Discussion on Management of Credit Risk of Financing Vehicle of Local Government

文章基于融资信用风险分析框架，从地方政府融资平台的股东、融资主体的视角对融资平台的基本概念、运作特点、融资模式和信用风险管理等进行了分析。文章指出，地方政府融资平台是一类型特殊企业。本质上是政府为实施特定辖区开发而设立的公司，其功能是整合区域内的资产、资源、技术和资金，从而实现生产要素的优化组合。地方政府融资平台与生俱来的政府背景，使其在开展融资时的信用风险评估和管理不同于一般工商企业。文章认为当前地方政府融资平台信用风险管理存在的主要问题为：对土地出让金返还支付融资本息存在很高依存度，抵押和保证措施存在严重不足，融资行为很难被实质监管和追偿。研究建议金融机构应尽可能地将信用风险管理措施前移，根据地方政府财政收入和负债规模确定授信规模，在能够落实可处置和执行的抵押、质押、保证等风险管控手段的前提下确定实际融资规模。对于存量的融资，应创新融资产品，通过融资期限和项目收益期限的合理匹配，化解可能出现的信用违约风险。Based on the analytical framework of credit risk of financing, this paper analyses the basic concept, the characteristics of operation, the financing mode of the Financing Vehicle of Local Government(FVLG) and the management of credit risk from the perspective of shareholder of the financing vehicle and the finance itself. The paper points out that the FVLG is a special type of state-owned enterprise and it mainly carries out business in specific areas. The main function of FVLG is responsible for the combination and optimization of asset, resource, technology and money so as to realize the reconstruction of production factors. Due to the factor of strong background from local authorities, the appraisal and management of the credit risk of FVLG is totally different from normal enterprises. The main problems are as follows: the repayment of principal and interest highly depends on the refunding of the sale of land;there is no sufficient measurement of mortgage and guaranty, there are no effective measures of surveillance and recovery. The paper suggests that the measures of management of credit risk should be carried out in advance according to the condition of the fiscal revenue and debt of local authorities so as to determine the actual amount of financing and it should be combined with effectual measures to control the credit risk. The financial innovation should be created to resolve the problem about the mismatch of term in present financing business so as to relieve the potential risk from credit default.0184-8