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一、走出过分强调“有偿”的误区。分税制后,地方财力受到削弱,一些地方为了保证支出的需要,过分地强调“投资有偿”,运用利差获取盈利。这种做法是不可取的。有偿方式只是一种责任形式。地方政府将资金用于项目投资,使财政资金转化为资本,作为所有者应该从投资项目中回收资金。但是,地方政府又是一个特殊的投资者,它主要承担一个地方社会诸方面的宏观管理责任,因此财政投资主要偏重于调节目标。至于有偿投资,主要是加强投资责任,提高投资效益。如果完全从有偿方面来考虑投资项目,以资本增值为首要目的,则改变了财政投资的性质。
First, out of overemphasis on “paid” errors. After the tax-sharing system, the local financial resources are weakened. In some places, in order to ensure the expenditure needs, they excessively emphasize “investment compensation” and make profits by using spreads. This approach is not desirable. Paid way is just a form of responsibility. Local governments use funds for project investments and make fiscal funds into capital, as the owner should recover funds from investment projects. However, the local government is a special investor. It mainly undertakes the macro-management responsibility of a local society. Therefore, the financial investment mainly focuses on the regulation goal. As for paid investment, it is mainly to strengthen investment responsibility and improve investment returns. If we consider the investment project entirely from the compensation aspect, the primary purpose of capital appreciation changes the nature of the financial investment.