2008年以来,我国庞大的政府投资计划和货币政策的支持催生了融资平台频繁以政信合作方式进行融资,融资风险的问题也在逐渐显现。以2012年之后的228个政信合作信托项目为样本进行实证研究,可以发现地方政府其实在有形和无形之中都一定程度上影响了信托政信合作这个市场。在政信合作项目中,一方面,政府通过由国有企业提供担保行为和出具财政承诺函的方式对项目进行间接和直接的介入,均可以在一定程度上提高项目的信用,降低融资成本;另一方面,政信合作项目的发售模式也会对增信程度产生影响,“买入返售”模式会对项目的信用有负向影响,从而增加融资成本。 Since 2008, the huge government investment plan and the support of monetary policy in our country have given birth to the financing platform being frequently financed by the cooperation of government and credit. The financing risk problem is also gradually emerging. An empirical study of 228 trust cooperation trust projects after 2012 shows that the local government has actually affected the trust and credit cooperation market to some extent. On the one hand, in the cooperation projects of government and credit, on the one hand, the indirect and direct involvement of the government in the project through the provision of guarantees by state-owned enterprises and the issuance of financial commitment letters can all raise the credit of projects to a certain extent and reduce the financing costs; In terms of sales and service cooperation projects, the credit sale model will also have an impact on the creditworthiness. The “buy-back and sell” model will have a negative impact on project credit, thereby raising financing costs.