地方政府投融资平台的风险及其防范金融学专业论文.docxVIP

i i 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。 关键词：地方政府 投融资平台 风险 ii ii Abstract Since the second half of 2008, affected by the U.S. financial crisis, China’s economic situation is in cooling trend again, the economic situation is not very optimistic. Thus, in November 2008, the State Council issued a four trillion economic stimulus plan. Utilize the investment and financing platforms of local governments to increase the issuance of corporate bonds, and then solve the problem of lack project matching funds on roads, power transformation. It can’t denied that because of the investment driven by platform company, China’s economic downturn trend has been reversed quickly. However, because the investment and financing platform is inadequate in corporate governance structure, the debt ratio is too high, non-standard behavior, unstable repayment and other characteristics, platform risk is increasingly highlighten. Therefore, how to regulate the behavior of the company’s investment and financing, guard against and defuse the risk of platform company, has become a very urgent research topic. In this paper, on the basis of financial investment and local government financing debt risk theory, we have a systematic study of the formation mechanism of the platform risk from tax system reform, the process of urbanization, legal constraints and officials assessment mechanism four aspects, and analyse the financial risks faced by the investment and financing platform. Clarify the risks fac