文档介绍：通胀预期下,地方政府供地融资研究
摘要
去年之前,我国广义货币在8年内翻了两番、,创下了一个纪录。货币川流汹涌澎拜,给物价总水平带来压力是合乎逻辑的结果。处在目前通货膨胀的背景下,地方政府融资平台中的土地融资起到了推波助澜的作用。在“土地财政”饱受诟病之时,“供地融资”却被大众忽视,在我国现行土地制度下,建设用地的供给是社会总投资形成的重要条件。一般而言,建设用地的增加直接增加了机构和个人的自有资本金,从而增加了投资的本金;然后,经过土地的评估和抵押,又扩大了这些机构和个人的信用,把更多的银行信贷动员为社会总投资。反过来,建设用地供给的减少同样对信用规模产生紧缩性影响。这个经济流程称为‘供地融资’”。目前,地方政府供地融资已经成为了对宏观经济影响更为重大、也更为敏感的问题,主要在于土地作为可供抵押资产成为地方政府和国企大手借贷的支点。地方政府的“供地融资”使得中国的广义货币量持续增加,银行则会受制于政府的压力被迫或者乐于放贷,不仅加剧了我国货币的流动性,而且使央行的货币政策陷于尴尬的处境,同时,“供地融资”也给房地产业,政府直接投资行业如基础设施建设造成了负面的影响。
本文将在介绍具有中国特色的土地制度、“供地融资”、“土地货币”(简称“土币”)的产生背景、经济含义的基础上,分析地方政府“供地融资”如何增加央行货币发行,从而成为通货膨胀的助推器;分析“供地融资”对于中国楼市乃至整个房地产业的影响;分析其和政府主导投资的联系,进而提出在目前通货膨胀的背景下,调控监管地方政府供地融资的建议与对策。
关键词:通货膨胀供地融资货币供应
Abstract
Until last year, China's broad money has quadrupled in eight years, in absolute terms increased by trillion, setting a Hustle raging Peng worship, to bring pressure on the general price level is the logical in the current context of local government finance
platform in the land played a role in fueling the the "land finance" when the often-criticized "for land financing," the public was ignored, in China's current land system, the supply of land for construction is an important form of social conditions for the total general, the increase in land for construction of institutions and individuals directly increase its own capital, thus increasing the investment capital; then, after the assessment of land and mortgage, but also expanded the credit of these institutions and individuals, the moremobilization of bank credit for the total social , reducing the supply of land for construction of the same size have the credit crunch economic process known as 'financing for the land'. "Currently, local government financing for the land has e more important macro-economic impact, and more sensitive issue, mainly land as collateral for a local government and state-owned assetsthe fulcrum of b