“日前，上海市法学会金融法研究会在同济大学举办2012年年会，年会主题为“实体经济与民生视野下的金融法制建设”。研究会会长、华东政法大学经济法学院院长吴弘教授向与会者汇报了研究会去年的研究成果，并对今年工作做出部署。与会的专家、学者，就企业债制度、政府融资平台、非正规金融以及消费类金融纠纷等热点难点问题进行了深度交流与探讨。会后，证券时报记者对上海对外贸易学院法学院副院长、金融法研究中心主任倪受彬和上海对外贸易学院法学院副教授、上海市静安区人民检察院副检察长杨宏芹进行了采访。

"a,Shanghai law of finance law in tongji university to host the 2012 annual meeting,Conference theme of"The real economy and livelihood of the people under the view of financial legal system construction".Research association/East China university of politics and law of economic law school professor WuHong to participants report of the last year's results,And to make this work deployment.The experts/scholars,It QiYeZhai system/The government financing platform/Informal financial and consumer financial dispute, etc. Hot difficult problem carried out in-depth discussion and communication.After the meeting,The securities times reporter in Shanghai institute of foreign trade, vice President of the school of law/Finance law research center director by ni shrubbery and Shanghai institute of foreign trade, an associate professor of law/Shanghai people's procuratorate body deputy chief procurators YangHongQin interviewed.

　　如果从根本上解决地方融资平台积累的大量风险，就是要明确地方融资平台的法律地位，并在此基础上明确政府的责任和义务。

If fundamentally solve local financing platform accumulated a lot of risk,Is to clear the legal status of the local financing platform,On the basis of clear the government's responsibilities and obligations.

　　如何拓宽地方融资平台的资金募集渠道和投资方向，还款来源显得非常重要。

How to broaden the financing platform where the fundraising channels and investment direction,Reimbursement sources is very important.

　　投资者应该成为成熟的理性投资者，政府不应该事事兜底，投资者也不应该依赖于政府每个项目都兜底。

Investors should be mature rational investors,The government should not out everything,Investors should not rely on the government each project out.

　　倪受彬”

Ni bin by"

　　“厘清债券委托管理人的法律地位，更好地保护债券持有人的利益。

"To clarify the legal status of bonds by the administrator,To better protect the interests of the holder of a bond.

　　确保债券评级机构的独立性，切实规范和追究评级机构的法律责任，建立严格的退出机制，以更好地保护债券投资者权益。

To ensure the independence of the bond rating agencies,To regulate and rating agencies shall be investigated for legal responsibility,Establish a strict exit mechanism,To better protect bond investors interests.

　　杨宏芹”

YangHongQin"

　　证券时报记者 唐立

The securities times reporter TangLi

　　明确地方融资平台法律地位 Clear local financing platform legal status

　　证券时报记者：由于地方融资平台自身存在弊端，使得其在促进经济发展的同时，也给市场造成不容忽视的风险。请问当前的地方融资平台风险如何？怎样才能有效地化解风险？

Securities times reporter:Because the local financing platform own existence malpractice,Make its in promoting economic development and at the same time,Also nots allow to ignore to the market caused by the risk.Excuse me the current local financing platform risk?How to effectively solve risk?

　　倪受彬：地方融资平台积累了大量的风险。首先是地方财政风险，政府通过担保等方式进行“银政”合作。当利用地方融资平台获得的融资投放公益项目没有产生预期收益，地方政府按照合同承担所谓的“或有负债”，就会显现触发政府被迫透支或挪用财政资金来还贷。当然，如果政府不履行担保合同又会影响银行的信贷安全，从而将财政风险转化成金融风险，从而带来系统性风险问题。在实践中，银行基于压力、政府担保和盈利冲动，对地方融资项目有很强的融资偏好，会诱导银行漠视贷款风险。在这样市场导向优先的模式下，银行授信体系和贷款跟踪体系等后台控制机制其实无法真正发挥作用。

Ni bin by:Local financing platform has accumulated a lot of risk.The first is the local finance risk,The government through the guarantee way, etc"Silver administration"cooperation.When using local financing platform for the project financing on the public didn't produce the prospective earnings,The local government in accordance with the contract for the so-called"Contingent liabilities",Will come trigger the government was forced to overdraft or misappropriate the funds to finance the loan.Of course,If the government fails to guarantee contract and will affect the bank credit security,Thus the financial risk into the financial risk,To bring forth the systemic risk.In practice,Bank based on pressure/The government guarantee and profit impulse,On the local financing project has a strong financing preference,Will induce the bank loan risk disregard.In such a market orientation preferred mode,Bank credit system and loan tracking system background control mechanism in fact can't really play a role.

　　从有效防范风险的角度来看，短期来说，为防范和化解上述风险，首先，政府注资或担保应该纳入同级财政预决算体系，做到预算透明和科学，特别是要区别和评估投资项目的盈利性或社会公益性，盈利周期和风险等指标，将风险测算与融资、担保的额度、时间配置等相匹配。政府要真正对其投资和担保行为承担“硬约束”，在预算编制完成后严格预算调整机制，对决算和项目运行情况要建立经济责任法律制度。对银行而言，要严格贷前评估，项目风险测算非常重要，包括政府担保合法性和盈利预测的评估，在内部控制上要跟踪项目进展和风险权重的变化，建立专户管理。在担保机制和募集方面上，要将政府直接担保的传统融资方式转化为“应收账款质押”，同时引入收费权资产证券化和发行资产支持票据等创新融资模式。

From the point of view of effective prevention of risks,For short-term,To guard against and defuse the risks,First of all,The government capital injection or guarantee should be included in the financial budget system,Do budget transparent and scientific,Especially difference and evaluation of the investment project profitability or social and public welfare undertakings,Profit cycle and risk indicators,Will risk measure and financing/Guarantee amount/Time allocation of phase matching.The government should really on the investment and guarantee for behavior"Hard constraints",In the budgeting after completion of the strict budget adjustment mechanism,For final and project operation to establish the legal system of economic responsibility.For Banks,To strictly before the credit evaluation,Project risk measure is very important,Including government guarantee legitimacy and profit forecast evaluation,In the internal control to track the project progress and the risk weight change,Establish only door management.In the guarantee mechanism and raise the aspects,Will the government directly guarantee the traditional financing ways into"Accounts receivable pledge",At the same time introducing of collection and distribution assets securitization financing mode innovation support paper, etc.

　　如果从根本上解决上述问题，就是要明确地方融资平台的法律地位并在此基础上明确政府的责任和义务。根据地方融资公司的法律性质或募集资金投向，成立的运营机构可以分为盈利性公司和非营利性法人，前者采用国有公司的模式建立并运营，其管理纳入国有资产管理范畴，而对非营利法人又可转化成（公用）事业单位管理或通过委托民营单位运营，甚至购买服务的方式来实现其公益目的，即政府应该回归本位，各类组织按照各自的法律性质和定位运行才是化解风险的最好办法。

If fundamentally solve the above problem,Is to clear the legal status of the local financing platform on the basis of clear the government's responsibilities and obligations.According to the local finance company legal property or to raise funds,Established operating mechanism can be divided into profitability and nonprofit legal person,The former state-owned company by the model set up and operation,In the management of state-owned assets management category,And to the nonprofit legal person and into(public)Institutions entrusted management or through private unit operation,Even buy the service way to achieve the purpose of public welfare,The government should return to the standard,All kinds of organizations, in accordance with their respective legal nature and positioning operation is the best way to resolve the risk.

　　拓宽地方融资平台 Broaden the local financing platform

　　资金募集渠道 Fundraising channels

　　证券时报记者：目前，房地产仍是地方融资平台倚重的核心因素之一。但近年来房地产屡遭调控，为地方融资平台带来了越来越多不确定的东西，未来地方融资平台应该怎样解除自身对房地产的依赖？

Securities times reporter:At present,Real estate is still rely on local financing platform for the core of one of the factors.But in recent years the real estate regulation was repeatedly,For local financing platform has brought more and more uncertain things,The local financing platform should be how to remove their dependence on real estate?

　　倪受彬：政府和地方融资平台、银行都存在对土地财政的依赖，其原因有二：首先，政府通过出售土地使用权可以比较便捷地绕过《预算法》对地方政府的预算控制，属于地方政府的“权力范畴”；其次，土地的定价权掌握在政府手中，城市化背景下民众和企业的刚性需求和对未来地价、房价走势的恐慌，而土地的供给由政府控制。因此，土地财政的巨大吸引力是地方政府无法“戒绝”的。但是，土地财政的风险“尽在其中”。当税收来源不佳，政府会通过土地价格调控来弥补其“收入”缺口，反之亦然，这会诱发对经济创新驱动的动力，从而损害经济的可持续发展，因为提高了居民的生活成本和企业的运营成本。从这个意义上讲，地方政府对土地财政的依赖必然和国家的政治稳定和经济的可持续发展政策存在内在关系，换句话说，国家层面的房地产调控的效果取决于地方对土地财政的“态度”。如果不断累积的紧张关系达到一定的程度的话，包括寄生于“土地财政美景”的利害关系人，包括地方融资平台本身的风险就会集中爆发。

Ni bin by:The government and local financing platform/Banks have to land financial dependence,There are two reasons:First of all,The government through the sale of land rights can more easily around[Budget act]On the local government's budget control,Belong to the local government"Power category";secondly,To determine the price of land is in government hands,Under the background of urbanization people and enterprises of the rigid demand and price in the future/House price movements panic,And the supply of land is controlled by the government.so,Land financial huge attraction is the local government can't"Abstain from"of.but,Land financial risk"All in the".When tax source is not good,The government will through the land price regulation to make up for it"income"gap,And vice versa,This will cause to economic innovation drive power,Damage to the sustainable development of economy,By increasing the residents' living costs and enterprise operation cost.In this sense,The local government financial dependence on land necessary and the country's political stability and sustainable economic development policy have inherent relationship,In other words,The national level of real estate regulation effect depends on the parts of the land"attitude".If the steady accumulation of tension to achieve a certain degree of words,Including parasitic in"Land financial beauty"Of interested party,Including local financing platform itself risk would be concentrated outbreak.

　　因此，如何拓宽地方融资平台的资金募集渠道和投资方向、还款来源就显得非常重要。首先，应该减少土地收益作为融资项目担保或还款来源的项目的比重。地方融资平台也要选择不同的投资项目，一些周期长但现金流稳定的项目也会成为非常好的项目源，不一定要将收益和还款来源完全挂钩于土地价格或租金，比如挂钩于增值服务或创意产业，使得土地要素在项目中的重要性被弱化；其次，人大和政府要减少对“形象工程”的审批和投资，形象工程已经成为滋生腐败和触发地方融资平台的重要风险点。

so,How to broaden the financing platform where the fundraising channels and investment direction/It is very important source of repayment.First of all,Should reduce land income as project financing guarantee or source of repayment of the proportion of the project.Local financing platform to also want to choose a different investment projects,Some of the cycle is long but stable cash flow of the project will be a very good project source,Don't have to use the income and reimbursement sources of complete hook in land price or rent,Such as hook in value-added services or creative industries,Make land elements in the importance of the project is weakening;secondly,National People's Congress and the government to reduce the"Image project"Examination and approval and investment,Image project has already become a corruption and trigger local financing platform important risk point.

　　违约可追究违约风险 For breach of contract allows the risk of default

　　证券时报记者：城投债是地方融资平台资金的另一重要来源。不过去年6月发生的“云南城投(600239,股吧)债”事件曾引发债市恐慌，如果地方融资平台的信用风险变成违约现实，投资者通过法律途径追索自身权益是否可行？

Securities times reporter:City is the place for debt financing platform another important source of funds.But happened last June"Yunnan city for(600239,guba)debt"Events have caused panic bond market,If the local financing platform credit risk into default reality,Investors through the legal way whether it is feasible to recover their rights?

　　倪受彬：如果发生实际违约，投资者当然可以根据当时的合同条款追究相关方面的违约风险，包括本金和相应的利息、违约金等，这涉及投资者保护问题。投资者通过法律途径维护自己的权益，本身也是对地方融资平台及其投资行为的外部约束力量。如果政府进行担保的，应按照担保合同的生效要件追究地方政府的或有负债。如果政府主张其没有担保主体资格，担保合同无效，但是担保合同没有效力不等于没有后果，因此应该分清在担保合同无效问题上各方的缔约责任问题。法院在处理案子过程中，按照法律也可以追及同一融资平台其他投资项目的资产或担保物（人）。

Ni bin by:In the event of actual breach of contract,Investors can of course according to the terms of the contract shall be investigated for related aspects of the risk of default,Includes the principal and the corresponding interest/Liquidated damages, etc,This involves the protection of investors.Investors through the legal way to protect their own rights and interests,Itself is on the local financing platform and its investment behavior of the external constraint forces.If the government guarantee,According to the guarantee contract shall be effective elements shall be investigated for local government contingent liability.If the government claims it does not guarantee subject qualification,Guarantee contract shall be invalid,But no guarantee contract effectiveness is not equal to no consequences,So we should distinguish in the guarantee contract shall be invalid problem, the problem of responsibility of the contracting parties.Court case in the treatment process,According to the law can also chasing the same financing platform and other investment project assets or guaranty(people).

　　证券时报记者：在各地加大基础设施建设“稳增长”背景下，地方融资平台资金需求日渐旺盛。投资者若不寄望于政府兜底，又该如何做好地方融资平台的投资？

Securities times reporter:In all increase infrastructure construction"Steady growth"Under the background of,Local financing platform fund demand is strong.If investors do not hope in the government reveal all the details,And how to do well the local financing platform investment?

　　倪受彬：投资者应该成为成熟的理性投资者，政府不应该事事兜底，投资者也不应该依赖于政府每个项目都兜底。所以在选择投资品种时要分析项目的性质和还款来源。比如对于一些公益性项目，政府已经专门安排资金进行后续配套、补贴或作为还款来源，这样的项目比较有投资价值；对于一些盈利性投资项目，要判断其盈利空间或其他的风险防范和补偿机制的建立情况，比如项目是否建立偿债基金，风险补偿基金的覆盖面等。

Ni bin by:Investors should be mature rational investors,The government should not out everything,Investors should not rely on the government each project out.So in the choice of investment products to analyze project nature and source of repayment.Such as for some public welfare projects,The government has specialized arrangements for the money for the subsequent supporting/Subsidies or as a source of repayment,This project more investment value;For some nonprofit investment projects,To judge its profit space or other risk compensation mechanism and the establishment of the situation,Such as the project is to establish sinking fund,Risk compensation fund coverage, etc.