| Since 2010,the central government and the regulatory authorities strengthen the regulation and management of local government financing platform,through which the rapidly expanding trend of local government financing platform has been basically restrained,the huge risk has been gradually easing.So called "basically in control" has become the official description and point of views on the risk of local government financing platform.On the surface,the risk of local government financing platform has been easing,but in a deeper view,the root cause of expansion of local government debt and local government financing platform loan has not been eliminated,the influence pushing factors of platform liabilities continues enhancing,the weakening factors on repayment of local government exists still,the repayment peak of local government financing platform is getting nearer and would last for a long time.Under the circumstance of economic recession,the risk control ability of local government financing platform is being impacted continually.Especially since 2011,the trend of economic recession is remarkable,the recovery of substantial economic has been slowly still,the reliance on land finance of some local government has been deepen because of the increasing price on real estate,while the fiscal revenue is decreasing rapidly.On a view of regional structure,some platforms in Chinese western region or on a lower administrative district are facing a big pressure of repayment,while in eastern regions,the phenomenon of indebted operation is not in the minority too.Meanwhile,the risk is conducting to the financial system,and would be tougher and more complicated with the accumulation of the debts of local government financing platform.In August 2014,the "Budget Law" 4th Amendment has been approved by the National People's Congress(NPC),and would be put into effect in January 2015.Although in this revision,the local government has been entitled of the issuance power of local debt in a certain amount,but both the permission of issuance government and issuance procedure is strict,and use of the debts are restrained,which reflects the prudence of the central government.Considering the reality,it would not be of high probability to replace those local government financing platforms with government debt issuance in a short time.And it would also be time-costing to solve the problems of the vast number of the debt and loan of local government financing platforms.In the meanwhile,there are still much space remained on how to improve the mechanism of local government debt issuance and how to govern local government financing platforms by government debt issuance after the "Budget Law" 4th Amendment become effective.Therefore,it's still complicated of the problems about the local government financing platform,not only in theory,but in the practice also.For its governance,there's still a long way to go.How should we face and solve the problems of local government financing platform,through which we could make the governance more pointed? The thesis would carry out a deep research and discussion on it.In the process of research,the thesis research the positioning problem in economic law of local government financing platforms in the framework of “government-market-the social middle layer”,the motivation to increase debt amount,the operational mode and the relative risks of local government financing platforms in reality.On this basis,the thesis tries to explore an effective way to govern local government financing platforms in thinking of law,including the institutional environment,regulation mechanism,and micro governance,through which give the idea and advice on the governance from the perspective of macro,meso and micro layers.In the demonstration in detail,the thesis bases on the positioning research on local government financing platforms.In the first part,the thesis indicates that the research should be put in the framework of “government-society-market” based on the theory of government and market,from which reaches the conclusion that the platforms should be classified to “quasi-social-body”,and demonstrates the necessity of governance on local government financing platforms.From this,in Part Two,the thesis researches the motivation and operational mechanism of the platforms in reality.Researching on the motivation,the thesis analyzes the root factors which pushes the platforms developed rapidly,in a view of financial and taxation system.As for the operational mode,the thesis make the research from the view of direct financing,indirect financing and financing innovation,estimates the risks,which leads to the discussion on the governance mode of local government financing platforms.On the method to govern the local government financing platforms,the thesis demonstrates on the view of institutional environment,regulation mechanism and micro governance.In Part Three,the thesis tries to find the way from legal institution to govern the platforms,which is regarded as the root factor.From the angle of motivation,the thesis discusses the probability and possible methods to improve the system of tax distribution,entitle local governments to issue the bonds and enhance the financial budget.In Part Four,the thesis explores the way to establish a regulation system,which concerns on both development and regulation.Based on the reality and the foreseeable change of legal institution the thesis reviews on the regulation system.Furthermore,the advice on how to improve the systems has been given too,including how to improve the institutional system,how to establish a specific regulation system,a governance mode on local government debt and how to make the regulate mechanism more efficient.In Part Five,the thesis concerns,from a micro view,on the problems of corporate governance and financing,endeavor to find an effective way to regulate the operation of the platforms.Therefore,the thesis indicates that to improve the corporate governance needs to weaken the control of local government inside the platforms,while introduce the bank supervision system outside in order to enhance the effect of the creditors.Besides,it would be important also to enhance the regulation and control the risk when the platforms conduct a financing affair,and to deny the warranty from the local government while increase the weight on mortgage in order to make the platforms more creditworthy.The conclusions are as below:Firstly,in terms of the nature,local government financing platforms is a product of institution innovation,which is the result of the double failure of market and government.Their development is created by the current financial system,especially by the tax distribution reform in 1994,and the restrain on the local government to issue bonds in the Budget Law,which is the ultimate cause and motivation of local government financing platforms large-scale development.Secondly,in terms of body positioning in economic law,it should be put into the framework of “government-society-market” when analyzing on local government financing platforms.The platform's appearance is similar with marketing participants,but substantially different.And has the generality with those social layer body,but essentially different too.Therefore,the platforms should be positioning as “quasi social layer body”.Thirdly,for the governance of local government financing platform,the legal method should be the main one,which requires not only the foundation on the institutional affairs when analyzing the platforms,but also the construction and improvement of mechanism.Fourth,the thesis indicates that the governance of local government financing platform should be systemic and comprehensive,and the research should focus on three dimensions,including the institutional environment,regulation mechanism and the microscopic operation of the platform company.The governance on institutional environment focus on the deep-seated factors to boost local government financing platforms,exploring the method to fundamentally solve the problems of the platforms through perfecting the financial budget system in China,fundamentally.The construction of regulation mechanism should be based on the reality,and foreseeable regulatory changes,researching how to optimize the regulation on government financing platforms in reality.Micro governance focuses on the market participants and their financing mode,researching on the operational and management issues of platforms as a micro body.Fifth,to improve the institutional environment of local government financing platform,at present,needs not only to promote the reform of tax distribution system confirmedly,entitle the local government to issue government bond,but also to push the platforms to apply the PPP mode.Sixth,the regulation on the local government financing platforms,should focus on improving the regulation system,appointing the regulation institution clearly,clarifying the local government debt management mode and constructing regulate mechanism.Meanwhile,it would be important also to establish,outside the local government,a financial risk warning mechanism rapidly and a debt limitation management mechanism.Seventh,as for the micro governance on platforms,the improvement of corporate governance is necessary,which needs to weaken the public power inside the corporate and introduce the bank supervision system outside to strengthen the influence of the creditors.In the meanwhile,it is required as well to optimize the financial mechanism of platforms,in order to which the enhancement of classification management,a more strict access and a real time supervision mechanism would be required.In the step of guarantee,the endeavor to increase credit on the platforms in the rule of prudence must be conducted too.To sum up,the thesis achieves the theoretical innovation from three aspects,including the topic selection,viewpoint and methodology throughout the full text.On the topic selection,the thesis research the fundamental issues of local government financing platform in the view of law,based on which give the idea and methods on the governance on the platforms.On the point of view,the thesis put forward some new perspectives,while adopting and developing some traditional view.On methodology,the thesis has an innovation on researching perspective,increasing the comprehensiveness and systematicness of research following the mainline of law.Meanwhile,the thesis creates the conception and gives the methods on the governance on local government financing platforms from three layers,including macro,meso and micro.The conception and methods the thesis given includes the revolution of institutional environment,the improvement of regulation mechanism and the promotion of micro governance,which endeavor to march a new explore on the theoretical and empirical research on local government financing platforms. |
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