自2012年12月末财政部、人民银行、银监会、发展改革委下发《关于制止地方政府违法违规融资行为的通知》以来，地方融资环境趋紧，融资平台后续如何提升“造血”能力成为业界关注焦点。而在信贷、信托等融资渠道受阻的背景下，平台融资结构的调整已刻不容缓。

Since 2012, the ministry of finance and the end of the month/People's bank of/The CBRC/Development and reform commission issued[About the local government to stop illegal financing behavior of the notice]since,Place a tightening financing environment,How to promote the follow-up financing platform"hematopoietic"Ability to become the industry focus.And in the credit/Trust and under the background of the financing channels blocked,Platform financing structure adjustment has been urgent.

　　点刹政信合作产品 DianCha political faith cooperation products

　　“过去地方政府得以依赖的财政增收及融资渠道，现在几乎全面萎缩。”安邦咨询高级研究员贺军说。

"In the past to rely on local government financial income and the financing channels,Now almost fully atrophy."AnBang consulting senior researcher jun.

　　确实，通知的严厉程度前所未有，几乎将融资平台与政府之间的联系斩断，融资平台资产增长受限，规模面临被压缩的境况，而政府无法为融资提供担保导致平台信用资质被显著看衰，融资能力也随之下降。

really,Notice an unprecedented severe degree,Almost will financing platform and the relationship between the government cut off,Financing platform limited asset growth,Scale face compressed situation,The government cannot provide guarantee for financing platform to credit qualification is significant to see failure,Financing ability also fall subsequently.

　　中信建投的研究观点指出，与以前文件主要针对信贷类债务相比，此次通知被业内视为对公益性项目举债的点刹。

Citic built for research view points out,And before the main file for credit than debts,This notice is to the public welfare projects as a DianCha.

　　复旦大学经济学院副院长孙立坚表示，“当前信托规模和政信合作规模大增引起了监管部门的警惕，预计政信合作渠道将进一步受阻。”

Fudan university school of economics, vice President of the SunLiJian said,"The current trust scale and political faith cooperation scale caused a regulatory vigilance,Government is expected to believe cooperation channels will further hindered."

　　构筑“防火墙” construct"firewall"

　　在上海新世纪资信评估公司公共融资部总经理曹明看来，年前四部委联合发文控制地方融资扩张，主要出于两方面考虑：一是防止影子银行规模继续膨胀；二是抑制地方政府投资冲动。“这相当于在地方财政和融资平台之间建立一个"防火墙"；同时，也在很大程度上控制基建规模和融资杠杆率。”

In the Shanghai new century credit evaluation company general manager of public RongZiBu CaoMing looks,The first four ministries and commissions in a joint mandate control local financing expansion,Mainly from two aspects:One is to prevent the shadow Banks continue to scale expansion;The second is to keep the local government investment impulse."This is equivalent to the local finance and financing platform is established between a"firewall";At the same time,Also in the very great degree control infrastructure scale and financing leverage ratio."

　　根据海通证券(600837,股吧)研究所的测算，2012年的影子银行规模达到28万亿元，信托类资产规模达到7万亿元，由于地方政府债务与影子银行项目联系紧密且相互交织，为防止违约事件发生导致金融系统性风险提升，监管部门需要较早对增量予以控制。

According to haitong securities(600837,guba)Institute estimates,2012 years of shadow Banks scale up to 28 trillion yuan,Trust class asset scale up to 7 trillion yuan,Because the local government debt and shadow bank projects closely intertwined and contact,To prevent default events led to the financial systemic risk ascension,Regulators need to be control earlier increment.

　　不仅如此，就历史情况考量，地方政府换届后往往伴有固定资产投资快速上行，这在1993年、1998年、2003年和2008年表现均较为明显。

Not only that,Will history considerations,After the change of local government often associated with investment in fixed assets fast upward,This in 1993/In 1998,/2003 and 2008 are more obvious performance.

　　一位银行资深客户经理告诉记者，现在地方平台各种融资都很困难，想从银行借贷又缺少足够的抵押物，土地财政又玩不转了，资金问题已让不少地方政府焦头烂额，尤其是一些中西部地区。因此政信合作呈现火爆的情况。

A bank senior account manager told reporters,Now place a variety of financing platform is very difficult,Want from bank lending and the lack of enough of the mortgaged property,Land finance and the WanBuZhuan,The problem of funds already let many local government scorched,Especially in some parts of the Midwest.So government cooperation letter on the hot.

　　此外，政信产品的另一个特点是收益率高，达到9％－14％，显著高于银行贷款和债券，这也大大提高了地方政府的利息支出负担。而且期限较短，通常只有1－2年，故而加剧了再融资风险，并会造成现金错配的现象。

In addition,Zheng letter product another characteristic is high rate of return,9% - 14%,Significantly higher than bank loans and bonds,It also greatly improve the local government's interest expense burden.And time is short,Usually only 1-2 years,So intensifies the refinancing risk,And can cause cash mismatch phenomenon.

　　改革迫在眉睫 Reform is imminent

　　业内专家认为，深化金融体制改革，地方融资平台与地方政府债务，地方金融机构运作与地方金融风险防范等问题，已经躲不过、绕不开。

The expert inside course of study thinks,Deepening the reform of the financial system,Local financing platform and local government debt,Local financial institutions operation and local financial risk prevention problems,Has been hiding but/Is not open around.

　　孙立坚认为，从更为长远的视角来看，推进税制改革，完善地方政府的投融资机制将更为迫切。

SunLiJian think,From the perspective of more in the long run,Propulsion system reform,Improving the local government investment and financing mechanism will be more urgent.

　　汇丰银行大中华区首席经济学家屈宏斌认为，市政债和项目债等长期债券，是解决目前基建融资诸多问题的关键，也是未来发展的必由之路。

HSBC bank chief economist in the greater China region QuHongBin think,Municipal bonds and project debt and other long term bonds,To solve the current infrastructure financing is the key to many problems,Is the only way for the development of the future.

　　财政部财政科学研究所所长贾康强调，应该用阳光融资和预期、透明、受公众监督、讲究规范、有利于控制风险的地方债去置换、替代地方融资平台和其他一些不规范的、风险不易控制、不健康的隐性负债，同时又保持地方政府作为融资主体通过融资发挥贯彻经济社会发展战略、支持经济社会发展的正面效益，这才是比较周全、合理的对待地方债务和地方融资体系建设的态度。

The ministry of finance director of the institute of fiscal science jia kang stressed,Should use the sunshine financing and expected/transparent/Supervision by public/Pay attention to regulate/To control the risk of local debt to replacement/Alternative local financing platform and other non-standard/Risk is not easy to control/Unhealthy hidden liabilities,At the same time keep the local government as a financing subject through the financing play to implement the strategy of economic society development/Support the positive benefits of economic and social development,This is the comprehensive comparison/Reasonable to local debt and local financing system construction of attitude.

　　(据新华社电)

(According to xinhua)