地方政府投融资平台在各地的项目投资、融资以及管理过程中起到了至关重
要的作用

随着中央政府 2008 年开始实施积极的宏观经济政策，在中央政府颁布
了许多优惠政策的同时，地方政府的投融资平台迎来了更好的发展机会，在
经济增长、改善民生、保护环境、资源分配等领域发挥着越来越重要的作用

在地方政府融资平台推动经济社会迅速发展的同时，也因为平台自身的巨大
债务问题及给社会稳定带来了巨大的隐患。为了缓释债务风险，保障平台的
可持续发展，中央政府出台了各类操作细则，以便让地方政府投融资平台在
把控总体债务风险的前提下，为地方经济社会发展中做出更大的奉献。总之，
控制地方政府投融资平台债务风险，规范地方政府投融资平台的运作方式，
具有重要的现实意义

本文拟通过作者对四川发展（控股）有限责任公司（以下简称川发展）
的实际运营情况的了解的基础上，找出川发展现在存在的各类问题并分析其
中原因，据此提出具有一定针对性和操作性的建议，以供我国其它省的政府
投融资平台参考。本文在对国内、国外的政府投融资平台的运作模式进行概
述的情况下，对川发展的成立情况、市场定位、常设机构及取得成果做了总
结，并对川发展的未来规划进行了展望。本文归纳了川发展内部治理粗放、
资金营运效率较低、财务管理压力较大、经营管理不够细致、注册资本金未
完全到位、日益从紧的政策风险 6 个方面的问题，并提出政策政治因素是上
述问题发生的主要原因

针对上述 6 项问题，本文提出川发展应以市场化的思路为指导，强化公
司内部管理、做好融资事前规划，严格控制成本、大力提升投资的宽度和广四川发展（控股）有限责任公司发展现状及发展路径探讨度、打造金融控股集团、积极开发优势战略资源、改造提升传统产业、突出
国有资本投资管理和运营，推动省属国有企业改革、建立“五大联动”的风
险管控体系，实现企业的可持续发展、进一步争取省政府的支持等建议。并
建议川发展可借鉴新加坡淡马锡的运营模式，并加工成符合川发展的模式

总体而言，川发展改革的重点是在强化公司内部管理、控制总体成本的情况
下按照川发展打造金融服务、产业投资、国资运营“三位一体”的国有资本
运营平台的整体定位，借鉴其他投融资平台公司的转型发展模式助推川发展
打造成为一家“政府满意、社会尊重、员工自豪”的现代化的具有国际影响
力的国有企业

在当前国家要求加强对地方政府融资平台管理的整体情况来看，许多地
方政府都在思考同样的问题，即如何规范和完善地方政府投融资平台的发展
模式，结合区域发展的实际情况，构建可持续发展的政府投融资平台。本文
通过对四川省唯一的一家省级投融资平台——川发展进行研究剖析，此课题
在当前背景下，可以为地方政府规范地方政府投融资平台的运营提供参考，
具有较强的现实意义

关键词：川发展 投融资平台 可持续发展AbstractAbstract
Local government investment and financing platform (The Platform) is an
economic entity with independent legal qualification, which is built up with fiscal
allocation, stock, land resource and other assets from local government and its
departments or organizations. The Platform plays a crucial role in project
investment, financing and management process.
Along with the implementation of macroeconomic policy started in 2008 and
the claim of preferential policies by national government, The Platform is
welcoming a better opportunity to develop, which will have greater impact on
economic growth by improving people’s livelihood, environment protection,
resource allocation and any other fields. While the economy is boosting rapidly
encouraged by the Platform, the Platform itself is also bringing great potential
risks to the stability of society due to its severe liability problems. In order to
mitigate the financial risk and ensure the sustainable development of the Platform,
national government has promulgated various operating practices, which enable
the Platform to contribute more to the local economy, with a precondition of more
control to the overall liability risk. In a word, controlling the liability risk and
standardizing the operating mode of the Platform have its significant and practical
meanings.
This paper is based on writer’s understandings of the actual operation status
of Sichuan Development (Holding) Co., LTD（hereinafter referred to as Sichuan
development）, discovering the existing problems and analyzing the reasons. It
proposes targeted and operational suggestions, which can serve as an example for
other government investment and financing platforms. With an overview on the
operating mode of government investment and financing platforms at home and
abroad, this paper also summarizes the establishment, marketing positioning,
permanent organization and achievements of Sichuan Development (Holding), and四川发展（控股）有限责任公司发展现状及发展路径探讨prospects the plan in the future. It sums up problems from six perspectives, which
are extensive internal management, weak efficiency of fund operation, high
pressure of financial management, poor operation management, not-fully funded
registered capital and tighter policy risk. Meanwhile, it suggests that policy and
political factor is the main reason for the problems above.
Regarding the six problems listed, the paper puts forward that Sichuan
Development (Holding) should utilize marketization as a guidance to enhance
internal management; conduct preplanning for financing with strict control of cost
to expand the width and breadth of investment; build up financial holding group
and exploit superior strategic resource for the reform and upgrade the traditional
industry; highlight the state-owned capital for investment management and
operation to encourage the reform of provincial state-owned enterprise; establish
an risk control system for five kinds of personnel to help enterprise realize the
sustainable development, so as to obtain support from provincial government. The
suggestions also include to imitate the operating mode of Singapore Temasek
Holdings Pte and adjust it for Sichuan Development (Holding). In general, the
emphasis of Sichuan Development (Holding) is to enhance internal management
and control overall cost, following the positioning of building up a state-owned
capital operation platform for financial services, industry investment and national
capital operations, and refer to the reform and development mode of other
platforms to make Sichuan Development (Holding) to be a state-owned enterprise
to be “government satisfied, society respect and staffs proud” with international
influence.
Under the requirement of strengthen the management of the Platform by
national government, many local governments are thinking about the same
question that how to standardize and improve the development mode of the
Platform and to construct a sustainable government investment and financing
platform connecting with the regional situations. This paper takes Sichuan
Development (Holding), the only one provincial investment and financing
platform, as a study object. In the current background, it could shed some lights on
how local government is doing with the Platform, which has more practical
meanings.AbstractKeywords: Sichuan Development (Holding) Co., LTD, Investment and Financing
Platform, sustainable development目 录目 录
1 绪论 ...... 1
1.1 研究背景和目的 ....... 1
1.1.1 研究背景.. 1
1.1.2 研究目的.. 2
1.1.3 研究意义.. 3
1.2 主要贡献 ........ 3
2 地方政府投融资平台概述......... 5
2.1 地方政府投融资平台研究现状 ........ 5
2.1.1 国内地方政府投融资平台的研究现状.. 5
2.1.2 国外地方政府投融资平台的研究现状.. 7
2.2 地方政府投融资平台运作模式 ........ 7
2.2.1 国内地方政府投融资平台的运作模式...
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