G融资平台公司债务风险管理研究

发布时间：2018-03-09 06:13

本文选题：融资平台　切入点：债务风险　出处：《扬州大学》2017年硕士论文　论文类型：学位论文

【摘要】：各地方政府为加快当地城市化、工业化进程,健全教育、卫生及城乡社会保障体系,通过成立融资平台公司举借大量债务以支撑其日益加大的财政支出需要。李克强总理政府工作报告中明确指出“要规范举债融资机制,将地方政府债务纳入预算管理,防范和化解地方政府债务风险”。2014年修订的《中华人民共和国预算法》及国务院出台的《国务院关于加强地方政府性债务管理的意见》(国发(2014]43号)同时提出要加大对地方政府债务的监督,而作为地方政府债务的主要举借主体,地方政府融资平台公司的债务风险尤为值得重视。本文对融资平台公司债务风险管理的国内外研究成果进行梳理,在了解融资平台公司的概念、举债目的、营运方式、债务风险识别评估及防控的基础上,结合融资平台公司债务风险相关理论,选择运用多级模糊综合评价法来对融资平台公司债务风险进行定量分析评估。从宏观、中观、微观三个层面对影响融资平台公司债务风险因素进行识别,结合G融资平台公司实际经营情况,参考专家经验构建G融资平台公司债务风险评价指标,运用多层次分析法、专家问卷法等方法计算各指标权重,构建模糊综合评价模糊矩阵,最终利用专家打分得出评价结果,并根据评价结果从国家、地方和企业三个角度提出微观层面要提高融资平台公司应对债务风险的能力,中观层面要完善地方政府化解债务风险的机制,宏观层面要健全国家防范债务风险的制度保障的债务风险管控对策。本文以G融资平台公司为例进行了实证研究,运用模糊综合评价法对其债务风险进行评价,发现其债务风险属于正常风险区,但仍处于低度风险区的末端,存在一定的债务风险。从指标权重看,G融资平台公司较易受宏观和中观因素的影响,公司应对加大对此类因素的关注;从具体打分看,G融资平台公司宏观层面较易受国家GDP增长率和国家财政货币政策松紧程度的影响,中观层面易受地区GDP增长率的影响,微观层面公司资产负债率、经营方式是否合理及地方政府支持度均能对公司的债务情况带来实质性的影响。
[Abstract]:In order to speed up the process of local urbanization, industrialization, improve education, health care and urban and rural social security system, By setting up a financing platform company to borrow a large amount of debt to support its increasing financial expenditure needs. Premier Li Keqiang's government work report clearly pointed out that "we should standardize the financing mechanism of borrowing and bring local government debt into budget management." The Budget Law of the people's Republic of China revised in 2014 and the State Council's opinion on strengthening the Management of Local Government debt issued by the State Council (Guofa 2014] 43. Supervision of local government debt, As the main borrowing subject of local government debt, the debt risk of local government financing platform companies is especially worthy of attention. On the basis of understanding the concept of financing platform company, borrowing purpose, operation mode, debt risk identification, assessment and prevention and control, combined with financing platform company debt risk related theory, The multilevel fuzzy comprehensive evaluation method is used to quantitatively evaluate the debt risk of the financing platform company. The factors affecting the debt risk of the financing platform company are identified from the macro, meso and micro levels. Combined with the actual operating situation of G financing platform company, the debt risk evaluation index of G financing platform company is constructed by referring to the experience of experts, and the weight of each index is calculated by using multi-level analysis method and expert questionnaire method. The fuzzy matrix of fuzzy comprehensive evaluation is constructed, and the evaluation results are obtained by using experts. According to the evaluation results, the paper puts forward that the ability of financing platform companies to deal with debt risk should be improved at the micro level from three angles of national, local and enterprise. At the middle level, we should perfect the mechanism of the local government to resolve the debt risk, and at the macro level, we should perfect the debt risk management and control strategy of the national system to guard against the debt risk. This paper takes G financing platform company as an example to carry on the empirical research. Using the fuzzy comprehensive evaluation method to evaluate the debt risk, it is found that the debt risk belongs to the normal risk area, but it is still at the end of the low risk area. There is a certain debt risk. From the index weight, the company of G financing platform is easy to be affected by macro and meso factors, the company should pay more attention to such factors; From the concrete score, the macro level of the company is vulnerable to the influence of the national GDP growth rate and the degree of national fiscal and monetary policy, the middle level is vulnerable to the regional GDP growth rate, and the microcosmic level of corporate asset-liability ratio. Whether the mode of operation is reasonable or not and the degree of local government support can have a substantial impact on the company's debt situation.
【学位授予单位】：扬州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39

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