| The financing platform company has played a significant role in promoting urban public services as the primary carrier of local government investment and funding,guaranteeing and improving people’s livelihood.However,with the increasing debt scale of financing platform companies,which has brought many problems such as the implicit debt of local governments,regulators have issued various policies to prevent and resolve risks.With the continuous tightening and improvement of regulatory policies,the continuous tightening of external financing channels,the unsustainable business model of internal financing platform companies,and the policy requirements to dispel the illusion of financial bottom line,financing platform companies are face the problem of how to manage and resolve the current debt dilemma.The Y financing platform company is a state-owned enterprise in C city.It mostly engages in public or quasi-public benefit activities,such as the construction of urban infrastructure,real estate development and land consolidation in C city.multiple debt defaults.Therefore,this paper selects the Y financing platform company as the specific research object,analyzes the current situation of the company’s debt,and finds that the company’s debt difficulties mainly include: the scale of debt far exceeds the platform’s ability to bear,the future funding gap is large,the operating performance is difficult to support debt repayment,investment and financing term mismatch,etc.,and analyze the causes of the company’s debt distress from three aspects:financing channels,business operations,and local finance.Based on this,this paper proposes that to solve the debt dilemma of financing platform companies,we need to rely on the joint efforts of many parties.On the one hand,financing platform companies should improve financing methods to broaden financing channels;on the other hand,through market-oriented operation,cultivate core competitiveness to realize business transformation,and improve debt management mechanism to enhance its own hematopoietic ability and strengthen debt repayment guarantee.At the same time,at the local government level,by straightening the relationship between government and enterprises,integrating high-quality resources,and improving the fiscal and taxation system,a good debt management environment has been created to help resolve the platform’s debt predicament.In the future,financing platform companies will continue to play an indispensable role in China’s urbanization construction.Therefore,in the context of stricter financial supervision,studying Y financing platform company to adapt to the requirements of new financial regulations and manage their own debt difficulties will help financing platform companies continue to play a key role in the field of public construction and better serve local economic development. |
