将成为地方政府获取资金的最简便方式。事实上，二季度以来各地新设融资平台已有增多倾向，新增融资平台主要为区县级，集中于土地储备和城市建设投资领域。这对于保持住年初提出“平台贷款余额只降不升”的目标将形成巨大的冲击。

But recent governments around the world have issued the large amount of investment plan,Development and reform commission recently announced also focused on a number of investment projects in infrastructure primarily.The construction project massive construction,Will need large sums of money to support.And through the platform company obtain loan from the bank will become the local government funds for the most simple way.In fact,Since the second quarter around a new financing platform for increasing tendency,New financing platform mainly for the district,Focus on land reserve and urban construction investment fields.This to keep proposed at the beginning"Platform loan balance only drop not rise"Goals will form the huge impact.

　　目前，地方金融机构对平台贷款的态度究竟如何？在新一轮投资热潮来袭之际，地方金融机构是否能守住平台贷款“只降不升”的法则？本报记者兵分多路，于8月下旬走访了河北、江苏、辽宁等几个县市。

At present,Local financial institutions to platform loans what attitude?In the new round of investment boom to the attack,Local financial institutions can keep platform loans"Only drop not rise"law?Our reporter soldier multiplexing,In late August visited hebei/jiangsu/Liaoning and so on several counties.

　　记者调查发现，尽管今年上半年银监会提出省级平台和“百强县”的平台贷款可在合规的情况下给予一定的支持，但上半年各家银行对于平台贷款的总体态度就是“严控”，省级平台和“百强县”的平台贷款未见大幅上升的情况。

Reporter survey found,Although the first half of this year at the provincial level and banking regulatory commission (CBRC) proposed platform"Among the"Platform loan can be in compliance of the circumstances give some support,But in the first half of the Banks for loans platform overall attitude is"Tight control of",Provincial platform and"Among the"Platform loan did not see the rise sharply.

　　不过，记者在调查中也发现，尽管新增贷款得到了控制，但贷款总量并没有明显收缩，以五大国有商业银行为例，其平台贷款余额约为2.2万亿元，比去年末增加了450亿元。此外，平台公司借新还旧、腾挪、互保等不符合规定的做法仍难以杜绝。平台贷款发放的合规性仍有待进一步加强。

but,Reporter in the survey also found,Although new lending has been under control,But the loan amount and no apparent shrinkage,With five big state-owned commercial Banks as an example,The platform loan balance is about 2.2 trillion yuan,Proceedings than added up to 45 billion yuan.In addition,Platform company borrow new also old/Move STH to make/Mutual insurance is not in conformity with the provisions, such as it is still difficult to put an end to.Platform loans compliance remains to be further strengthen.

　　⊙记者 苗燕 李丹丹 ○编辑 枫林

MiaoYan ⊙ reporter li dandan ○ editing bush

　　现状盘点

Status inventory

　　A 平台公司获得新增贷款难度大 A platform for the new loan is difficult

　　记者在江苏某县了解到，当地共有6家银监会名单内的融资平台公司，其中三家为全现金流覆盖，一家为基本覆盖，另外两家无覆盖。当地财政局人士表示，平台公司广泛设立并大举贷款是从2008年开始。但是从2010年开始，随着中央对融资平台风险开始重视，这6家平台公司因为各种原因，都没有能从银行拿到贷款，包括资质较好的城投公司以及临港工业园区。

Some county in jiangsu reporter learned,The local banking regulatory commission (CBRC) there are six list of financing platform company,Three of the home for all cash flow coverage,A as the basic coverage,Two other no cover.The local finance bureau say,Platform company set up extensive and massive loans began in 2008.But since 2010,As the central on the financing platform risk began to pay attention to,The six platform company for various reasons,Failed to get loan from the bank,Including qualification better city investment company and lingang industrial zone.

　　江苏银行当地支行行长介绍，实事求是讲，很难向当地这6家政府融资平台贷款。名单里面的6家公司，在当地银行的名单里都属于“压缩类”。城投公司、土地整理中心这两家平台，江苏银行以前都向其贷款过，但是从2010年开始都是只收不贷了。

Jiangsu bank local branch President is introduced,Seeking truth from facts speak,It is difficult to report to the local this six government loan financing platform.List the inside of the six companies,In a local bank's list all belong to"Compression class".City investment company/Land consolidation center the two platform,Jiangsu bank before the loan to have,But beginning from 2010 is only accept not borrowed.

　　该行规定，融资平台只有符合两个条件才能拿到贷款，其一是市一级或市以上的融资平台，要报银监局批准，作为特殊企业发放贷款，且要求正常经营。第二个要求是现金流能够覆盖贷款余额。当地符合这两个条件的融资平台基本上没有。

The bank regulation,Financing platform only meet two conditions to get loans,One is the city level or above city financing platform,Want to report the CBRC approval,As a special enterprise loans,And for normal operation.The second requirement is cash flow to cover the loan balance.The local accord with the two conditions of the financing platform basically do not have.

　　而记者在河北省的一个“百强县”了解到，尽管身为“百强县”，也很难从银行拿到钱。近两年，尤其是今年以来，当地的6家平台公司中，有3家还在继续从银行获得贷款，不过，这部分贷款均不是新增贷款，主要是采取借新还旧的方式，或者收回再贷。当地一家农信社的人士介绍说，只知道银监会要求严控平台贷款，并没有听说“百强县”的平台贷款可以放松。所以他们没有对平台公司手下留情，今年以来，基本上没有对平台公司发放过贷款。

And the reporter a in hebei province"Among the"To understand,Although as a"Among the",Also it is difficult to get money from the bank.Nearly two years,Especially since this year,Local six platform in the company,There are three home still continue to obtain loan from the bank,but,This part of the loan are not new lending,Mainly take borrow new is the old way,Or take more credit.A local rural credit cooperative people said,Only know the CBRC urged tight control platform loans,Did not hear"Among the"Platform can relax loan.So they have no to platform company a hand,Since this year,Basically do not have to platform company issued a loan.

　　他介绍说，目前，当地正在兴建新的工业区，该工业区正在跟当地的银行就贷款的问题进行沟通，但目前尚无银行对其放贷，他所在的农信社也只是在接洽中。据他介绍，目前当地贷款量最大的银行是农行，其次是当地信用社、工行。这几家金融机构对平台贷款的态度均十分谨慎。

He said,At present,Local is the building of the new industrial zone,The industrial area is with the local bank loan problem to communicate,But at present there is no bank to its lending,He is only in the cooperatives in the approach.According to he introduced,At present the local debt's largest bank is the agriculture bank,The second is the local credit cooperatives/icbc.This several financial institutions to platform loans are very cautious attitude.

　　银监会2012年发布的《中国银监会关于加强2012年地方政府融资平台贷款风险监管的指导意见》（以下简称意见）规定，仍按平台管理类的新增贷款必须满足五个前提条件：一是公司治理完善；二是现金流全覆盖；三是抵押担保符合现行规定且存量贷款已在抵押担保、贷款期限、还款方式等方面整改合格；四是借款人资产负债率低于80%；五是融资平台存量贷款中需要财政偿还的部分已纳入地方财政预算管理，并已落实预算资金来源。

The CBRC published in 2012[The China banking regulatory commission on strengthening the local government financing platform in 2012 loan risk supervision instruction opinion](Hereinafter referred to as "opinion)provisions,Still presses platform management class of new loans must satisfy five premise condition:One is the perfect corporate governance;The second is a complete coverage of cash flow;The third is the mortgage guarantee conform to the current rules and stock loans has set up a file in the mortgage guarantee/Loan time limit/Reimbursement way of qualified rectification;The fourth is the borrower asset-liability ratio is less than 80%;Five is financing platform stock loans for financial repay part already into the local fiscal budget management,And already implement budget funds.

　　B 平台贷款质量相对较好 B platform loan quality is relatively good

　　16家上市银行刚刚披露完的半年报显示，今年上半年银行业的平台贷款质量未发生恶化，不良率控制在较低水平，并未出现大的风险。记者在两地调研发现，平台贷款资产质量较好，未出现大的风险。

16 listed bank has just finished disclosure semi-annual report shows,In the first half of this year banking platform loan quality deterioration has not occurred,Defect rate control in a relatively low level,There was no big risk.Reporter in both research found,Platform loan asset quality is better,No occurrence of major risk.

　　其中，河北省某县的6家平台公司均没有不良贷款。不过，其中土地储备中心2010年的两笔贷款的实际还款日期较约定还款日拖延了一年，曾造成该笔贷款逾期。而据记者了解，其他平台贷款均按时还款，没有形成一笔不良。而江苏某县的6家平台公司贷款余额约为15亿，存在逾期现象。但情况也不严重，预计能够全额收回。

the,Some county in the hebei province of the six platform company are no bad loans.but,The land reserve center 2010 two loan repayment of the actual date is agreed to reimbursement dragged on for a year,Has formed the loans overdue.According to reporter understanding and,Other platforms are loans on time reimbursement,Did not form a bad.And some county in jiangsu province of the six platform company loan balance is about 1.5 billion,Exists the phenomenon of exceed the time limit.But the situation is not serious,To sum is expected to recover.

　　中行行长李礼辉在中行的半年报业绩说明会上表示，不管是按照去年底的口径，还是按照今年6月末的口径，中国银行(601988,股吧)地方政府融资平台贷款的总量都在减少。他介绍说，在结构方面，中行平台贷现金流全覆盖和基本覆盖共占比90%左右，省级平台客户占比66%，不良率仅为0.17%。

Bank of China governor LiLiHui in central half annals performance shows the meeting said,No matter in accordance with the end of the aperture,At the end of June or according to the diameter,The bank of China(601988,guba)The local government financing platform, the total of all loans in reducing.He said,In the structure,Bank of China platform credit cash flow full cover and basic cover accounted for more than 90%,Provincial platform customer accounts for more than 66%,Defect rate is only 0.17%.

　　风险直击

Direct risk

　　A 借新还旧难杜绝 互保现象较为普遍 A new also borrow the old difficult to put an end to fidelity phenomenon is relatively common

　　尽管有监管层的整肃风暴在前，不过，记者发现，平台贷款还是存在不少风险隐患，其中，借新换旧就一直处于屡禁不止的状态。

Despite the regulatory layer purge of the storm in the former,but,Reporter discovery,Platform loan or there exist a lot of risks,the,Borrow new for old has been in a long-standing state.

　　调查中，河北某县城投公司2010年的一笔2000万元的贷款仅逾期归还了500万元，余额1500万元今年向银行申请借新还旧。而这是明显违反银监会相关规定的。银监会2011年发布的《中国银监会办公厅关于印发地方政府融资平台贷款监管有关问题的说明通知》（以下简称通知）明确要求，对于到期的平台贷款，一律不得展期和以各种方式借新还旧（含跨行）。

In the investigation,A county in hebei province for the company 2010 a 20 million yuan in loans overdue returned only 5 million yuan,Balance is 15 million yuan this year applies to the bank for borrow new also old.And this is obviously violates the relevant regulation of the CBRC.The CBRC published in 2011[Issued by the general office of the CBRC on local government loan financing platform of the relevant questions of the regulation that notice](Hereinafter referred to as the "notice)Clear requirements,Due to the platform loans,Are not allowed extension and in various ways to borrow the new is old(Contain an inter-bank).

　　当地一家银行的工作人员告诉记者，如果不违反规定继续以借新还旧的方式发放贷款，则这笔贷款就有可能成为不良。该人士介绍说，该城投公司目前贷款余额约为4.5亿，简单从以上统计指标上看，该公司资产负债率较低，企业长期承债能力较强，资产流动性能较好。该公司处于建设期，资金运作量较大。可以说在一定时期内，该公司具有一定的即期债务偿付能力。因此，总体来看，采取借新还旧的这种方式比强行收回的效果要好得多。

A local bank staff told reporters,If you don't, in violation of the regulations, continue to borrow the new also old ways lending,Is the loan may be bad.This personage said,For the company's current loan balance is about 450 million,Simple from the above statistics on the index,The company asset-liability ratio is low,Enterprise long-term bearing debt ability is strong,Liquidity performance is good.The company in the construction period,Capital operation in large quantities.Can say in a certain period of time,The company has a certain spot debt solvency.therefore,overall,Take borrow new also old this way than forced back the effect is much better.

　　而在调查中，更让记者担忧的是，平台公司贷款互保的问题也较为突出，这些情况和问题，加大了平台贷款的风险隐患，应引起高度关注。

And in the investigation,More let reporters concern is,Platform company loan mutual insurance problem also more prominent,These situations and problems,Increased the risk of loan platform hidden trouble,Should draw high attention.

　　银监会2011年下发的《通知》规定，银行业金融机构不得再接受地方政府以直接或间接形式提供的任何担保和承诺。尽管记者在调查中发现，大多数平台公司已经不再由政府直接进行担保，但平台公司之间互相担保的情况还是比较普遍的。

In 2011 the CBRC issued[notice]provisions,Banking financial institutions shall not accept the local government to provide direct or indirect form any security and commitment.Although reporter in the survey found,Most of the platform company has no longer directly by the government to guarantee,But platform company each other between the situation of guarantee or compare common.

　　业内质疑说，既然平台公司是政府出资建立的，那平台公司提供担保实际上还是政府在进行间接担保。此外，由于大部分平台公司都在银行有大额贷款，这种互相联保的方式对于银行贷款的回收潜藏着较大风险。

The industry questioned said,Since platform company is established by the government,The platform company to provide security in fact or government in indirect guarantee.In addition,Since most platform companies with large bank loans,This mutual joint guarantee way to bank loan recovery lurk the big risk.

　　B 平台贷“腾挪术”不断挑战监管红线 B platform credit"Move STH to make operation"Will challenge the red line supervision

　　记者在河北、江苏等地调研发现，有个别“名单制”管理系统外的公司，仍可从银行获得贷款。不仅如此，还有些地方政府，为了让平台公司获得贷款，还想出了包装一家看似与政府毫无关联的公司，再以公司的名义获取贷款用于政府项目建设的办法。还有干脆借道于当地一家合格的平台公司贷款，用于其他不合规平台公司的项目。

Reporter in hebei/Jiangsu survey found,individual"List system"The management system of the company,Still can obtain loan from the bank.Not only that,Some local governments,In order to let the platform company to get a loan,Also came up with packing a seemingly and government no relation to the company,The name of the enterprise to obtain loans for the government to the project construction.There are simply tailgating in a local qualified platform company loans,Used for other not compliance platform of the company's projects.

　　这些“腾挪术”的背后，是银监会2011年出台的许多禁止发放平台贷款的规定正在不断地被试探底线。

these"Move STH to make operation"Behind the,The CBRC is introduced in 2011 many of the banned the provisions of the loan issue platform are constantly by testing the bottom line.

　　借助合规平台获取其他项目贷款 With the aid of compliance platform for other project loan

　　银监会2011年发布的《中国银监会办公厅关于印发地方政府融资平台贷款监管有关问题的说明通知》（以下简称通知）明确规定，各银行应建立符合自身经营实际情况的融资平台“名单制”管理系统，不得向该名单之外的融资平台发放贷款。

The CBRC published in 2011[Issued by the general office of the CBRC on local government loan financing platform of the relevant questions of the regulation that notice](Hereinafter referred to as the "notice)Specific provision,Each bank shall establish consistent with their own actual operation situation of the financing platform"List system"Management system,Not to the squad financing platform issue loans.

　　不过，记者调查发现，在河北省的某县，仍在发放平台贷款的部分公司，并不在其上报的平台公司名单之中。不仅如此，借助于一家有资格获取平台贷款的公司的渠道，而将获得的贷款用于其他平台公司项目的情况也十分突出。当地的一家土地储备中心就有多笔贷款并非用于土地储备中心的建设项目。其中一笔就是用于水利项目，而该项目对应的水务平台公司因现金流无覆盖而无法从银行获得贷款。

but,Reporter survey found,Some county in hebei province,Still in the platform of the mortgage company,Not in its reported platform company in the list.Not only that,With the aid of a qualified for platform loan company channel,And will get loans to other platform of the project is also prominent.A local land reserve center is a loan is not used in the construction of the land reserve center project.One of the pen is used in water conservancy project,And the project corresponding water platform company for cash flow no cover to obtain loan from the bank.

　　“其实我们对此是知情，但是没有办法不贷。而且考虑到通常政府也是能够保证还款的，所以还是贷了。”当地一家银行的工作人员说。

"In fact we are is informed,But there is no way no credit.And considering the usually government also is able to guarantee the repayment,So or borrowed."A local bank staff said.

　　据了解，这家土地储备中心是当地多个部门的融资平台，水务、国土等均依靠这一平台公司进行融资。银行评估显示，该中心的资产负债率达到90%以上，超出警戒线，属于高负债经营，不过，由于其在市场上处于垄断地位，超额利润较为丰厚，银行认为其应该具有较强的短期偿债和即时偿还能力。但从偿债能力上看该中心长期承债能力不强。因此，银行在贷款定价时，采取了基准利率上浮60%的较高价格。

It is understood,The land reserve center is more than the local department of financing platform,water/Land all depend on this platform company for financing.Bank estimates,The center of the asset-liability ratio above 90%,Beyond cordon,Belong to the high debt management,but,Because of its in the market in a monopoly position,Excess profit more rich,The bank says it should have stronger short-term debt service and instant repayment ability.But from the debt paying ability see the center long-term bearing debt ability is not strong.therefore,When the bank loan pricing,Take the benchmark interest rate rise 60% of higher prices.

　　包装“名单外”公司 平台贷款变身“公司贷款” packaging"List the"The company platform loan Cinderella"The company loans"

　　一家大型银行辽宁省分行的人士介绍说，今年上半年以来，银监局对于平台贷款的监督检查公司非常严格，银行都在按照规定压缩、清理、退出平台贷款，以确保完成“只降不升”的目标。因此，名单内的正规平台公司从银行拿到贷款的可能性极低。记者在江苏某县调研时也了解到，当地的6家平台公司贷款在银行名单内都属于压缩类，因此，“只要跟银行提到政府平台背景，基本上都没办法贷款，大到四大行，小到信用社都不行。”

A large bank branch in liaoning province people said,Since the first half of this year,The CBRC for platform loans to the supervision and inspection of the company is very strict,Banks are in accordance with the relevant provisions in compression/cleaning/Exit platform loan,To ensure the complete"Only drop not rise"goal.therefore,List of formal platform company from the bank loans to the possibility of very low.Reporter in some county in the jiangsu research also know that,Local six platform company loans in bank list all belong to compression class,therefore,"As long as with bank mentioned government platform background,Basically all can't loan,To four line,Small to credit cooperatives all not line."

　　但是“上项目、搞投资”，成为近年来地方官员热衷的政绩工程，为了推新的项目，为了给新项目筹措资金，包装名单外的公司获取贷款就成为地方官员不得不做的事情。江苏某县财政部门的人士介绍说，政府要贷款，都是以包装项目的名义，要银行看不出项目的政府背景，“如果注册资本金是有政府背景的，肯定贷不到款。”

but"On the project/Make investment",Become in recent years local officials keen achievements engineering,In order to push the new project,In order to raise funds for the new project,Packing list outside company for loans will become local officials had to do.Some county in jiangsu province of the financial department of the people said,The government should loan,Packaging is the name of the project,Will the bank can't outlay purpose government background,"If the registered capital is a government background,Must borrow less than money."

　　当地的临港工业园区的一位人士介绍说，今年该工业区内需要建新项目，但是以工业园区这个融资平台的名义拿不到贷款，于是园区包装了港口股份公司。包装的步骤是这样的：用海域使用权作为质押，但航道与一级公路的性质一致，没有收入来源。于是又建立了码头，码头才有收入，同时搞了仓储物流，这样就有了场地租金和仓储费收入。包装了以后，又把几家有现金流、税收的企业，通过工商备案，登记港口股份公司的股份，参股港口股份公司。这个公司有现金流、有业绩、有税收，就可以拿到贷款了。

Local lingang industrial zone of one person said,This year the industrial areas need a new project,But in industrial park in the name of the financing platform can't get the loan,So park packing the harbor stock company.Packing step is such:Use rights to use sea areas as a pledge,But the channel and the nature of the first class highway, consistent,No source of income.And he set up the wharf,Wharf have income,At the same time make the warehousing and logistics,There was ground rent and storage fee income.After the packing,And several have cash flow/Tax of the enterprise,Commerce through the record,Registration port stock shares in the company,Participation port stock company.The company has a cash flow/A performance/A tax,Can get loan.

　　这种公司，表面看是一个健康运转且与地方政府无关的企业，但实际上就是地方官员积极打造、刻意包装的名单外的平台公司。

The company,Surface see is a healthy operation and has nothing to do with the local government of the enterprise,But in fact is local officials make actively/Deliberately packing list external platform company.