Research On The Transformation Paths Of Local Government's Financing Platform Companies Under The New Situation

China's tax reform in 1994,while reducing the local financial power,increased the local government's rights and responsibilities in the construction,social economy,people's livelihood.Which made the local government gradually shrinking the power and the expansion of the contradiction between the increasingly fierce,and the old "budget law" strictly prohibited local government borrowing in any form.Local government financing platform came into being at the time of local government finance stretching.Financing platform companies greatly eased the pressure of local government infrastructure investment funds,and stimulated economic growth.In 2008,the financial crisis swept the world,the Chinese government launched a package of economic stimulus plans,resulting in the number of financing platform companies appeared in the blowout growth.But based on its main investment direction for the infrastructure projects,income was almost zero,resulting in a large number of debt could not be repaid,and ultimately included in local debt,by the local finance.With the increasing number of financing platform companies,the scale of local government debt was also increasing,and ultimately touched the central government's nerve,which began to vigorously rectify the financing platform.Many regulatory authorities,such as the State Council,the Ministry of Finance,the central bank etc.issued letters,requiring the financing platform to regulate the behavior.In Which Number 43 letter and the new Budget Act which was formally implemented in 2015 made particularly the most influences.Number 43 letter Peeled off the financing platform government's financing function,and the new Budget Act gave the local government the right to take appropriate debt.The local government financing platform which losing local government's financing guarantee was facing the transformation of the local finance.Transformation in this paper,in reference to the financing platform and business performance influence factors,on the basis of related research,first of all to the present situation and problems of local government financing platform company is analyzed,then combine factor analysis and regression analysis,the 167 financing platform companies by eastern,central and western,and analyzes its performance influence factor;Finally combining the empirical analysis results around specific situation and put forward the corresponding transformation path,in order to the current situation facing the transformation of local government financing platform company to provide the reference.