Research On Market-oriented Transformation Strategy Of J Financing Platform Company

Government financing platform company is the product of China’s specific economic environment.Especially after the US subprime mortgage crisis in 2008,in order to revitalize the domestic economy,reduce the impact of the subprime mortgage crisis on the domestic social economy and avoid a large-scale economic recession,the central government launched an economic stimulus plan with a total amount of 4trillion yuan.However,due to the old budget management system in China,the government’s direct borrowing behavior was restricted.Under this background,local government financing platform companies received unprecedented attention and development.The development of local government financing platform companies has effectively alleviated the contradiction between the needs of government functions and the imbalance of their own financial strength,thus leading to the emergence of various kinds of government financing platform companies on behalf of local governments.Local government financing platform companies actively play their financing functions to promote local infrastructure construction and economic growth,but at the same time,they also accumulate a large amount of government implicit debt,which has buried certain economic and financial risks.With the issuance of Document 43 in 2014 and a series of subsequent policies,the further clarifying of the relationship between government and enterprise,as well as the resolution of the implicit debt of local governments,the market-oriented transformation of local government financing platform companies is imminent,both from the perspective of the external environment and the sustainable development needs of platform companies themselves.Platform with J company as the research object,this study based on J platform company business development situation,the analysis of the external environment,the path of transformation,summarizes the J platform company successful experience in the process of market transition,at the same time analyzed J platform company in problems existing in the process of market-oriented transformation,in-depth study the root of the problem,Combined with the environment of J Platform Company,its own advantages and disadvantages and other factors,the strategy and direction of the next transformation of J Platform Company,as well as the safeguard measures for the implementation of the strategy are proposed.The conclusion of this study has certain theoretical reference and practical value for the marketization transformation of other local government financing platform companies of the same type.