The Research On Financial Risk Management Of The Local Government Financing Platform K

Local government financing platform is a characteristic product under the political and economic system of our country.In 2008,the global financial crisis brought loose domestic policy environment.Platform companies took advantage of the situation to grow,and their debt scale soared.Undeniably,platform companies have made important contributions to domestic demand expansion and steady growth in China,but their financial risks have sharply increased.In 2014,no.43 document gave the final word that it was the right time to divest the government financing function of platform companies.Then,there was a cooling-off period,but companies still borrowed blindly.Under the background of supply-side reform and prevention of systemic financial risk,the fund supply of platform companies in 2017 was seriously insufficient,and financial risks were exposed.At present,it is particularly urgent to improve the financial risk management of platform companies.The market-oriented transformation is imminent.For a long time,financing platform K has been faced with the fundamental contradiction between value creation and administrative orientation.Its development depended on local finance and macro policies.Therefore,in recent years,the change of external environment caused its sharply increasing financial risk.Strengthening financial risk management becomes an urgent need for it to realize market-oriented transformation.The framework of this paper is based on the risk management theory and follows the ideas of financial risk identification,financial risk evaluation and the response.This paper first analyzes the formation and transmission mechanism of financial risks of local government financing platforms,emphasizing the main factors influencing the financial risks and the necessity of financial risk management.In terms of financial risk identification,this paper,based on the COSO risk management framework,preliminarily identifies the financial risks of K financing platform from the project level,strategic business level and corporate level,finding the main factors affecting the financial risk through comprehensive analysis and expert investigation.In terms of financial risk assessment,considering the hierarchical and fuzzy characteristics of the influencing factors of financial risks,AHP and FSE were used to comprehensively evaluate the financial risk.Based on it,this paper proposes countermeasures from corporate level,strategic level and project level.Finally,this paper points out the deficiencies in the research and gives a reasonable prospect.