证券时报记者 罗克关

The securities times reporter rock

　　四部委日前一纸《关于制止地方政府违法违规融资行为的通知》（简称《通知》），对2012年以来盛行的政信合作正式亮起红灯。

A paper before four ministries and commissions[About to stop illegal financing of local government behavior of the notice](Hereinafter referred to as[notice]),Of popular government since 2012 letter cooperation on formal red flags.

　　这则由财政部、国家发改委、央行、银监会联合下发的《通知》明确未来将严禁地方政府直接或间接为各类融资平台项目举债，同时规范以回购或者担保承诺等方式举债的行为，并对平台公司的融资行为进一步管理。《通知》要求，符合条件的融资平台公司因承担公共租赁住房、公路等公益性项目建设举借需要财政性资金偿还的债务，除法律和国务院另有规定外，不得向非金融机构和个人借款，不得通过金融机构中的财务公司、信托公司、基金公司、金融租赁公司、保险公司等直接或间接融资。

This is by the ministry of finance/The national development and reform commission/The central bank/The banking regulatory commission (CBRC) jointly issued[notice]Clear in the future are to local government directly or indirectly, for all kinds of debt financing platform for the project,Standard at the same time in order to buy or guarantee commitment means such as the behavior of the debt,And the platform of the company's financing behavior further management.[notice]requirements,Conform to the conditions of the financing platform company due to undertake public rental housing/Public welfare projects such as highway construction in need of financial capital to repay the debts to be borrowed,Unless otherwise provided by law and the state council,Shall not be loans to non-financial institutions and individuals,Not through the financial institutions in the financial company/The trust company/Fund company/Financial leasing companies/Insurance company directly or indirectly, such as financing.

　　《通知》禁止通过财务公司、信托公司、基金公司、金融租赁公司和保险公司等渠道融资的规定，基本上将2012年以来向各类政府融资平台输血的通道一网打尽。事实上，若非信托等渠道去年依旧畅通无阻，很多此前上马的平台建设项目恐怕会因为整顿而提前遭遇严峻的现金流挑战。

[notice]Prohibited by financial companies/The trust company/Fund company/Financial leasing companies and insurance companies, such as the provisions of the financing channels,Basic admiral since 2012 to various government financing platform channel articles at the time of transfusion.As a matter of fact,Without trust remains unimpeded channel such as last year,Many previous mount platform construction projects because I'm afraid I will rectify and serious cash flow challenges confronted in advance.

　　旧的通道受阻，当下摆在政府融资平台面前的问题显然是，未来新的融资通道在哪里？地方政府融资平台还可以找谁融资？《通知》并未正面回应这一疑问。但是，细心的读者可能已发现，在对信托等金融机构明确亮起红灯的情况下，《通知》对于银行和证券两大主流的融资渠道却完全没有提及。

The old channel,Before the government financing platform of the present problem is obviously,Where is the future new financing channels?Local government financing platform who financing?[notice]Is not a positive response to this question.but,Careful readers may have been found,In the financial institutions, such as trust on clear red flags,[notice]For Banks and securities two mainstream but there was no mention in the financing channels.

　　记者认为，这或许意味着未来监管部门对地方政府融资平台资金来源的主基调将从“禁而不绝”，转变为“纳入表内”。为什么这么说？因为自2010年以来银行信贷大门对政府融资平台基本关闭以来，各类项目的后续融资行为几乎完全在银行的资产负债表上消失，转向了实际上更难以监管的表外渠道。换句话说，风险从银行的账上消失了，而藏在更加隐秘的地方。

Journalists think,It may mean that the future supervision department of local government financing platform for the source of funds will from advocate fundamental key"And unable forbidden",To turn into a"Into the table inside".Why do you say that?Because the bank credit since 2010 since the door closed for basic government financing platform,All kinds of follow-up of the project financing behavior is almost completely disappear in Banks' balance sheets,Turn to the more difficult to actually monitor outside the list of channels.In other words,The risk from the bank account disappeared,And more hidden in the secret place.

　　实际上，2012年下半年债券市场的爆发式增长或许已经能说明问题。根据央行2012年逐月的社会融资总量细项数据，去年6月份起企业债券为实体经济输送的资金规模开始明显放大，稳定在月均2000亿元之上。10月份更是创下年内最高的2992亿元，成为仅次于银行贷款的社会资金供应渠道。

In fact,The second half of 2012 the bond market and projectile growth might have that problem.According to the central bank in 2012 fine social financing amount of data from month to month,In June last year enterprise bond funds for the real economy scale became obvious,Stable in 200 billion yuan of above.October is the highest in years 299.2 billion yuan,Become second only to bank loans of the social capital supply channels.

　　债券融资的好处在哪？在于严格的信息披露制度。信托渠道实际上更像是债券市场的私募方式，只不过由于投资者多数是社会公众，而非专业机构，其风控水平难有统一标准。债券渠道则不同，不仅不直接面对公众发售，由于银行和证券公司担当主承销商，风险把控上实际还是会经过更加严格的审核。退一步讲，万一出现问题，商业银行也有更强的处理能力。

The benefits of debt financing?In the strict information disclosure system.Trust channels, in fact, more like the bond market private way,Just as investors most is the social public,And non-professional organizations,The wind control level is difficult to have uniform standard.Bonds channel is different,Not only does not directly face the public sale,Due to Banks and securities companies bear the lead underwriters,Risk to control the actual will pass more strict review.Step back and say,One thousand problems,Commercial Banks also have a stronger ability of processing.

　　巧合的是，在中央经济工作会议明确定调2013年将“适当扩大社会融资总规模，保持贷款适度增加”之后，此前曾一度引发市场激辩的《预算法》修正案二审稿近期也宣告搁浅。熟悉《预算法》修订过程的读者应该很清楚，二审稿取消了此前一审稿放开的地方政府发债权限。如果未来对融资平台的监管基调会从表外重新回到表内，地方政府能否成为真正意义上的发债主体，恐怕也不完全是镜花水月之事。

coincidentally,Labeling in the central economic work conference in 2013"Appropriate to expand social financing scale,Keep a modest increase in loans"after,After once sparked debate[budget]Amendments to the second review recently declared.Be familiar with[budget]Revision of the process of the reader should be very clear,The manuscript has been cancelled after a review let go of local government debt issuing authority.If future financing platform for the supervision of the tone from outside the watch will be returned to the form,Local government can be translated in the true sense of the subject,I'm afraid of things is not completely disappeared.

　　总而言之，2013年地方政府找谁融资，恐怕会是市场自始至终的焦点问题。

To sum up,Who find financing of local government in 2013,I'm afraid I will be the focus of market from beginning to end.