Kunming X State-owned Investment And Financing Platform Company Market-oriented Operation Strategy Research

In the balance between the steady growth, adjusting the structure of the demand, investment and financing reform in 2015 full speed has become a foregone conclusion. According to the national development and Reform Commission, the investment and financing system reform in the next period of time will remain the focus of the work. Last year in the seven areas of focus on promoting the investment and financing system will continue to reform this year, there are sources, the investment and financing system reform is expected to further expand the field. Office of the State Council recently issued the "streamlining and approval standards for the implementation of the business plan for the implementation of enterprise investment projects online parallel approval system" is a clear signal. The document requires the end of 2015 to complete the project approval system reform, the original 30 pre approval is streamlined to two. With the support of the central series of policies, the local governments at all levels actively innovate and develop ideas, change the way of economic development, and have set up a number of state-owned investment and financing Platform Co. Local investment and financing platform in the "growth, restructuring, promoting reform, benefit people's livelihood" package of economic stimulus policies play an important role, especially in the region to speed up infrastructure construction, public welfare projects and expanding domestic demand and other aspects play an important role in investment and financing. However, with the increase of the number of local state-owned investment and financing Platform Co and the scale of the debt, the state-owned investment and financing Platform Co are also facing many problems such as imperfect internal governance mechanism, increasing the risk of debt service, increasing financial pressure, and so on.This thesis first proposes the basic connotation of the local state-owned investment and financing platform for the company, and systematically summarizes the research progress of the domestic and foreign scholars on the issue, summarizes the local state-owned investment and financing platform for the company's development background, development process and operation mechanism of, to Kunming city country x cast financing platform for the company as a case, analyzes the local state-owned investment and financing platform for the company's risk factors and their causes, finally to put forward risk mitigation measures (i.e., policy recommendations for. The results show that:the local state-owned investment and financing platform company is established by the local government of the district (county) level through the financial allocation, allocation of land or transfer of state-owned resources way, in the local government designated or entrusted to infrastructure projects and public welfare, quasi public projects investment and financing, investment, construction and operation, mainly by local governments bear source of repayment, economic entity with independent legal person qualification. Due to the local state-owned investment and financing platform for the company in the local investment and financing platform for the most basic, relatively small size, less "land income". In addition, district level financial most financially, of state-owned investment and financing platform company dependence is very high, which also increased the risk of state-owned investment and financing platform for the company. From this point of view, the local state-owned investment and financing of the biggest risk, is the local investment and financing platform system is the weakest link.Comprehensive measure of local state-owned investment and financing platform for the company in the local infrastructure construction and cope with the financial crisis in its positive role and has accumulated huge debt, local government should begin to reform and promote the standardization, the direction of the market to the forward, will eventually lead to the transformation of development, its development with hematopoietic function and liquidity premium market economic entities.