十八大结束后，政坛反腐重拳频出。中共中央候补委员、四川省委副书记李春城，是近期反腐风暴中落马的最高级别官员。据媒体报道，利用政府投融资平台在城市土地转让项目中谋取不正当利益，是李春华落马的重要原因。涉及此案的政府投融资平台成都工业投资集团有限公司（以下简称“成都工投”）由此备受关注。从中暴露出的地方政府投融资平台的诸多弊病，值得警惕。

After the end of the eighteenth big,Politics PinChu anti-corruption punch.The CPC central committee alternate committee member/Sichuan is vice secretary of provincial party committee LiChunCheng,A recent anti-corruption storm lok ma the highest level of officials.According to media reports,Use of government investment and financing platform in urban land transfer projects seek illegitimate interests,The most important reason is LiChunHua lok ma.Involved in the case of government investment and financing platform chengdu industrial investment group co., LTD(Hereinafter referred to as"Chengdu for work")This concern.Exposed to the local government investment and financing platform of the many ills,alarmed.

　　地方政府投融资平台，是指各级地方政府成立的以融资为主要经营目的的公司，包括不同类型的城市建设投资、城建开发、城建资产公司等企事业法人机构，主要以经营收入、公共设施收费和财政资金等作为还款来源。地方政府投融资平台出现于中国改革开放之初。1994年分税制度改革后，地方政府投融资平台进一步发展。2008年世界金融危机爆发后，中国为保增长实施4万亿经济刺激计划，地方政府投融资平台的数量和规模借机急剧膨胀。

The local government investment and financing platform,Refers to the local governments at all levels to set up the financing as the main business purpose of the company,Including different types of urban construction investment/Urban construction development/Urban construction company assets, such as legal person enterprises and institutions,Mainly with operating income/Public utilities charges and financial capital as source of repayment.The local government investment and financing platform in China at the beginning of the reform and opening up.1994 years after the reform of the tax,The local government investment and financing platform to further development.2008 years after the outbreak of the global financial crisis,China for the implementation of the 4 trillion economic stimulus plan growth,The local government investment and financing platform quantity and scale looking sharp expansion.

　　应该承认，地方政府投融资平台在我国的经济领域中的确发挥了积极作用。比如，它以强大的融资能力弥补了公共财政的不足，为大型生产项目和基础设施建设保驾护航，也通过政信合作的方式推动了金融创新。但是 ，地方政府投融资平台的弊端也是非常明显的，主要表现在：其一，它极大地强化了政府全方位干预经济的权力冲动，扭曲了市场配置资源的功能；其二，它为权力寻租的腐败行为提供了更多的土壤。成都工投在李春城腐败案中所扮演的角色，就是鲜活的例证。

Should admit,The local government investment and financing platform in China in the field of economy really played a positive role.Such as,It with strong financing ability to make up for the lack of public finance,For large production projects and infrastructure construction to escort,Also through the political faith cooperation way to promote the financial innovation.but ,The local government investment and financing platform of the disadvantages are also very clear,Mainly displays in:one,It greatly strengthened the all-round government intervention in the economy power impulse,Distorted the function of the market in resource allocation;The second,It is the power rent-seeking corruption provides more soil.Chengdu work into the LiChunCheng corruption's role,Is a vivid example.

　　结合成都工投官方网站和媒体公开报道可知，作为成都市政府的主要投融资平台，成都工投主业集中在为战略性新兴产业开展投融资，并开设了“投融资平台、非银行金融服务平台、园区开发建设平台”。成都工投除了参与重大产业化项目建设外，在房地产领域也具有极大的活动能量，其董事长戴晓明与李春城关系密切。2012年8月，戴晓明因涉嫌利用成都工投贪腐被“双规”，3个多月后，戴晓明的靠山李春城落马。透过该案例，可以对成都工投做出这样一个诊断：该平台从属于成都市国资委，行政上垂直管理，使得其极易成为行政意志和行政工具的延伸，而该平台负责人又具有横跨政商两界的双重身份，这些因素综合的结果就是：在地方融投资平台上，当行政意志凌驾于决策程序之上，企业监管缺乏统一有效的技术手段，市场又拥有足够的权力寻租空间时，对地方投融资平台的廉政和效率的两手监管，在理论设计上固然能够自圆其说，在实际操作层面却难免流于空谈。从中得出的教训是，如果权力和市场的边界暧昧不清，腐败就必然上下其手、浑水摸鱼。

Combined with work in chengdu for the official website and the media reported that the public,As the main chengdu city government investment and financing platform,Chengdu for the main work focused on for strategic emerging industry development investment and financing,And opened the"Investment and financing platform/Non-bank financial service platform/Park development platform".Chengdu for work in addition to participate in major industrialization projects outside,In the real estate industry also has great activity energy,The chairman of the board of directors DaiXiaoMing LiChunCheng and close relations.In August 2012,DaiXiaoMing suspicion of using chengdu work for corruption was"detained",More than three months after,DaiXiaoMing anchor LiChunCheng lok ma.Through the case,Can work in chengdu for make such a diagnosis:This platform from chengdu to belong to the sasac,Administrative vertical management,Makes it easy to become chief will and administrative tools extension,The person in charge and platform with across the border of political double identity,The result of these factors is:In the local RongTouZi platform,When the administrative will above the above decision making process,Enterprise supervision lack of unified effective technical means,Market and have enough power rent-seeking space,On the local investment and financing platform honest and efficiency hands supervision,In the theory design is able to justify,In the actual operation level is hard to avoid a talk.Draw the lesson is,If power and market boundary ambiguous,Corruption is inevitable act in collusion with/Fished in troubled waters.

　　戴晓明与李春城贪腐案也警醒我们有必要进一步反思“国进民退”问题。目前，国企在中国经济总量中所占比重本来就不低，两者的利润更是占了中国所有企业的大头，在这种情况下，政府借助投融资平台直接参与具体的经济活动，实际上是变相扩大了国有经济的份额，这无疑会对民营经济形成“挤出效应”，让市场化改革停滞不前甚至走回头路。近年来，很多企业热衷于和地方投融资平台搞好关系，以分享政商并举的红利，由此导致各种潜规则大行其道，人情经济大有取代法治经济上位之势，这些不好的苗头，在戴晓明与李春城贪腐案中可见一斑。因此，对于地方政府投融资平台今后何去何从这一课题，不应囿于从金融风险控制的层面加以考虑，而应提升到界定政府边界，推动市场化改革这一高度来思考。

DaiXiaoMing and LiChunCheng corruption case also watch it is necessary to further reflection"Countries people back into"problems.At present,State-owned enterprises in China's economy in the total proportion was not low,The profit but also for all the Chinese enterprises,In this case,With the aid of government investment and financing platform directly involved in the specific economic activity,Is in fact disguised expanded state's share of the economy,This will no doubt to the private economy form"Extrusion effect",Let the marketization reform stagnant or even go back.In recent years,Many enterprises to establish good relationships and local investment and financing platform,To share and political dividends,This lead to a variety of popular hidden rules,A human economy instead of the rule of law economic potential of the upper,These bad symptom,In DaiXiaoMing and LiChunCheng corruption case is obvious.so,The local government investment and financing platform for the future what course to follow the subject,Should not be constrained by from the financial risk control level into consideration,And should ascend to define the government boundary,Promote marketization reform the level to think.