论文部分内容阅读
在对地方政府与投融资平台之间的关系进行全面考察的基础上,基于政府担保和激励视角构建地方政府与投融资平台之间的委托-代理模型。研究结果表明,地方政府对投融资平台的最优激励力度、投融资平台高管人员付出的最优努力水平以及地方政府获得的预期效用水平与投融资平台项目投资规模、投融资平台高管人员的能力水平以及地方政府从投融资平台项目投资产出中获得的隐性额外收益正相关;与投融资平台项目投资周期和外部经营环境风险负相关。从理论上解释了我国地方政府投融资平台资产规模和银行贷款债务不断增加、省级政府投融资平台治理效率优于市县级政府投融资平台、地方政府参与投融资平台公司治理的力度普遍不大、投融资平台高管人员付出的努力水平普遍不高,以及投融资平台公司治理水平普遍较低的原因;以现有省级政府投融资平台为基础,整合市县级政府投融资平台、完善投融资平台高管人员市场选择机制、实施地方政府官员任期内的决策责任终身负责制、强化投融资平台的独立法人人格和市场经济主体地位,以及完善地方政府官员考核评价晋升激励机制等方面提出了优化地方政府与投融资平台公司委托-代理关系的政策建议。
Based on a comprehensive investigation of the relationship between local government and investment and financing platform, this paper builds a principal-agent model between local government and investment and financing platform based on government guarantee and incentive perspective. The results show that the optimal incentive of local government for investment and financing platform, the optimal level of effort of investment and financing platform executives and the expected utility level obtained by local government and investment and financing platform project investment scale, investment and financing platform executives And the hidden extra income gained by local governments from the investment and output of investment and financing platform projects. It is negatively related to the investment cycle of investment and financing platform projects and the risks of external business environment. It explains theoretically that the scale of assets and financing loans of local government investment and financing platform in our country is increasing constantly. The governance efficiency of provincial government investment and financing platform is better than that of city and county level government investment and financing platform. Local government’s participation in the governance of investment and financing platform is generally not Large, investment and financing platform executives generally low level of effort, as well as investment and financing platform for corporate governance generally lower reason; the existing provincial-level government investment and financing platform as the basis, the integration of county-level government investment and financing platform, Improve the market selection mechanism for senior management of investment and financing platform, implement the lifelong responsibility system for decision-making responsibility of local government officials, strengthen the independent legal personality and market economy status of investment and financing platform, and improve the evaluation and promotion incentive mechanism of local government officials Put forward some suggestions on how to optimize the commission-agent relationship between local government and investment and financing platform companies.