| In recent years,the leverage ratio of China's state-owned enterprises continues to rise,which has drawn the country's attention.The central government kicked off the deleveraging of the corporate sector in 2016.In April 2018,the financial and economic commission of the CPC central committee further proposed the "structural deleveraging",and began to propose different indicators of leverage ratio by sector and debt type,pointing the direction of deleveraging at state-owned enterprises and local governments.In a sense,SOE debt is an extension of the local government debt problem.Especially in the local government investment and financing platform company,this performance is more prominent.According to the data of 2013 audit results of local government debt in several regions of China by the national audit office,45.67% of the outstanding local government debt at the end of 2012 belonged to financing platform companies,and the outstanding debt in that year increased by 22.5% compared with 2010,with a total increase of 322.734 billion yuan.The financing platform has become an important borrowing entity of local government debt,and the amount of debt it takes on keeps rising.The potential risks of local government caused by this have attracted the continuous attention of people from all walks of life.In this context,state-owned enterprises across the country must resolutely set the goal of reducing the leverage ratio and start to defuse and prevent major debt risks.Focusing on the situation of Sichuan province,according to the audit results of Sichuan provincial government debt,as of June 2013,government departments and institutions,financing platform companies,and government subsidy institutions are the main borrowers of the government's obligation debts,borrowing 243.052 billion yuan,239.272 billion yuan,and 81.549 billion yuan,respectively.Therefore,in addition to government departments,financing platform companies in the province are still the most important borrowers of local government debt,and their debt risks should not be ignored.This paper takes urban investment group of A city as an example to study and elaborate.This city-investment group is a typical local government investment and financing platform company in A prefecture-level city of Sichuan province.It was established in May 2017.Its main business direction is infrastructure,real estate development and related supporting services.The company's actual operating efficiency is not ideal,high debt ratio and operating efficiency is not optimistic.Firstly,this paper describes the basic situation and financial management of urban investment group in A city,and points out that the asset-liability ratio reflected in the financial statements is too high,and the operating cash flow is insufficient to cover the cost of capital.Secondly,it analyzes the internal and external causes of the company's increasingly serious debt problem,including the defect of corporate governance structure,low efficiency of operation and management,unclear positioning of the government and enterprises,and lack of operational autonomy.At the same time,it points out that the debt problem will cause the company's operating risk and hinder the development of regional economy.Then the debt risk measurement and deleveraging test are carried out with the relevant financial indicators.Finally,some Suggestions are put forward from the perspectives of enterprise and government.Enterprises must vigorously promote market-oriented transformation,and the government needs to recognize the situation,transform its functions and strengthen supervision.Through the discussion of this paper,it is hoped that it has practical guiding significance for financing platforms,state-owned enterprises and local governments to reduce leverage and dissolve debt risks. |
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