CAJ | 학술논문

地方政府债务占用了大量银行信贷资金，并在政府负债过程中参与银行信贷资金的租值分割。由于负债运作缺乏透明度，在分割中会产生租值耗散及福利损失等问题，不利于信贷资金的有效配置。本文以融资平台为例，系统地分析了地方政府债务在“借管用还”各环节的租值分割、转移及耗散问题。从国家审计视角阐述了如何治理地方政府债务的租值耗散，并得出以下主要结论：一是地方政府债务挤占银行可攫取的租值会增加银行分割租值的意愿，不利于企业发展；二是在对租值的分割中，内部人控制分割是低效率的，外部人控制分割依据融资平台管理模式有所不同；三是地方政府负债是对地方政府财权事权不对等的矫正和地方官员晋升制度的扭曲；四是国家审计的揭示、抵御和预防功能是治理地方政府债务问题的重要手段。本文希望从租值耗散视角为国家审计治理地方政府债务提供借鉴。
지방정부채무점용료대량은행신대자금，병재정부부채과정중삼여은행신대자금적조치분할。유우부채운작결핍투명도，재분할중회산생조치모산급복리손실등문제，불리우신대자금적유효배치。본문이융자평태위례，계통지분석료지방정부채무재“차관용환”각배절적조치분할、전이급모산문제。종국가심계시각천술료여하치리지방정부채무적조치모산，병득출이하주요결론：일시지방정부채무제점은행가확취적조치회증가은행분할조치적의원，불리우기업발전；이시재대조치적분할중，내부인공제분할시저효솔적，외부인공제분할의거융자평태관리모식유소불동；삼시지방정부부채시대지방정부재권사권불대등적교정화지방관원진승제도적뉴곡；사시국가심계적게시、저어화예방공능시치리지방정부채무문제적중요수단。본문희망종조치모산시각위국가심계치리지방정부채무제공차감。
Local Government debt occupy lots of banks credit funds, Local Governments participate in rent segmentation of banks credit funds by being in debt. Because of lacking transparency, debt can produce rent dissi- pation and welfare lose in the process of being in debt, and make against effective allocation of banks credit funds. The article systematically analyses rent segmentation, rent transfer and rent dissipation in every link of debt based on financing platform, and expatiates how to govern rent dissipation of local Government debt, the conclusio~ is that： Firstly, the occupation of rent enhances the expectations of banks to split rent, and makes against corporation. Secondly, in the rent segmentation types insider control is low- level efficiency, and the efficiency of outsider control depends on management style of financing platform. Thirdly, local Government debt is rectification for asymmetrical right of local Government and distortion for promotion system of local offi-cial. Lastly, national auditing is effective means of administering local government debt. The article provides reference for national auditing administering local government debt form rent segmentation.