地方政府融资平台的举债 行为及其影响分析 ——双冲动下的信贷加速器效应分析

本文在地方政府和商业银行双冲动的框架下讨论地方政府融资平台的举债行为，联系到地方政府积累的巨额债务及可导致的金融风险，以及融资平台与信贷市场和房地产市场的紧密联系，本文将金融加速器的概念引入到分析中来。经过建立理论模型分析发现，地方政府和商业银行双冲动下地方政府融资平台实际上拥有信贷加速器效应，这种信贷加速器效应有可能导致风险不可控，应该引起高度重视。

ANALYSIS ON LOCAL GOVERNMENT FINANCING PLATFORM——Credit Accelerator Effect under the Dual Impulse

This paper discussed local government financing platform in the framework of the dual impulse of local governments and commercial banks. Considering the large debts and financial risk in the local government,and the close connection between financing platform with the credit market and the real estate market, the concept of financial accelerator was introduced in the analysis. This paper concluded that the dual impulse underlocal governments and commercial banks actually had a credit accelerator effect, which might lead to uncontrollable risk.