本文分析中國大陸轉型時期重要的制度創新-地方政府投融資平臺。藉由新制度理論的方法,本文對兩種典型的地方政府投融資制度安排-信託投資公司和城市投資公司的起落興衰給予詮釋。一方面,本文由制度變遷的需求面與供給面對地方投融資平臺的創建給予說明。另一方面,本研究也從比較組織分析的角度對投融資平臺加以討論。比較組織分析結果表明,與財政預算和銀行體系相比,地方政府投融資平臺類似一個變種的制度安排。對地方政府來說,利用投融資平臺在誘因強度、融資運用自由度、項目操作上具相對優勢,但地方政府投融資平臺在融資特性與制度基礎方面有相對劣勢。
This paper attempts to analyze an important organizational phenomenon-local government investment vehicles (LGIVs) during China's transition to a market economy from the perspective of new institutionalism theory. As a main investment and financing channel, this article finds that the development of LGIVs is a strategic response of local governments to the dynamics of central-local relations. This paper particularly emphasizes that institutional demand factors such as fiscal policy, monetary policy and political hierarchy play a critical role in LGIVs. It also sheds light on the institutional factors that trigger changes in LGIVs. In addition, it comparatively analyzes different investment and financing platforms such as financial budgets, the banking system, and LGIVs, among which the important microscopic characteristics of different organizations are examined.
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