地方政府投融资平台的风险及其防范

发布时间：2018-04-17 10:58

本文选题：地方政府 + 投融资平台　；参考：《山东财经大学》2013年硕士论文

【摘要】：2008年下半年，受美国金融危机的影响，我国经济形势再次趋冷，经济形势很不乐观。因此，2008年11月，国务院出台了四万亿经济刺激计划。利用地方政府的投融资平台，增加企业债券的发行，以解决道路、电力改造等项目配套资金不足的问题。不可置否，在地方政府投融资平台投资的拉动下，我国经济下滑趋势得到迅速扭转。然而，由于我国地方政府投融资平台法人治理结构不完善、负债率过高、行为不规范、还款来源不稳定等特点，导致平台风险日渐凸显。因此，如何规范平台公司的投融资行为，分散和化解平台公司风险，已成为一项十分紧迫的研究课题。本文在政府投融资和地方政府债务风险理论的基础上，从分税制改革、城市化进程、法律约束和官员考核机制四个方面，对平台公司风险的形成机理进行了系统研究，，分析了投融资平台面临的财政风险和金融风险。厘清平台公司面临的风险，为后文研究平台公司风险如何向财政风险、金融风险转嫁提供了理论支持。在此基础上，结合信用评级分析方法，重点研究了JN市城市建设集团经营管理现状，重点探究了其面临的风险及成因。最后，本文从宏观、商业银行、地方政府及平台公司自身三个角度探讨了全面应对地方政府投融资平台风险的对策，确保平台公司为我国经济社会发展提供持续动力。
[Abstract]:In the second half of 2008, under the influence of the American financial crisis, the economic situation of our country is getting colder again, and the economic situation is not optimistic.Therefore, in November 2008, the State Council issued the 4 trillion economic stimulus plan.Using the local government investment and financing platform to increase the issuance of corporate bonds to solve the road power transformation and other projects supporting funds.In the local government investment and financing platform investment, China's economic downturn has been quickly reversed.However, due to the imperfect corporate governance structure of local government investment and financing platform, high debt ratio, non-standard behavior, unstable repayment sources and other characteristics, the platform risks become increasingly prominent.Therefore, how to standardize the investment and financing behavior of platform companies, disperse and resolve the risks of platform companies has become a very urgent research topic.On the basis of the theory of government investment and financing and local government debt risk, this paper systematically studies the formation mechanism of platform company risk from four aspects: tax sharing reform, urbanization process, legal constraint and official assessment mechanism.The financial risk and financial risk faced by the investment and financing platform are analyzed.Clarifying the risks faced by platform companies provides theoretical support for the later research on how platform companies' risks are transferred to financial risks and financial risks.On this basis, combined with the method of credit rating analysis, this paper mainly studies the present situation of JN city construction group management, and probes into the risk and cause of formation of JN city construction group.Finally, this paper discusses the countermeasures to deal with the risks of local governments' investment and financing platform from the macro, commercial banks, local governments and platform companies themselves, so as to ensure that the platform companies provide sustainable power for the economic and social development of our country.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F812.7;F832.5

【参考文献】