Research On Debt Risk Prevention For M Local Government Investment And Financing Platform

Since the reform of the monetary administration system of the central and nearby governments,funding and financing platforms,as a extra ideal product of local governments,have sprung up.In the early stage of construction and development,the investment and financing platform has also achieved the expected goals of local governments and played an active role in the construction of multi-functional cities.With the deepening and advancement of urban project construction,in the middle and late stages of development,the huge debt accumulated for many years has become the invisible ’ bomb ’ of local government finance,facing the risk of explosion at any time.In response to potential risks,China has repeatedly formulated policy measures to regulate investment and financing activities of local governments and platform enterprises.In this context,how to dismantle this ’ invisible bomb ’,avoid the risks of the government,enterprises and financial institutions,and find a space for survival and development for enterprises has emerge as a key difficulty of frequent subject for the whole society.The dissertation uses the methods of document data bank research and case study analysis to conduct in-depth study and assessment on the debt risk prevention and control of nearby authorities funding and financing platform in the transition period.Firstly,this paper introduces the historical origin and development process of the debt risk of investment and financing platforms in China,and analyzes the inner and exterior motives of the debt formation of China ’s nearby authorities funding and financing platform in accordance to the theory of authorities social responsibility,the theory of public goods investment and the theory of risk management.At the same time,it consults the applicable literature at domestic and abroad,learn the diverse financing methods at domestic and abroad,attacts training from the realistic experience at domestic and abroad,and seeks ways to resolve the debt risk through various ways,which provides important reference value for the development of the research.Secondly,this paper selects M investment and financing platform which is highly dependent on the government as a typical case.According to the current situation of its debt risk,this paper analyzes its problems and causes in the prevention and control of debt risk,and on this basis,from the three different levels of government,enterprises and financial institutions,identifies risks,analyzes risks,evaluates risks and controls risks,and designs a risk prevention mechanism for M investment and financing platform which conforms to its development law.Finally,it puts forward a series of practical measures and suggestions on strengthening the local government investment and financing enterprises ’own hematopoietic ability,establishing a scientific debt supervision mechanism,and realizing the marketization transformation of local government investment and financing enterprises.