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随着地方政府债务违约的出现和大量新的金融化筹资工具的出现,地方政府的财政融资方式也在发生变化,由于对金融的过度依赖使得风险却在不断积累,两者相互交织,使得财政风险和金融风险互相撬动,影响整体经济风险。金融机构在金融化财政筹资模式中继续扮演着资金的绝对供给主力,只是提供资金的方式发生了变化。本文通过对金融化的地方财政筹资方式的相关文献和经验研究进行梳理,提出了金融化财政筹资的概念。重点研究分析了预算资金和金融资金的关系、金融化财政筹资的运作方式。最后,本文提出了金融化财政筹资方式的矫正路径:厘清金融和财政的界限,并针对金融化财政筹资过程中出现的向题提出了相关政策建议。
With the advent of local government debt defaults and the emergence of a large number of new financial financing tools, the local government’s financial financing is also changing. Due to over-reliance on finance, risks are accumulating and the two are intertwined. As a result, Risk and financial risks pry each other, affecting the overall economic risk. Financial institutions continue to act as the absolute providers of funds in the context of financialized financial financing models, except that the way in which funds are provided has changed. This paper sorts out the related literatures and empirical research on the financing ways of localized finance and puts forward the concept of financial financing. It mainly studies and analyzes the relationship between budget funds and financial funds and the operation mode of financialized financial funds. Finally, this paper puts forward a remedial approach to the financing of financialization: clarifying the boundaries of finance and finance, and putting forward relevant policy recommendations in response to the questions raised during the financing of financialization.