The development of local government financial vehicles in China: A case study of Jiaxing Chengtou
The development of local government financial vehicles in China: A case study of Jiaxing Chengtou
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DOI：
10.1016/j.landusepol.2020.104793
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发表时间：
2020-06
期刊：
影响因子：
7.1
通讯作者：
Yi Feng;Fulong Wu;Fangzhu Zhang
中科院分区：
文献类型：
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作者：
Yi Feng;Fulong Wu;Fangzhu Zhang
金融中介在城市发展中得到广泛应用。自全球金融危机以来，了解其运作及其对金融风险的影响已成为一项紧迫任务。本文研究了中国新兴的地方政府金融工具（LGFV）。我们回顾它们的历史、现状和基本财务机制。面对全球金融危机，中国出台了投资4万亿元用于城市发展的刺激计划，以刺激经济。该计划已基本由地方政府融资平台完成。本文以扮演地方政府融资平台角色的嘉兴市建设投资公司（嘉兴城投）为案例进行调查。我们发现它主要使用银行贷款和债券来为土地和基础设施开发提供资金。为了从资本市场借款，嘉兴城投将划拨的国有土地作为抵押，并通过与市政府签订建设和转让协议来增强信用。但该企业未能偿还贷款，导致进一步借款。由于中央政府的控制，嘉兴城头自2012年起名义上脱离市政府，但仍保留财政职能。它已与其他地方政府融资平台重新打包，以进入外国债券市场。该论文揭示了地方政府融资平台如何充当连接地方政府与中国金融市场的金融渠道。
Financial intermediaries have been widely used in urban development. Since the global financial crisis, it has been an urgent task to understand their operation and implications for financial risks. This paper examines emerging local government financial vehicles (LGFVs) in China. We review their history, current status and underlying financial mechanisms. Confronting the global financial crisis, China has taken a stimulus plan to invest four-trillion Yuan in urban development to stimulate the economy. The plan has been largely fulfilled by the LGFVs. This paper investigates the case of Jiaxing City Construction Investment Corporation (Jiaxing Chengtou), which plays a role of LGFVs. We find that it mainly uses bank loans and bonds to finance land and infrastructure development. To borrow from the capital market, Jiaxing Chengtou collateralizes allocated state-owned land and enhances credits by build and transfer protocols with the city government. However, the enterprise did not manage to pay back its loans, which has led to further borrowing. Due to the central government’s control, Jiaxing Chengtou has been nominally detached from the municipal government since 2012, but it maintains a financial role. It has been re-packaged with other LGFVs to access foreign bond markets. The paper reveals how LGFVs act as financial conduits to connect local governments with the financial market in China.