| In order to stimulate economic development,the Chinese government began to implement an active fiscal policy at the end of 2008,and monetary policy was moderately relaxed,with a total of 4 trillion yuan into circulation.As a result,the investment and financing platform of local governments at all levels has been developed rapidly,and the government affairs debt has reached an unprecedented scale.As a unique product of tax distribution reform in China,the function of local government investment and financing platform is to finance government invested projects in order to make up the local fiscal deficit and help local governments reduce capital pressure.At the same time,local government investment and financing platform can also promote social capital investments,boost domestic demand,for the development of local economy,as well as urban and industrial development,local government investment and financing platform has played an important role.Among them,the local government investment and financing platform in Inner Mongolia has also played a role in promoting the economic development and infrastructure of the autonomous regions.After the revision of the budget law in 2015,it was made clear that local government financing could be carried out by issuing bonds,and that the financing functions of local Government investment and financing platforms should be stripped off.Since 2015,funds raised through investment and financing platforms are no longer part of government debt,and local governments do not bear the obligation to repay them.The lack of related systems and policies has led the investment and financing platform to undergo a period of irregular development,and many problems and risks have been exposed with the rapid development of investment and financing platform,which has had a serious impact on the healthy development of local economy and finance.Therefore,the author believes that it is very practical to evaluate the risk of local government investment and financing platform in Inner Mongolia and prevent and control it.This paper first combs the basic concept of local government investment and financing platform,outlines its definition,summarizes its development course,and uses the theory of fiscal decentralization,principal-agent theory,risk management theory,public product theory,interest related theory,etc.,from the theoretical level,in-depth analysis of the platform construction and borrowing behavior;Secondly,from many different angles,this paper analyzes the reality of the overall debt of local government in Inner Mongolia,as well as the actual situation of the investment and financing platform,and finds out the problems and risk factors.Thirdly,into the empirical analysis part,based on the entropy weight element extension model to evaluate the risk of local government investment and financing platform in Inner Mongolia,the author selected 22 as samples from the representative investment and financing platform,selected current assets/total assets,asset-liability ratio,net asset return rate,flow ratio,6 indicators,such as total asset turnover and external scoring,assessed the risks of local government investment and financing platforms in Inner Mongolia,and concluded that "risks,but risks are controllable";Finally,on the basis of drawing conclusions,put forward risk prevention measures to promote better and faster development of investment and financing platform,so that investment and financing platform can continue to serve the basic construction of local government,so that urban investment,water investment,referendum,ring investment and other investment and financing platform sustainable and high-quality development,to play a positive role in the local economy. |
