據新華社消息，中共中央辦公廳、國務院辦公廳近日印發《關于做好地方政府專項債券發行及項目配套融資工作的通知》（下稱《通知》）。《通知》明確，允許將專項債券作為符合條件的重大項目資本金，還明確了依法合規予以免責的行為。《通知》強調，堅持疏堵并重，把“開大前門”和“嚴堵后門”協調起來，在嚴格控制地方政府隱性債務、堅決遏制隱性債務增量、堅決不走無序舉債搞建設之路的同時，鼓勵依法依規通過市場化融資解決項目資金來源。業內看來，在基建投資(zi)整體增速因資(zi)金問題(ti)制約低位徘徊的情形下，這一(yi)政(zheng)策有助于增加有效(xiao)投資(zi)，發揮基建對穩(wen)增長的托底(di)作用。

       允(yun)(yun)許將(jiang)部(bu)(bu)(bu)分(fen)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)作(zuo)(zuo)(zuo)(zuo)為(wei)一(yi)(yi)(yi)(yi)定比(bi)例的(de)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)資(zi)(zi)(zi)(zi)本(ben)金(jin)(jin)此次(ci)(ci)《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》的(de)一(yi)(yi)(yi)(yi)大(da)亮(liang)點(dian)(dian)是(shi)(shi)(shi)(shi)，允(yun)(yun)許將(jiang)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)作(zuo)(zuo)(zuo)(zuo)為(wei)符(fu)合(he)條(tiao)件(jian)的(de)重大(da)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)資(zi)(zi)(zi)(zi)本(ben)金(jin)(jin)。據《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》，對于專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)支(zhi)持(chi)、符(fu)合(he)中(zhong)(zhong)(zhong)央(yang)(yang)重大(da)決策(ce)(ce)部(bu)(bu)(bu)署(shu)、具(ju)有較(jiao)(jiao)大(da)示范(fan)帶(dai)(dai)動(dong)(dong)效應(ying)的(de)重大(da)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)，主要(yao)是(shi)(shi)(shi)(shi)國(guo)家(jia)重點(dian)(dian)支(zhi)持(chi)的(de)鐵路(lu)(lu)、國(guo)家(jia)高(gao)(gao)(gao)速(su)公路(lu)(lu)和(he)(he)(he)(he)支(zhi)持(chi)推進(jin)國(guo)家(jia)重大(da)戰(zhan)略(lve)的(de)地(di)方(fang)高(gao)(gao)(gao)速(su)公路(lu)(lu)、供電、供氣項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)，在(zai)(zai)評估項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)收益償還(huan)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)本(ben)息后(hou)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)收入具(ju)備融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)條(tiao)件(jian)的(de)，允(yun)(yun)許將(jiang)部(bu)(bu)(bu)分(fen)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)作(zuo)(zuo)(zuo)(zuo)為(wei)一(yi)(yi)(yi)(yi)定比(bi)例的(de)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)資(zi)(zi)(zi)(zi)本(ben)金(jin)(jin)，但(dan)(dan)不(bu)得(de)超越項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)收益實際水平過度(du)(du)融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)。《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》也(ye)明確(que)了(le)(le)此次(ci)(ci)精準(zhun)(zhun)聚(ju)焦重點(dian)(dian)領(ling)域(yu)和(he)(he)(he)(he)重大(da)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)。重點(dian)(dian)支(zhi)持(chi)京(jing)津(jin)冀協同發(fa)展、長江(jiang)經(jing)濟帶(dai)(dai)發(fa)展、“一(yi)(yi)(yi)(yi)帶(dai)(dai)一(yi)(yi)(yi)(yi)路(lu)(lu)”建設、粵港澳大(da)灣區(qu)建設、長三角區(qu)域(yu)一(yi)(yi)(yi)(yi)體化發(fa)展、推進(jin)海(hai)南(nan)全面深化改(gai)革(ge)開放等(deng)(deng)重大(da)戰(zhan)略(lve)和(he)(he)(he)(he)鄉村振興戰(zhan)略(lve)等(deng)(deng)。“本(ben)次(ci)(ci)《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》意(yi)在(zai)(zai)支(zhi)持(chi)符(fu)合(he)中(zhong)(zhong)(zhong)央(yang)(yang)重大(da)決策(ce)(ce)部(bu)(bu)(bu)署(shu)的(de)、具(ju)有較(jiao)(jiao)大(da)示范(fan)帶(dai)(dai)動(dong)(dong)效應(ying)的(de)重大(da)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)，進(jin)一(yi)(yi)(yi)(yi)步延續(xu)了(le)(le)去年國(guo)辦發(fa)【2018】101號(hao)文(wen)的(de)整(zheng)體基(ji)調，強調基(ji)建領(ling)域(yu)補(bu)短板依舊是(shi)(shi)(shi)(shi)‘精準(zhun)(zhun)投(tou)(tou)資(zi)(zi)(zi)(zi)’而非(fei)‘大(da)水漫(man)灌’。”東(dong)方(fang)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)研究發(fa)展部(bu)(bu)(bu)技術(shu)副(fu)總(zong)監張伊君表示，在(zai)(zai)年內還(huan)將(jiang)發(fa)行(xing)(xing)(xing)(xing)的(de)1.3萬(wan)億(yi)新增專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)中(zhong)(zhong)(zhong)，對接基(ji)建項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)的(de)發(fa)行(xing)(xing)(xing)(xing)占(zhan)比(bi)有望提(ti)升，從(cong)(cong)而帶(dai)(dai)動(dong)(dong)更(geng)多基(ji)建項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)獲得(de)資(zi)(zi)(zi)(zi)本(ben)金(jin)(jin)支(zhi)持(chi)。《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》另一(yi)(yi)(yi)(yi)大(da)亮(liang)點(dian)(dian)是(shi)(shi)(shi)(shi)，積(ji)極(ji)(ji)鼓(gu)勵(li)(li)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)提(ti)供配(pei)套(tao)融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)支(zhi)持(chi)，即項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)可(ke)以組合(he)采取專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)+市場(chang)化融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)（如貸(dai)款(kuan)）的(de)方(fang)式融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)。今(jin)年年初，國(guo)務(wu)院就召開常務(wu)會議(yi)，專(zhuan)(zhuan)(zhuan)題研究“部(bu)(bu)(bu)署(shu)加(jia)(jia)快(kuai)發(fa)行(xing)(xing)(xing)(xing)和(he)(he)(he)(he)用(yong)好(hao)地(di)方(fang)政府(fu)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)、支(zhi)持(chi)在(zai)(zai)建工(gong)程及補(bu)短板項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)建設并(bing)帶(dai)(dai)動(dong)(dong)消費擴大(da)”的(de)工(gong)作(zuo)(zuo)(zuo)(zuo)。其中(zhong)(zhong)(zhong)就提(ti)出，貨幣(bi)信貸(dai)政策(ce)(ce)要(yao)配(pei)合(he)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)發(fa)行(xing)(xing)(xing)(xing)及項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)配(pei)套(tao)融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)，引導金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)加(jia)(jia)強金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)服務(wu)，保(bao)(bao)障重大(da)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)后(hou)續(xu)融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)。此次(ci)(ci)《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》進(jin)一(yi)(yi)(yi)(yi)步明確(que)，對于實行(xing)(xing)(xing)(xing)企業化經(jing)營管(guan)理的(de)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)，鼓(gu)勵(li)(li)和(he)(he)(he)(he)引導銀(yin)行(xing)(xing)(xing)(xing)機(ji)構(gou)以項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)貸(dai)款(kuan)等(deng)(deng)方(fang)式支(zhi)持(chi)符(fu)合(he)標準(zhun)(zhun)的(de)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)。鼓(gu)勵(li)(li)保(bao)(bao)險機(ji)構(gou)為(wei)符(fu)合(he)標準(zhun)(zhun)的(de)中(zhong)(zhong)(zhong)長期限(xian)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)提(ti)供融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)支(zhi)持(chi)。允(yun)(yun)許項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)單位(wei)發(fa)行(xing)(xing)(xing)(xing)公司信用(yong)類(lei)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)，支(zhi)持(chi)符(fu)合(he)標準(zhun)(zhun)的(de)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)。”2018年基(ji)建投(tou)(tou)資(zi)(zi)(zi)(zi)下(xia)滑，其中(zhong)(zhong)(zhong)一(yi)(yi)(yi)(yi)個原因是(shi)(shi)(shi)(shi)地(di)方(fang)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)高(gao)(gao)(gao)壓監管(guan)，并(bing)將(jiang)違(wei)規(gui)舉(ju)債(zhai)(zhai)(zhai)(zhai)(zhai)責(ze)(ze)任上(shang)升到(dao)“終身(shen)追責(ze)(ze)、責(ze)(ze)任倒查”。財金(jin)(jin)23號(hao)文(wen)，也(ye)對國(guo)有金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)做了(le)(le)規(gui)范(fan)。“據我們(men)了(le)(le)解，不(bu)少地(di)方(fang)政府(fu)和(he)(he)(he)(he)城投(tou)(tou)，重點(dian)(dian)是(shi)(shi)(shi)(shi)保(bao)(bao)存量債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)，尤其是(shi)(shi)(shi)(shi)城投(tou)(tou)債(zhai)(zhai)(zhai)(zhai)(zhai)不(bu)違(wei)約，但(dan)(dan)對新建項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)并(bing)不(bu)積(ji)極(ji)(ji)。”聯訊證券(quan)(quan)(quan)首(shou)席(xi)經(jing)濟學家(jia)李奇霖說(shuo)。為(wei)破解這一(yi)(yi)(yi)(yi)困(kun)境，此次(ci)(ci)出臺的(de)《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》中(zhong)(zhong)(zhong)在(zai)(zai)激(ji)勵(li)(li)地(di)方(fang)政府(fu)積(ji)極(ji)(ji)性(xing)上(shang)做了(le)(le)明確(que)的(de)規(gui)定。《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》明確(que)提(ti)出了(le)(le)建立正向激(ji)勵(li)(li)機(ji)制。研究建立正向激(ji)勵(li)(li)機(ji)制，將(jiang)做好(hao)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)發(fa)行(xing)(xing)(xing)(xing)及項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)目(mu)(mu)(mu)(mu)(mu)(mu)配(pei)套(tao)融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)工(gong)作(zuo)(zuo)(zuo)(zuo)、加(jia)(jia)快(kuai)專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)發(fa)行(xing)(xing)(xing)(xing)使用(yong)進(jin)度(du)(du)與(yu)全年專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)額度(du)(du)分(fen)配(pei)掛(gua)鉤，對專(zhuan)(zhuan)(zhuan)項(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)(xiang)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)發(fa)行(xing)(xing)(xing)(xing)使用(yong)進(jin)度(du)(du)較(jiao)(jiao)快(kuai)的(de)地(di)區(qu)予以適當傾斜(xie)支(zhi)持(chi)。適當提(ti)高(gao)(gao)(gao)地(di)方(fang)政府(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)作(zuo)(zuo)(zuo)(zuo)為(wei)信貸(dai)政策(ce)(ce)支(zhi)持(chi)再(zai)貸(dai)款(kuan)擔保(bao)(bao)品的(de)質押率，進(jin)一(yi)(yi)(yi)(yi)步提(ti)高(gao)(gao)(gao)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)持(chi)有地(di)方(fang)政府(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)的(de)積(ji)極(ji)(ji)性(xing)。《通(tong)知(zhi)(zhi)(zhi)(zhi)(zhi)》還(huan)明確(que)依法合(he)規(gui)予以免(mian)責(ze)(ze)。“既要(yao)強化責(ze)(ze)任意(yi)識，誰(shui)舉(ju)債(zhai)(zhai)(zhai)(zhai)(zhai)誰(shui)負責(ze)(ze)、誰(shui)融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)誰(shui)負責(ze)(ze)，從(cong)(cong)嚴整(zheng)治舉(ju)債(zhai)(zhai)(zhai)(zhai)(zhai)亂象，也(ye)要(yao)明確(que)政策(ce)(ce)界限(xian)，允(yun)(yun)許合(he)法合(he)規(gui)融(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)行(xing)(xing)(xing)(xing)為(wei)，避免(mian)各方(fang)因擔心被(bei)問責(ze)(ze)而不(bu)作(zuo)(zuo)(zuo)(zuo)為(wei)。”

       為何出臺這一政策，有何影響？從基建投資表現看，今年以來基建投資雖已觸底反彈，但整體增速仍然低位徘徊。數據顯示，2018年三季度開始的基建補短板效果并不顯著，全口徑基建投資增速只從2018年9月份的低點0.3%微弱反彈至今年前4個月的3.0%。資金問題是制約基建的最主要原因。在多位業內人士看來，《通知》將緩解部分項目資金壓力，包括資本金不足帶來的掣肘以及后續資金跟進問題。東方金城認為，下半年基建增速有望出現兩位數反彈，從而使得基建投資對穩增長實現托底作用。中信證券則預測，2019年基建增速將達到8%到9%。還值得關注的是，新增專項債目前還剩余1.3萬億額度，專項債還剩多少可以用于基建部分，對今年的GDP帶來多大影響？國泰君安認為，2019年剩余的專項債中，可用于資本金的金額大約為0.15萬億到0.26萬億，專項債作為資本金使用或帶動0.75萬億到1.3萬億基建資金，推高GDP約0.2到0.5個百分點。對于未來的政策走向，國泰君安預測，今年四季度大概率增加專項債、特別國債預算，四季度可能有新的專項債專門用于做重大項目資本金。貨幣政策上，預計后續降準的要求以及銀行的永續債需求恐怕明顯提升。地方政府專項債券加量提速是今年積極財政政策穩增長的重要組成部分。《通知》是否意味著放松債務風險的管控？對此，通知明確予以否認，稱“必須堅持結構性去杠桿的改革方向，堅決不搞‘大水漫灌’。對舉借隱性債務上新項目、鋪新攤子的要堅決問責、終身問責、倒查責任。”但如何實現這一政策目標？《通知》規定，從嚴設定政策條件，嚴禁利用專項債券作為重大項目資本金政策層層放大杠桿。 同時，《通知》還明確，地方政府要按照一一對應原則，將專項債券嚴格落實到實體政府投資項目，不得將專項債券作為政府投資基金、產業投資基金等各類股權基金的資金來源，不得通過設立殼公司、多級子公司等中間環節注資，避免層層嵌套、層層放大杠桿。“本次專項債補充項目資本金不僅有著明確的資格條件要求，而且嚴禁違規擴大資金用途，其中最關鍵的一條是不增加隱性債務。這表明監管層對地方政府隱性負債仍在堅持高壓監管原則，后期地方基建項目借專項債新規‘遍地開花’的可能性很低。”東方金城表示，允許專項債補充重大項目資本金并不意味著嚴控地方政府隱性負債尺度放寬，基建提速引發“大水漫灌”的可能性很低。