赵晓史贵存

ZhaoXiao ShiGui save

　　随着发改委对又一轮大规模基建投资项目的审批，以及在 “稳增长”目标下，各地政府纷纷抛出“促投资”计划。此外，统计数据显示，截至9月24日，今年地方政府债券招标已有十六期 （包括地方自主发行与财政部代理发行），累计发行金额2473亿元，已经超过去年全年1781.6亿元的额度。可见，政府投资的资金缺口还很大，钱从哪里来是个不得不考虑的问题。

Along with the development and reform commission for another round of large-scale infrastructure investment project examination and approval,And in "Steady growth"goals,Local governments are out"Promote investment"plan.In addition,Statistics show,By September 24,,This year local government bonds bidding sixteen period (Including local independent issue and the ministry of finance issued agent),Accumulated release amount of 247.3 billion yuan,Last year more than 178.16 billion yuan of line.visible,Government investment financing gap is very big still,Where the money came from a have to consider problems.

　　据报道，此次审批的项目，近6成资金需要依靠银行贷款和其他融资渠道筹集。但在当前银行贷款收紧的情况下，地方政府只能把债券、信托产品作为主要融资方式。另外，由于目前中国缺乏为基建作长期债务融资的工具，普遍存在 “短债长投”现象，这无疑增加了流动性风险，为地方债务危机埋下了隐患。因此，在现实压力下，我们更应该推进地方融资改革，为基建投资“开源”。

According to the report,The approval of the project,Nearly six into funds need to rely on bank loans and other financing channels to raise.But in the current bank loans under the condition of tightening,The local government can only put bonds/Trust products as the main financing way.In addition,Due to the lack of China for infrastructure for long-term debt financing tool,widespread "Short debt long throw"phenomenon,This undoubtedly increased liquidity risk,For local debt crisis the hidden trouble.therefore,In the real pressure,We should also promote local finance reform,For infrastructure investment"Open source".

　　我国城市轨道和市政建设项目目前主要由地方城投公司负责建设，并没有中央预算内资金支持。所以，地方大规模投资项目建设资金将主要来自于银行贷款、地方融资平台以及未来轨道沿线的房地产项目开发。

Urban rail and municipal construction project at present mainly by the local city investment company responsible for construction,And not the central budget for financial support.so,Local large-scale investment projects construction funds will be mainly comes from the bank loan/Local financing platform and the future of real estate project development along the orbit.

　　逐一来看，在银行贷款方面，目前商业银行信贷结构也呈现“短多长少”的状况。今年前7个月，银行新增对公中长期贷款1.14万亿元，占同期总新增贷款比例为21.2%，远低于去年同期的32.8%。虽然8月的状况略有改善，但起色不大。另外，截至6月末，我国银行业不良贷款余额为4564亿元，中行、工行、建行的贷存比都已经高于过去五年的平均水平。

To see each,In bank loans,The commercial bank credit structure is presented"Short long less"condition.The first seven months of this year,New Banks tests of long-term and medium-term loans 1.14 trillion yuan,The new loans accounted for the total 21.2%,Far below 32.8% for the same period last year.Although in August improve slightly,But little improvement.In addition,By the end of June,Our country banking non-performing loan balance is 456.4 billion yuan,boc/icbc/The construction bank DaiCunBi are higher than the average level in the past five years.

　　此外，即使银行愿意贷款，也很可能会因为无钱可贷而 “力不从心”。在这种情况下，银行对地方政府相关项目放贷已非常谨慎。而且，银行还要不断提高贷款质量，并对前期不良贷款追加确认，这些都会增加银行的“惜贷”情绪，严重制约银行参与基建扩张的意愿和能力。

In addition,But even if the Banks are willing to take out loans,Also will probably because there is no money to borrow and "Ability not equal to one's ambition".In this case,Bank to local government loans related project has been very careful.and,The bank will constantly improve the quality of loans,And the prophase non-performing loans additional confirmation,These will increase the bank"arisen"emotional,Restricted bank to participate in infrastructure expansion of willingness and ability.

　　银行贷款收紧后，很多地方融资平台开始和信托、委托贷款、理财产品等非信贷融资紧密结合。近期债券融资有所放宽，城投债发行也在加快。但城投债目前已经被银监会的相关要求严格管控，地方能够发债的融资平台数量十分有限。

Bank loans after tightening,Many local financing platform start and trust/Entrust loan/Financial product and the credit financing closely.The recent bond financing have been relaxed,City for debt issue also to speed up.But city for debt at present have been banking regulatory commission related requirements strictly control,Place can FaZhai financing platform quantity is very limited.

　　在此情况下，以城投公司为代表的平台，以基建类信托的形式为地方大量融资。但其风险主要取决于背后地方政府的财政实力。此外，受托公司是否有担保或抵押等征信措施也需要慎重考虑，其最大的风险在于地方财政实力不济，无法及时兑付本金及其收益，这就是基建类项目的延期风险。

In this case,To city for the company as a representative of platform,In the form of trust construction class for local a large number of financing.But the risk depends on the back of the local government financial strength.In addition,The company have the guarantee or mortgage of the reference measures also needs careful consideration,The biggest risk is that local financial strength is nothing,Not in time to cash a principal and income,This is the infrastructure kind of project delay risks.

　　保险金也是资金来源之一，保险金通过与投资基金、债券等金融工具的结合，也可以实现多元融资。

Insurance gold is also one of the source of funds,With the insurance investment fund/The combination of financial tools such as bonds,Also can realize multiple financing.

　　最后，发改委也在酝酿针对城铁、城际轨道交通等项目的基础设施私募债券，还将在企业债申报上对城市基建类公司债简化程序，加快审核。另外，由于养老金与基建投资的周期最为契合，如时机成熟应试点以约定储蓄为主要手段，使之成为长期债券，并投入到市场中。

finally,Development and reform commission also in brewing in city/The inter-city rail transportation project infrastructure private bond,But also in the QiYeZhai declaration on urban infrastructure kind of corporate debt simplified procedures,Speed up the audit.In addition,Due to the pension and infrastructure investment cycle most fit,Such as ripe for the pilot should be in agreement savings as the main means,Make it become the long-term bonds,And into the market.

　　短期内，基建资金来源可以主要依靠以上几个方面。但从长期看，推行地方融资改革，才能为大规模基建投资“开源”。建立规范的地方公债制度，在有限制的条件下授权地方政府发行债券，将是中国公债制度改革的方向。

In the short term,Infrastructure capital source can rely mainly on the above aspects.But in the long run,Implementation of the local finance reform,Can be large-scale infrastructure investment"Open source".Set up standard local bond system,In the limited conditions authorized local governments issue bonds,Will be the direction of China's bond system reform.

　　除此之外，还有很多其他的改革建议。如央行行长周小川提出的关于“地方债属地化”观点，近期受到了广泛关注。对此，笔者认为，这是个好想法，但目前还很难落地。具体实施之前，需具备如下几个条件：第一，地方政府在严格的会计制度约束下，还需具有完善、透明的资产负债表；第二，信息要对称，地方政府的人均债务率、债务余额和收入与债务比等关键信息，要对当地居民完全披露；第三，当地居民具备参与政府负债投资项目决策的权利；第四，要建立监管服务机构，提高当地居民信息甄别能力和风险规制的能力。

In addition,There are many other reform Suggestions.As the central bank governor zhou xiaochuan put on"Local debt ShuDeHua"view,Recently received extensive concern.this,The author thinks that,This is a good idea,But it is difficult to be born.Specific implementation before,Need to have the following several conditions:The first,The local government in the strict accounting system constraints,Also need to have perfect/Transparent balance sheet;The second,Information to symmetric,The local government's per capita ZhaiWuLv/Debt balance and income and debt, such as the ratio of key information,To local residents full disclosure;The third,Local residents have participation in government debt investment project decision-making rights;The fourth,To establish supervision service agencies,Local residents to improve information discrimination ability and the ability of risk regulation.

　　总之，在地方融资改革的实践中，应规范、科学地改进融资计算方式及程序，将项目做成标准投资品，并以此来吸引资金，还要解决监管过程中出现的门槛问题。长期以来，我国的基建投资主要依靠政府财政、土地融资和银行贷款，投资主体一元化，社会资本参与程度很低。未来，应利用信托、证券、投资公司等多种形式，让更多的社会资本参与基础设施建设，使其融资模式市场化。另外，在引入社会化资本的过程中，还要打破垄断，破除“玻璃门”、“弹簧门”，以减轻地方政府自身举债的压力和还债风险。

In a word,In the local finance reform practice,Should be regulated/Science to improve financing calculation methods and procedures,The project to make standard investment,And in order to attract money,To solve the regulation problem appeared in the process of threshold.For a long time,China's infrastructure investment mainly relying on government finance/Land financing and bank loan,Unified investment subject,Social capital participation is very low.The future,Should take advantage of the trust/securities/The investment company and so on the many kinds of form,Let more social capital to participate in infrastructure construction,Make its financing mode marketization.In addition,On the introduction of socialization in the process of capital,Will break the monopoly,break"Glass door"/"Swing door",In order to reduce the local government debt pressure and their debts risk.