在研讨地方政府融资平台中，相关各方均将主要精力集中于探讨分析“债务风险”方面。随着清理的深入，不仅披露的债务数额不断扩大（2009年末，央行根据广义统计口径进行的专项调查结果显示平台贷款余额为7.38万亿；2010年6月末，银监会披露平台贷款余额达到7.66万亿；2011年6月27日，审计署披露地方政府性债务审计结果是，截至2010年底，全国地方政府性债务余额107174.91亿元），而且通过各种估算分析，对债务风险的担忧也持续升温。但是，这些估算和分析并不可靠。

In the discussion local government financing platform,All relevant parties will mainly focus on analyzes"Debt risk"aspects.With the deepening of the cleaning,Not only the disclosure of the amount of debt continues to expand(By the end of 2009,The central bank according to the generalized statistical caliber of special survey platform loan balance for 7.38 trillion;At the end of June 2010,The CBRC disclosure platform loan balance reached 7.66 trillion;On June 27, 2011,The disclosure of local government debt audit as a result,By the end of 2010,The local government debt balance is 10.717491 trillion yuan),And through all kinds of estimation analysis,The debt risk of concern also continues to heat up.but,The estimation and analysis is not reliable.

　　第一，债务风险并不确实。从资产负债表的左右列关系看，“负债”只是反映了资金来源的状况，本身很难判断是否存在风险（一个简单的实例是，如果负债就是风险，那么就意味着，工商企业不应从金融机构获得贷款资金，也不应通过发行债券等获得债务性资金）。对任何企业和机构而言，获得债务性资金的同时，在资产方也就有了对应数额的“货币资产”增加。仅此来说，债务增加并未相应地增加风险。一个突出的实例是，商业银行等金融机构每天都在吸收存款，这些存款资金就是债务性资金。如果增加债务性资金就是增加风险，那么就应明确提出、评估和分析这些金融机构的债务风险，但事实上，谁都没有这么做。其内在机理是，债务本身并非风险。债务性资金在转化为“资产”以后，由于资产运作的效率和现金流状况不同，既可能引致偿债风险（即到期不能兑付本息），也可能在清偿债务后还有经营利润，由此可见，风险来自于“资产”（而非来自于“债务”）。但奇怪的是，在研讨地方政府融资平台债务风险中，几乎没有人认真探讨由这些债务所形成的实物资产究竟处于何种状况。如果说这些实物资产处于高效优质，则并不存在多少债务风险；如果这些实物资产质量低劣，则债务风险很大甚至极大。但既然没有认真分析过这些实物资产的效率和质量状况，也就缺乏足够的根据来证明，它们处于严重的风险境地。由于地方政府融资平台的“资产”主要落实于各类项目中，所以，如果不能清晰地指出哪些资产的质量较差（从而风险较大）的话，那么，至少也应指出处于平台中哪些项目不应当建设。但可惜的是，在各种研讨平台风险的议论中，并没有谁明确指出了这一点。由此可见，所谓的平台风险更多的是一种缺乏确实根据的“忧天”。

The first,Debt risk is not really.From the balance sheet left column relationship to see,"liabilities"Just reflects the status of the capital source,Itself is difficult to judge whether there is risk(A simple example is,If the debt is to risk,That means that,Business enterprise not get loans from financial institutions funds,Also should not through the issuance of bonds, and other access to debt sexual capital).For any enterprises and institutions concerned,Access to debt sex funds at the same time,In the asset side will have a corresponding amount of"Monetary assets"increase.For that,Debt increased not correspondingly increase risk.A prominent examples are,Commercial Banks and other financial institutions in the absorption deposit every day,These deposits money is debt sexual capital.If additional debt sexual capital is to increase the risk,Then you should clearly put forward/Evaluation and analysis these financial institutions debt risk,But in fact,Who have not done so.Its inner mechanism is,The debt itself is not risk.Debt sexual capital in into"assets"later,Due to the assets operation efficiency and cash flow situation is different,Not only may lead to debt risk(That can't be due principal and interest),Also may be in after the debts and operating profit,Thus it can be seen,Risk comes from"assets"(Rather than from"debt").But it is strange that,In the discussion local government financing platform debt risk,Almost no one seriously about the debt by the formation of the physical assets actually what is the situation.If these physical assets in high quality and efficiency,There is not much debt risk;If these physical assets inferior quality,The debt risk even great large.But since no careful analysis these physical assets efficiency and quality status,Also the lack of adequate according to to prove,They are at risk of serious situation.Because the local government financing platform"assets"The main implement in various projects,so,If you can't clearly pointed out that what assets of poor quality(Thus risk is bigger)words,so,At least should also pointed out that in the platform which projects should not construction.But it's a pity,In all kinds of discussion platform risk comments,And no one explicitly pointed out it.Thus it can be seen,The so-called platform risk is more of a lack of really according to"Sorrow day".

　　第二，对银行贷款风险的评估并不确实。一些人认为，地方政府融资平台的债务主要来自于商业银行等金融机构的贷款（尤其是2009年新增贷款9.6万亿元中的相当大部分投放给了地方政府融资平台），一旦地方政府难以清偿到期的贷款本息，就将使金融机构的不良贷款大幅增加，从而影响到中国金融体系健康运行。这种担忧既依托于对商业银行等金融机构如何发放贷款、贷款的内控机制和如何监控、追踪贷款质量等操作程序的不了解，也依托于对2009年9.6万亿元新增贷款去向的不了解，还依托于对2009年之后中国银行(601988,股吧)业盈利状况的无视。

The second,On bank loan risk evaluation is not really.Some people think that,The local government debt financing platform mainly comes from commercial Banks and other financial institutions loans(Especially in 2009, 9.6 trillion yuan of new loans is put on the most to the local government financing platform),Once the local government to pay off the loan principal and interest due,Will make a financial institution non-performing loans increased significantly,Thus affect China's financial system health operation.Such concern not only rely on to commercial Banks, and other financial institutions to issue loans/Loan of internal control mechanism and how to monitor/Tracking loan quality and operation procedure of don't know,Also rely on to 2009 9.6 trillion yuan of new loans to don't understand,Also rely on for 2009 years after the bank of China(601988,guba)Industry of profit to ignore.

　　自2001年12月11日中国加入世贸组织以后，在5年的过渡期内，中国商业银行等金融机构就加大了对贷款等各项业务的风险内控系统建设，不仅严格了各项审贷制度和程序，而且完善了审贷的风险控制技术系统，严格落实贷款的问责制；同时，强化了贷款期内的评估机制、跟踪调查机制等，尽力避免不良贷款的发生。另一方面，中国银监会也出台了一系列政策，采取各种措施监督控制商业银行等金融机构的贷款质量。在此背景下，中国银行业的不良贷款绝对额和不良贷款率持续下降，分别从2003年的25377亿元和19.6%下降到2009年的4973.3亿元和1.58%，2011年更是下降到4279亿元和1.0%。商业银行等金融机构计提的贷款损失准备金2011年底达到11898亿元，拨备覆盖率达到278.1%。这些数据表明，商业银行等金融机构并非盲目地不计后果地发放贷款，而是在严格的风控条件下理性地选择贷款的投放（对地方政府融资平台的贷款也是如此）。

From December 11, 2001 after China's accession to the wto,After five years of transition period,China's commercial Banks and other financial institutions increases the to loan the risk of business of internal control system construction,Not only strictly the credit audit system and procedures,And improve the credit audit risk control technology system,Strictly implement the loan accountability system;At the same time,To strengthen the loan period the evaluation mechanism/Tracking survey mechanism, etc,Try to avoid the occurrence of bad loans.On the other hand,The China banking regulatory commission also issued a series of policies,Take all kinds of measures to the supervision and control by the commercial Banks, and other financial institutions of loan quality.In this context,China's banking bad loans sheer specified number and bad loans continued to decline,Respectively from 2003 in 2.5377 trillion and 19.6% in 2009 to 497.33 billion yuan and 1.58%,2011 years is dropped to 427.9 billion yuan and 1.0%.Commercial Banks and other financial institutions withdrawal of loan loss reserve by the end of 2011 reach 1.1898 trillion yuan,A provision coverage rate reached 278.1%.These data show that,Commercial Banks and other financial institutions is not blindly reckless lending,But in the strict wind control conditions rationally choose loan issuance(The local government financing platform for the loan is also so).

　　2009年，在“扩大内需、刺激经济”的背景下，商业银行等金融机构大量放出贷款。但此时的贷款投放并未放松风险防范。2009年新增贷款9.6万亿元，成为一些人用以研讨和评估经济过热、通货膨胀和地方政府融资平台债务风险等的一个主要依据，但这一认识并不准确。

In 2009,,in"To expand domestic demand/Economic stimulus"Under the background of,Commercial Banks and other financial institutions large release loan.But the loan on the did not relax risk prevention.In 2009 the newly added a loan of 9.6 trillion RMB,Become some people to discuss and evaluate economic overheating/Inflation and local government financing platform, such as debt risk a main basis,But this understanding is not accurate.

　　与2008年底的303394.64亿元贷款余额相比，2009年底达到了399684.82亿元，新增贷款数额的确达到了96290.18亿元。但这些新增贷款是否都落实到了实体经济部门从而发挥着交易、生产和经营效用值得进一步考察。2009年新增贷款的集中投放是在上半年，2009年6月与2008年12月相比，新增贷款达到74051.48亿元。与此相比，2007年的新增贷款数额为36405.56亿元，假定当年GDP增长率14.2%主要是由新增贷款推动的，那么，2009年上半年的新增贷款是2007年全年的203.41%，则2009年上半年的GDP增长率就应当达到57.77%，但实际上，2009年上半年的GDP增长率仅为7.1%。由此可以做出一个基本判断，2009年上半年的新增贷款有相当一部分并没有进入实体经济部门的实际运作中。众所周知，商业银行等金融机构发放贷款的同时，在企业账面上就转化成了“存款”。“企业存款”通过采购交易、发放工薪等而转为其他主体的收入。2009年上半年“各项存款”增加了100084.79亿元，远大于2008全年的76832.17亿元和2007全年的41355.52亿元。具体来看，这些存款的增加表现为：“企业存款”增加了37935.18亿元（其中，“企业活期存款”增加了22899.6亿元，“企业定期存款”增加了15035.57亿元），“储蓄存款”增加了31852.07亿元（其中，“活期储蓄”增加了11133.82亿元，“定期储蓄”增加了20718.25亿元）。企业的定期存款和居民的定期储蓄是当期不使用的资金（可理解为在实际的经济运行中不发挥实际作用的资金），二者新增数额相加在2009年上半年达到了35753.82亿元，占新增贷款74051.48亿元的48.28%。由此就不难理解，为什么在巨额新增贷款的背景下，2009年上半年的GDP增长率并没有出现突发性高涨。从2009年全年情况看，“各项存款”增加了131537.78亿元，其中，企业存款增加了59971.24亿元、储蓄存款增加了43257.78亿元，二者中的定期存款增加了42902.46亿元。如果将2009年的新增贷款数额减去当年新增定期存款数额，则实际在经济运行中发挥作用的资金数额仅为53387.72亿元，与2008年新增贷款47703.76亿元相比，增加的数额并无异常（由此，可以理解为什么在巨额新增贷款的条件下，2009年的GDP增长率仅为9.2%）。引致新增贷款数额剧增的同时定期存款也大幅增长的一个重要原因是，商业银行等金融机构与相关工商企业联手配合，一方面金融机构给工商企业大量放款，另一方面工商企业将这些资金中相当部分以“定期”方式转为“存款”（或转化为职工的储蓄定期存款），由此，商业银行等金融机构避免了所放贷款的风险，工商企业避免了2008年资金紧缺状况的再现。在这个过程中，贷款风险并未随着新增贷款数额的剧增而放大。

By the end of 2008 and 30.339464 trillion yuan than outstanding balance of the loans,By the end of 2009 reached 39.968482 trillion yuan,The amount of new loans indeed achieved 9.629018 trillion yuan.But these new loans are carry out to the entity economy department so as to play a transaction/Production and management utility deserves further investigation.In 2009, new loans in the first half of the focus on the is,In June 2009 and December 2008 compared with,New loans amounted to 7.405148 trillion yuan.Compared with the,2007 years of the new loan amount is 3.640556 trillion yuan,Assume that the 14.2% GDP growth is mainly driven by the new loans,so,In the first half of 2009 new loan is 203.41% for all of 2007,Is the first half of 2009 GDP growth rate should be reached 57.77%,But in fact,In the first half of 2009 GDP growth rate is only 7.1%.This can make a basic judgement,In the first half of 2009 of new loans has quite part of and not into the real economy department of the actual operation.As is known to all,Commercial Banks and other financial institutions to issue loans at the same time,In the enterprise carrying on transformed into"deposit"."Enterprise deposits"Through the purchase transaction/Issue working, etc and other subject to income.In the first half of 2009"Various deposit"Added up to 10.008479 trillion yuan,Far outweigh the 2008 annual 7.683217 trillion yuan and 2007 annual 4.135552 trillion yuan.Specific to see,These deposits for increased performance:"Enterprise deposits"Added up to 3.793518 trillion yuan(the,"Enterprise current deposit"Added up to 2.28996 trillion yuan,"Enterprise deposit"Added up to 1.503557 trillion yuan),"savings"Added up to 3.185207 trillion yuan(the,"Current savings"Added up to 1.113382 trillion yuan,"Regular savings"Added up to 2.071825 trillion yuan).Enterprise deposit and residents regular savings is the current without the use of funds(Can be understood as in actual economic operation, do not play the actual effect of money),The new amount additive in the first half of 2009 reached 3.575382 trillion yuan,New loans accounted for 48.28% of the 7.405148 trillion yuan.This is easy to understand,Why in the huge under the background of new loans,In the first half of 2009 GDP growth rate and did not appear sudden upsurge.From 2009 the case,"Various deposit"Added up to 13.153778 trillion yuan,the,Enterprise deposits increased by 5.997124 trillion yuan/Savings added up to 4.325778 trillion yuan,The deposit of the added up to 4.290246 trillion yuan.If the 2009 years of the new loan amount minus the amount of the deposit,The actual in economic operation, the role of the amount of the funds to be 5.338772 trillion yuan only,And in 2008 the newly added a loan of RMB 4.770376 trillion, compared with,The amount of the increase is no exception(this,Can understand why in huge new lending conditions,In 2009 GDP growth rate is only 9.2%).New loans from the amount of the increase at the same time deposit also growth is an important reason,Commercial Banks and other financial institutions and related business enterprise to cooperate,On the one hand financial institutions to the business enterprise a large number of loans,On the other hand business enterprise will these funds in quite a part to"regular"Way to"deposit"(Or into worker savings deposit),this,Commercial Banks and other financial institutions to avoid the risk of loan,Industrial and commercial enterprises avoid the 2008 fund shortage of reproduction.In this process,Loan risk not as new loan amount of excursion and amplification.

　　2006年以后，随着改制和发股上市，商业银行等金融机构的内部管理大为强化，公司治理结构有了明显的改观，风险防范和控制系统更加完善，业务转型也在积极拓展之中。在此背景下，商业银行等金融机构的盈利水平大幅提高。2007-2011年间，商业银行等金融机构在拨备率大幅提高的背景下，实现税后利润分别达到4467亿元、5834亿元、6684亿元、8991亿元和10412亿元，每年迈上了一个千亿元台阶。“税后利润”在财务上是营业收入减去各项支出、缴纳各项税款和抵补亏损后的余额。因此，二者必须选其一：或者商业银行等金融机构存在着严重的贷款资产质量下降从而营业利润不断降低（即风险严重），或者这些金融机构并没有那么严重的贷款风险从而营业利润不断增加。从实践来看，后一个判断比较符合实际状况。

2006 years later,With the restructuring and hair stock market,Commercial Banks and other financial institutions to strengthen internal management greatly,The company governance structure are improved,Risk prevention and control system to be more perfect,Business transformation are also actively expand in.In this context,Commercial Banks and other financial institutions greatly increased the profit level.During 2007-2011,Commercial Banks and other financial institutions in the provisions under the background of rate increase,To realize the after-tax profits reached 446.7 billion yuan/583.4 billion yuan/668.4 billion yuan/899.1 billion yuan and 1.0412 trillion yuan,Every year to step on a $one hundred billion steps."After-tax profit"In the financial, business income minus the expenditure/Pay various taxes and offset losses after the balance.therefore,Both must choose one:Or commercial Banks and other financial institutions there are serious loan asset quality and falling profits will be reduced(Namely risk serious),Or these financial institutions is not that serious loan risk and operating profit increasing.From practice to see,After a judgment is accord with the actual situation.

　　国家审计署报告指出：“截至2010年底，地方各级政府已支出的债务余额中，用于交通运输、市政等基础设施和能源建设59466.89亿元，占61.86%；用于土地收储10208.83亿元，占10.62%。这些债务资金的投入，加快了地方公路、铁路、机场等基础设施建设及轨道交通、道路桥梁等市政项目建设，形成了大量优质资产，促进了各地经济社会发展和民生改善，有利于为“十二五”及今后一段时期经济社会发展增强后劲”。这意味着至少有72.48%的资产是优质资产（如果加上为投入使用的11044.47亿元货币资产，则优质资产至少达到82.79%）。

National audit office report says:"By the end of 2010,Local governments at all levels already spending debt in the balance,Used for transportation/Municipal infrastructure and energy construction is 5.946689 trillion yuan,Accounted for 61.86%;Used for land collection and storage is 1.020883 trillion yuan,Accounted for 10.62%.These debt capital input,To speed up the local road/railway/Airport and other infrastructure construction and rail traffic/Roads and Bridges and municipal projects,Formed a large number of high-quality assets,Promoted the local economic and social development and improve people's livelihood,Good for"1025"And for a period of economic and social development momentum in the enhancement".This means that at least 72.48% of assets is high quality assets(If add put into use for 1.104447 trillion yuan monetary assets,High quality assets is at least 82.79%).

　　第三，对偿还贷款的估算缺乏财务常识。地方政府融资平台的投资项目大致可分为公益性、准公益性和商业性三种。从用途看，这些项目基本属于基础设施建设，具有很强的民生工程特点。从财务角度看，公益性项目基本没有盈利能力、准公益性项目的盈利能力较弱，只有商业性项目有着较强的盈利能力。一些人据此强调，公益性项目和准公益性项目因缺乏盈利能力而难以履行到期还本付息的义务，这些资产将成为不良资产，与此对应的商业银行等金融机构的贷款就存在着严重风险。但这一判断是缺乏财务原理支持的。一个机构（或公司）获得的债务性资金在转化为资产以后，是否具有偿债能力，不是由其经营活动（或财务活动）中的利润承担的，而是由其收入状况和现金流状况决定。对准公益性项目而言，诸如学校、医院、供水和垃圾处理等等均有着一定数量的收入，在现金流充分的条件下，偿债是有保证的。同理，对商业性项目而言，即便有良好的利润前景，但现金流跟不上，也可能处于不能清偿到期债务的境地。所谓破产，指的就是因不能偿还到期债务（不论是否有利润）经法庭调解无效而对资产进行清算的过程。因此，清偿债务的关键不在于“利润”，而在于“现金流”。由此可见，那种以“盈利”为衡量标准并由此产生对地方政府融资平台偿债能力的种种担忧，是不合实务的。

The third,To estimate to repay the loan lack of financial sense.The local government investment project financing platform can be roughly divided into public welfare/Quasi commonweal and commercial three.See from the use,The project belongs to the basic infrastructure construction,Has a strong the livelihood of the people project characteristics.From a financial perspective,Public welfare project basic no profitability/Quasi commonweal project profitability is weak,Only commercial project has a strong profitability.Some people emphasize accordingly,Public welfare project and quasi commonweal project due to lack of profitability and difficult to perform the obligation of repayment of capital and interest due,These assets will become bad assets,And the corresponding commercial Banks and other financial institutions lending there are serious risk.But the judgment is lack of financial support of the principle.A mechanism(Or company)Get debt sexual capital in into assets later,Whether it has the ability to service debt,Not by its business activities(Or financial activities)For the profit,But by its income status and cash flow situation decision.Alignment in public welfare projects,Such as school/hospital/Water and garbage disposal and so on all have a certain amount of income,In cash flow sufficient conditions,Debt service is guaranteed.By the same token,For commercial projects in,Even if has a good profit prospects,But cash flow can't keep up,Also may be in become insolvent position.The so-called bankruptcy,Refers to is not able to repay the debt for maturity(Whether or not there is profit)The court mediation is invalid for the process of assets to be liquidated.therefore,The key is not the debts"profit",But in the"Cash flow".Thus it can be seen,On the"profit"In order to measure standard and the resulting in local government financing platform debt paying ability of a variety of worries,Is out of practice.

　　第四，债务特性不清。地方政府融资平台的债务究竟是谁的债务，应由谁承担偿债义务？在各种强调“风险”的研讨中比较混乱，给人以一种似乎这些债务都应由地方财政偿还的错觉。但事实并不如此。首先，对平台公司来说，不论是《物权法》、《公司法》和《破产法》等法律规定还是财务制度规定，公司作为独立法人机构，它的债务应由其自己负责清偿，如果到期不能清偿，将进行破产清算。因此，这些债务不属于由地方政府财政清偿范畴。“融资平台公司”的债务在2010年底达到49710.68亿元，占地方政府融资平台债务的比重达到46.38%，但这些债务不应属于政府承担偿债义务的范畴，应由这些公司自己负责清偿，因此不应计入“政府性债务”中。其次，对那些实行企业化管理的事业单位来说，原则上，它们的债务由它们自己清偿。从多年的实践情况看，绝大多数此类机构在承担债务和清偿债务方面，是做得比较好的。因此，大致上也不需要由地方政府替它们清偿债务。据此，将它们的债务列入“政府性债务”范畴也不大合适。再次，地方土地储备中心（或类似机构）的债务，是以土地使用权出售为基础的。只要土地使用权还需要出售转让，以土地出让金的现金流偿还债务本息大致没有问题。从媒体上公开的全国土地出让金的数额来看，2007-2011年间的大致情况是：2007年为1.2万亿元、2008年为0.99万亿元、2009年为1.5万亿元、2010年为2.75万亿元、2011年达到3.15万亿元。这既反映了在城镇化进程中，土地出让金的收入有快速增加的趋势，也反映了地方土地储备中心在偿还债务方面的资金状况。最后，根据国家审计署的《全国地方政府性债务审计结果》报告披露：“2010年底地方政府性债务余额中，尚未支出仍以货币形态存在的有11044.47亿元，占10.31%；已支出96130.44亿元，占89.69%。”这些仍以货币形态存在的债务性资金，并不存在以收入（或现金流）偿还债务的问题。一旦需要清偿到期债务，只需直接支出就行了。

The fourth,Debt characteristic is not clear.The local government debt financing platform who debt,By who should be bear debt obligations?In various emphasize"risk"In the discussion of chaos,Give a person with a kind of seems to these debts shall be made by local finance repay illusion.But this is not the case.First of all,The platform for the company,No matter[Property law]/[company]and[Bankruptcy law]And other laws or regulations of financial system,The company as an independent legal person institution,Its debts shall be liquidated by its own responsible,If maturity is not able to pay off,Will the bankruptcy liquidation.therefore,These debt does not belong to the local government financial liquidity category."Financing platform company"Debt at the end of 2010 reach 4.971068 trillion yuan,The local government debt financing platform for the proportion of 46.38%,But these debts should not belong to the government bear debt service obligation category,The company should be responsible for their pay,They should not be included in the"Government debt"in.secondly,For those that executes an enterprise to turn management institution speaking,In principle,Their debt by their own pay off.From many years of practice to see,The vast majority of such institutions in bear debt and pay off debts aspects,Is doing better.therefore,Generally don't need by local government debts for them.According to,Will their debt on"Government debt"Category are not appropriate.again,Local land reserve center(Or similar institutions)debt,Based on the land use right based on sale.As long as the land use right still need to sell transfer,With the land grant fee cash flow to repay the debt principal and interest roughly no problem.From the media on the public of the national land transfer fund amount to see,2007-2011 general situation is:In 2007 for 1.2 trillion yuan/In 2008 for 0.99 trillion yuan/In 2009 for 1.5 trillion yuan/In 2010 for 2.75 trillion yuan/2011 reach 3.15 trillion yuan.This not only reflects the in urbanization process,The land grant fee income have fast growing tendency,Also reflects the local land reserve center in the repayment of the debt of capital position.finally,According to the national audit office[The local government debt audit results]The report disclosure:"By the end of 2010 local government debt in the balance,Still not spending money in the form of the 1.104447 trillion yuan,Accounted for 10.31%;Already spending 9.613044 trillion yuan,Accounted for 89.69%."These are still in the form of currency debt sexual capital,Does not exist to income(Or cash flow)Repayment of a debt problem.Once the need to pay off debt maturity,Only the direct expenditure will do.

　　但是，一些人无视这些债务特性的差别，直接将地方“政府性债务”的数额视为地方财政应当清偿的债务，在此基础上进行了一系列演绎推理和计算，强调地方政府融资平台债务数量已远远大于地方财政收入，不仅存在着严重的债务清偿风险，而且将引致严重的地方经济社会问题。在美国金融危机和欧债危机的背景下，这种对中国地方政府财政债务的不切实际且明显夸大的分析，又引致了国际社会的种种猜测和担忧。实际上，地方政府的收入远不是财政预算内收入所能界定了的。除了财政预算内收入外，地方政府的收入还包括“行政事业性收费”、“政府性基金”、“国有企业和主管部门收入”和“其他收入”等“预算外收入”，因此，将地方“政府性债务”直接与财政预算内收入对比是不科学的。

but,Some people ignore these debt characteristic difference,Direct will place"Government debt"As the amount of the local finance shall pay off debt,Based on a series of deductive inference and calculation,Emphasis on local government debt financing platform number already far greater than local fiscal revenue,Not only there are serious debts risk,And will cause serious local economic and social problems.In the United States financial crisis and under the background of European debt crisis,The local government financial debt impractical and obvious exaggerated analysis,And lead to the international community's rampant speculation and worry.In fact,The income of local government is far from financial budget income can define the.In addition to the financial budget income,The income of the local governments includes"Administrative fees"/"Government fund"/"The department in charge of state-owned enterprises and income"and"Other income", etc"Non-budgetary income",therefore,Will place"Government debt"Direct and fiscal budget income contrast is not scientific.

　　第五．“土地财政”是个错误用语。一些人将政府通过土地出让金获得的收入称为“土地财政”，给人们以一种错觉，即似乎这部分收入进入了财政预算内并通过财政的经常性支出使用掉了（甚至一些人认为，这些收入成为了提高公务员工薪收入的来源部分），由此推论各地方政府土地中心的负债就应由财政担负清偿责任。但这种认识是不符合实际状况的。首先，土地出让金基本没有进入各地方政府的财政预算内收入范畴，它属于预算外收入范畴，因此使用“土地财政”一词是不准确不科学的。其次，在各地方政府的资金安排中，土地出让金几乎全部用于城市基础设施建设（不足的部分甚至还在财政预算内安排一部分资金），是各级地方政府展开城镇建设的主要资金，因此，称为“土地城建”可能较为准确（这意味着，一旦土地出让金大幅缺失，各地方政府的城镇化建设步伐就将因缺乏资金支持而大为放缓，其结果将是民生工程建设的滞后）。最后，国家审计署报告说：“2010年底，地方政府负有偿还责任的债务余额中，承诺用土地出让收入作为偿债来源的债务余额为25473.51亿元，共涉及12个省级、307个市级和1131个县级政府。”这意味着，土地出让金不仅没有成为财政预算内收入的组成部分，而且成为各地方政府偿付非财政债务的一个重要来源。毫无疑问，以未来年份的土地出让金来承担债务清偿义务是否合适，是一个值得进一步探究的问题，但它并不违反金融运作原理，具体情况应由制度予以规定，而不是简单地予以一概否定。

The fifth."Land financial"Was a mistake expressions.Some people will be through the government of land sell one's own things get income called"Land financial",Give people an illusion,That seems to be part of this income into the fiscal budget and through the financial recurrent expenditure use off(Even some people think,These income became improve civil servants working source of income part),By inference the local government land center liability should be responsible for the financial liability.But this kind of understanding is not accord with the actual condition.First of all,The land grant fee basic didn't get into the local government financial budget income category,It belongs to the category of non-budgetary income,The use of"Land financial"A word is not accurate unscientific.secondly,In the local government funding arrangements,Almost all the land grant fee for urban infrastructure construction(Insufficient part even in the financial part of the capital budget arrangement),The local governments at all levels is on the main urban construction funds,therefore,called"Urban construction land"May be more accurate(This means that,Once the land grant fee lack sharply,The local government construction pace of urbanization will be due to lack of funding and slowed down considerably,The result will be the people's livelihood project construction lag).finally,National audit office report said:"By the end of 2010,The local government has responsibility to repay the debt in the balance,Committed to land transfer income as a sinking sources of debt balance is 2.547351 trillion yuan,Inoled a total of 12 provincial/307 the municipal and 1131 county government."This means that,The land grant fee did not become part of the financial budget income,And become a local government debt payment FeiCaiZheng an important source.There is no doubt that,On the future of the year of land sell one's own things for debt payment obligation is appropriate,Is a deserves further exploring problems,But it is not against the financial operation principle,Specific conditions shall be by system regulation,Rather than simply to contradict.

　　第六，地方政府担保含义不清。“政府负有担保责任的债务”是地方政府融资平台债务的一个重要构成部分，占107174.91亿元债务总额的21.81%。其中，“融资平台公司”的数额达到8143.71亿元，占“政府负有担保责任的债务”23369.74亿元的34.85%。“担保”通常指的是，担保人为被担保人清偿债务责任的承诺（即一旦被担保人无力清偿到期债务，就由担保人予以清偿），那么，“政府负有担保责任的债务”是何含义？如果是指地方政府负有的为被担保公司清偿债务的责任，即便不说清偿债务的资金来源问题，也将有两个问题发生：其一，这些公司还是不是有限责任公司，是否受《公司法》和《破产法》的制约？其二，这些公司的行为是否受《中华人民共和国反补贴条例》的制约？这一“条例”于2002年1月实施（于2004年3月31日进行了进一步修改），是中国加入世贸组织后的一项重要承诺。其中，第3条规定：“补贴，是指出口国(地区)政府或者其任何公共机构提供的并为接受者带来利益的财政资助以及任何形式的收入或者价格支持。”所谓“财政资助”包括“出口国(地区)政府以拨款、贷款、资本注入等形式直接提供资金，或者以贷款担保等形式潜在地直接转让资金或者债务”。这两个问题直接涉及到三个问题的解答：首先，在改革开放30多年的今天，各地的各类公司是否已是预算硬约束从而自负盈亏、自清债务的法人机构？如果是，那么它们的债务根据什么需要地方政府担保，又为何应由地方政府清偿？如果不是，那么《公司法》等法律法规制度是否形同虚设、企业作为市场经济主体的行为是否未能形成，中国是否尚未贯彻市场经济的最基本原则？其次，《破产法》是否是一个缺乏实践效力的法律？如果不是，那么公司债务为何应由地方政府担保？如果是，那么这个法律及相关制度的出台和实施有何实质性意义？最后，“政府担保”是财政性的还是非财政性的？面对美欧国家频频对中国产品实行反补贴调查的国际局面，在含义不清的条件下，一些人屡屡使用“政府担保”一词，不论意图如何，都有着授人以柄的客观效应。

The sixth,The local government guarantee meaning is not clear."Responsible for the debts of the government guarantee responsibility"The local government debt financing platform is one of the important elements,Accounted for 21.81% of the total amount of $10.717491 trillion debt.the,"Financing platform company"The amount of 814.371 billion yuan,Accounted for"Responsible for the debts of the government guarantee responsibility"34.85% of the 2.336974 trillion yuan."guarantee"Usually refers to the,Guarantee human warrantee pay off debt responsibility commitment(Namely once warrantee unable to repay their due debts,By the guarantor to pay off),so,"Responsible for the debts of the government guarantee responsibility"What meaning?If is refers to the local government to be responsible for the security of the company's debts responsibility,Even if not pay off debt funds problem,Will also have two problems:one,These companies or not limited liability company,Will be[company]and[Bankruptcy law]restriction?The second,The company's behavior whether to suffer[Countervailing regulation of the People's Republic]restriction?this"regulations"In January 2002 implementation(On March 31, 2004 for further modification),After China's entry into the wto is one of the most important promises.the,Prescribed in article 3:"subsidies,Is refers to the exporter(area)The government or any of its public institutions provide for the receiver and the benefit of financial aid and any form of income or price support."The so-called"Financial aid"including"exporter(area)Government funding/loan/Capital injection and other forms direct fund,Or loan guarantee and other forms potentially direct transfer funds or debt".The two problems directly involves three solutions:First of all,In the reform and opening up 30 years of today,All kinds of companies all over whether is budget hard constraint and responsible for their own profits and losses/Since the qing debt legal institutions?If it is,So their debts according to what needs the local government guarantee,Why should by local governments pay off?If not,so[company]Whether such laws and regulations system exist in name only/Enterprises as the market economy of the subject's action is not formed,Whether China has not yet carry out market economy the most basic principle?secondly,[Bankruptcy law]Is a lack of practice of the legal effect?If not,So why should the debts of the company by the local government guarantee?If it is,So this law and relevant regulations issued and implemented the what is the substantial meaning?finally,"The government guarantee"Is financial or not of finance?In the face of the American and European countries on Chinese products have the countervailing investigation of the international situation,In the meaning under the condition of not clear,Some people often use"The government guarantee"A word,No matter how intention,All have charging objective effect.