| China’s local government investment and financing platform is the product of China’s local economic developm ent in a special historical period,which came into being in the 1990s.Under the present economic and fiscal and tax systems in China,local governments not only invest a large amount of funds in the construction of infrastructure projects,but also lack relatively generous financial revenue sources.In order to ensure fast and good economic developm ent and alleviate the pressure on local finance,local governments rais e debt through setting up investment and financing platforms.In recent 20 years,local government investment and financing platforms have shown explosive growth trend which has played an important role in promoting the urbanization process in China,greatly improving the regional public infrastructure environment and promoting regional economic growth.However,with the continuous advancement of China’s modemization process,the hidden risks of local government investment and financing plat forms are gradually exposed,and their debt scale keeps rising with the rapid economic development,forming heavy debt repayment pressure,which easily leads to systemic financi al risks.At the same time,the investment and financing platform governance structure is not perfect,operation behavior is not standard,the project investment efficiency is low,the development direction is not lear and a series of problems have gradually emerged,so that it is questioned by all aspects of the society.In 2014:The State Council issued the Opinions on Strengthening the Management of Local Government Debt(State Development[2014]No.43).Subsequently,the central and local governments issued a number of policy documents successively,requiring the gradual removal of public welfare project Financing functions of local government investment and Financing platforms:strict control of new government debt,and regulation of local government investment and financing behaviors.Therefore,how to prevent and control the debt risk of local government investment and financing platforms has become an important topic that needs to be studied and solved.This thesis takes the debt risk management of local government investment and financing platforms as the basic research object.According to the main steps of the risk management implementation process,J Company,a typical urban investm ent plat form company in a certain district,is selected for research.On the basis of consulting and collecting J company ’s internal data,the identification of risk influencing factors closely related to J company’s debt risk is carried out,and the debt risk management evaluation index system is constructed accordingly.The weight of each risk index was determined by the analytic hierarchy process(abp),and then according to the fuzzy comprehensive evaluation method to calculate the J company debt management risk assessment Tesults,summarizes the J company debt risk level and the main factors,finally from the macro economic policies,the local government and enterprise itself management three aspects puts forward feasible Suggestions to Tesolve the debt rist prevention and control of J company,At the same time,it also provides reference ideas for other similar local government investment and financing platforms. |
