本文围绕省级投融资平台的债务风险展开论述，首先运用文献研究法分析了
省级投融资平台产生背景和发展现状，提出过度投融资和投融资平台自身运作不
规范是导致债务风险的主要原因，然后基于规范分析法分析了省级投融资平台债
务风险的理论基础，如风险管控理论，环境不确定性理论，利益相关者理论等；
接着分析省级投融资平台债务风险形成机理，包括债务风险产生原因、表现形式
和传导路径，最后以湖北省交通投资有限公司为例，运用实证分析法分析了湖北
省交通投资有限公司运行现状和存在的问题，及其债务风险主要的表现形式是债
务总额剧增，资产负债率过高等；再然后对湖北省交通投资有限公司的债务风险
进行了评估，得出土地出让收入和省级政府财政给予的定额投入是决定湖北省交
通投资有限公司债务风险的关键因素；最后从政府、金融机构、交投公司三个角
度提出了湖北省交投公司债务风险的防范机制，以降低湖北省交投公司的债务风
险，促进湖北省交投公司向市场化运营、企业化经营、合理化负债方向发展。
关键词：省级投融资平台；债务风险；湖北省交投公司II
Abstract
The local government investment and financing platform is a practice innovation,
which can made up for the lack of the market and credit, solve the main restriction of
the local government investment and financing. As one part of the local government
investment and financing platform, the provincial investment and financing platform
can effectively solve some of the provincial government’s problem; promote all kinds
of provinces to be urbanization and industrialization. However, because of the internal
and external environment, there must be a variety of potential risks in the process of
the investment and financing platform’s operation.
The thesis is about the debt risk of the provincial investment and financing
platform. Firstly, using literature research, the thesis analyses the background and
current situation of the development of the provincial investment and financing
platform .It puts forward that the main factors which caused debt risk are excessive
investment and financing and nonstandard operation of the investment and financing
platform; Secondly, using normative analysis, the thesis discusses the theoretical basis
of the provincial investment and financing platform; Next it analyses the formation
mechanism of the provincial investment and financing platform’s debt risk; Then
using empirical analysis, the thesis sets Hubei Communications Investment Co.LTD
as an example to discuss the company’s operation situation and existing problems,
and find that the pattern of manifestation of debt risk are debt soared, the high
asset-liability ratio; And by evaluating the debt risk of Hubei Communications
Investment Co.LTD, it draws a conclusion that land sales and financial input are the
key factors; Finally, the thesis gives advice on debt risk prevention from the
government, financial institutions and Hubei Communications Investment Co.LTD, in
order to reduce the company’s debt risk, while push the operation of company towards
marketization, corporatization and liabilities rationalization.
Key words: provincial investment and financing platform; Debt Risk; Hubei
Communications Investment Co.LTD
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