Research On Financing Optimization Of LY Group Under The Background Of Market Transformation

The issuance of Document no.43 of State Development [2014]stripped the governmental financing function of financing platform companies and started the market-oriented transformation and development of local government financing platform companies.Subsequently,the central and local governments issued a series of policies requiring platform companies to carry out market-oriented transformation and development.LY Group,as the largest platform company of the local government in A City,has gradually changed its reliance on government credit financing,and it is an inevitable law to promote the market-oriented development of financing activities.Under the policy background of market-oriented transformation,how to improve market-oriented financing capacity,stabilize cash flow and achieve sustainable operation is a major realistic problem facing LY Group.Based on the research methods of field research and model rating,this paper takes LY Group,A local government financing platform company in A City,as the research object.First of all,based on the basic situation of LY Group,the current situation of LY Group is evaluated from the four dimensions of industry,finance,debt and credit.It is found that LY Group has many problems,such as big pressure of centralized payment,large guarantee scale,single financing channel and single profit source.Through field investigation and in-depth analysis,the main reasons are unclear responsibilities of government and enterprises,defects in governance structure,low credit rating and low marketization degree.Secondly,according to the existing problems,combined with the background of marketization transformation,the financing subject of MARKEtization of LY Group financing is reshaped to create basic conditions for the marketization financing of LY Group.On the other hand,the business of LY Group is divided into operational funds and project investment funds,and the capital demand is calculated by classification.According to the source of funds and financing subjects to build operational business financing mode,according to the project profit attribute,industry attribute and stage to build project investment financing mode.Finally,it is concluded that the remodeling of market-oriented credit subjects creates basic conditions for financing,and the design of financing mode is the foothold of financing.The research of this paper provides strong support for financing platform companies on how to reshape credit subjects to improve their financing ability and construct innovative financing models to adapt to policy changes and explore their own path in the market-oriented transformation after the change of relying on government credit financing in the past.