我国地方财政投融资平台债务风险分析

1994年的分税制改革导致中央财政收入占全国财政收入的比重迅速增加,地方政府在财政收入迅速减少的情况下还要承担大量的事权。在这种财力与事权不匹配的情况下,地方政府只有通过举借债务来完成基本公共产品的提供和基本公共服务的供给。金融危机之后,地方融资平台数量骤增,地方债务数额短期内迅速膨胀,加大了银行信贷风险。因此,防范并化解地方政府债务风险便成为当务之急。     

关于应对县域突发融资事件的思考

2011年以来，受国家宏观政策调控和货币政策趋紧影响，少数企业资金链条绷紧、民间高息举债、银行融资不畅等深层次问题显现，最终导致了一些地方融资事件的发生。其中，东营市垦利县在当地部分企业融资事件发生后，妥善介入事件处理，为区域性金融危机的应急处置积累了丰富的经验。防止类似融资事件的发生，必须引导中小企业把握好国家信贷政策，积极改善金融服务，规范民间资本的合理流动，同时进一步健全完善地方担保体系。     

保付代理及其涉及的有关债权转让的法律问题及立法比较

国际保理,概括而言,是为国际贸易赊销方式提供的一种集账务管理、应收账款收取、信用风险担保和贸易资金融通为一体的综合性金融服务。随着国际市场竞争的愈演愈烈,国际保付代理业务得到了迅猛发展,成为各国出口商加强国际市场竞争力的有效手段。对国际保理的债权转让问题进行了分析,并就如何完善保理业务立法提出了建议。     

The logic of interdisciplinary studies

In this article, I argue that emerging economies are systematically becoming more susceptible to both currency and banking crises after financial liberalisation (FL). Using data for 27 emerging economies from 1973 to 1998, univariate and multivariate analyses indicate that the likelihood of currency crises and banking crises increase after FL. In particular, liberalisation allows more liquidity to enter an emerging economy, which finds its way into productive and speculative projects. What is common to both types of crises is a significant increase in speculative financing, thereby increasing the chance for borrower default. Thus, the outflow of international capital becomes more likely. The chance of a crisis occurring in response to changes in short-term loans is greater after FL than before. Similarly, the chance of a currency crisis occurring following a currency overvaluation is larger after FL than before. In comparison, the likelihood of a banking crisis occurring in response to an overvalued currency remains the same. Finally, the results show that the chance of a currency crisis declines over time, while the chance of a banking crisis increases after FL.     

地方政府融资平台的财政支持与风险防范

我国地方政府融资平台大部分是运用财务杠杆负债经营,蕴藏着巨大的偿债风险,地方财政收入的不确定性及其他因素都加剧了融资平台的偿债风险.本文探讨了地方政府融资平台基于财政方面的支持,分析了其带来的风险,并给出相应的风险防范的政策建议.     

我国地方政府债务融资监管立法缺陷及完善

我国地方政府债务近几年急剧膨胀,负债融资发展已经形成不可阻挡之势。加强对地方政府债务融资监管显得意义特别重大。本文在界定地方政府融资内含的基础上,概括了我国地方政府债务融资监管立法缺陷,并对完善我国地方政府债务融资监管立法提出了若干建议,以求同仁赐教。     

负债融资:利弊及其风险防范

负债融资可以扩大企业的生产规模,使企业在得到财务杠杆效益、降低综合资金成本的同时,也增加了财务风险。因此,企业必须树立风险意识,建立有效的风险防范机制。     

MARKET WATCH

正OPINION How to Tackle Local Government Debt? Fundamentally,debt is an overdraft of credit,and almost all countries are confronted with some form of debt risks.Currently,China tries to curb the rising debt risks through deleverage,which has gone on to cause the additional problems of a surge in financing costs and a structural squeeze in social liquidity.A solution should be found to treat both symptoms and their root causes.     

Singapore: The Limits of a Technocratic Approach to Health Care

Being a tiny, easily managed polity run by Western-educated technocrats, Singapore is an ideal laboratory for those who believe that there is a “logical” answer to the problem of health-care funding in economically advanced societies. Certainly the ruling elite in this not-very-democratic country is convinced that Singapore is the epitome of a rational, technocratic state in which rule is based on supposedly impartial, objective criteria. The government's achievements in the delivery of health care are at the forefront of its showcase of technocratic achievements. This article uses the Singapore government's innovations in health-care funding as a case study to explore and test the limitations of trying to apply purist technocratic premises and methodologies to governance. The limitations it uncovers raise the question of whether a technocratic approach to governance can ever deliver the promised results and suggests that the attraction of “technocracy” is a chimera.     

EU's Fight Against Terrorist Finances: Internal Shortcomings and Unsuitable External Models

This article offers an analysis of the European Union's (EU) efforts in the fight against terrorist finances. Following the 9/11 attacks, the EU has adopted the relevant United Nations counterterrorism resolutions as well as the special recommendations of Financial Action Task Force. In addition, the EU has developed its own measures spanning across all of its three pillars. There is, however, a cause for concern that some of these measures have not been properly implemented, while others have been criticized on legal, transparency, legitimacy, and efficiency grounds. These shortcomings are not only due to EU's own internal obstacles, but also result from the EU's uncritical adoption of the prevailing smart sanctions and money-laundering regimes, which are based on a number of unwarranted assumptions that do not reflect the nature of contemporary terrorist threats in Europe.