I 摘要 近年来，我国国有企业杠杆率持续上升，引起国家的重点关注。2016 年中央 政府拉开了企业部门降杠杆的大幕。2018年4月，中央财经委员会进一步提出了“结 构性降杠杆”，开始分部门分债务类型提出不同的杠杆率指标，将降杠杆的方向直 指国有企业和地方政府。从某种意义上讲，国企债务是地方政府债务问题的延伸。 尤其在地方政府投融资平台公司中，这一点表现更为突出。根据审计署 2013 年对 全国多个地区地方政府债务审计结果的数据可知，在 2012 年底的地方政府债务余 额中，有 45.67%属于融资平台公司，其该年债务余额与 2010 年相比而言，增幅达 到了 22.5%，总增加额为 3227.34 亿元。融资平台成为地方政府债务的重要举借主 体，背负的债务金额不断上升，由此引发的地方政府的潜在风险已引起各界人士 的持续关注。 在这样的背景下，全国范围内国有企业必须坚决树立降低杠杆率的目标，打 响化解防范重大债务风险的攻坚战。聚焦四川省情况，根据《四川省政府性债务 审计结果》，截至 2013 年 6 月的债务余额中，政府部门和机构、融资平台公司、 经费补助事业单位是政府负有偿还责任债务的主要举借主体，分别举借 2430.52 亿 元、2392.72 亿元、815.49 亿元。因此，除政府部门外，省内融资平台公司仍然是 地方政府债务的最主要举借主体，其债务风险不容忽视。本文以 A 市城投集团为 例进行研究阐述。A 市城投集团是四川省某地级市一家典型的地方政府投融资平 台公司，于 2017 年 5 月组建成立，其主要的经营方向是基础设施、房地产开发和 相关配套的服务。该公司实际经营效益并不理想，负债率高且经营效益不容乐观。 本文首先通过对 A 市城投集团的基本情况和财务管理状况进行描述，指出财务报 表数据反映出的资产负债率过高，经营现金流不足以覆盖资本成本的问题。其次， 分析阐述该公司债务问题日趋严重的内、外部原因，主要包括公司治理结构缺陷， 经营管理效率低下，政府、企业定位不明确，缺少经营自主权等。同时指出债务 问题会引发公司的经营风险，阻碍地区经济的发展等不利影响。然后以相关财务 指标进行债务风险衡量和降杠杆测试。最后有针对性地从企业和政府两个角度提 出改进建议。企业必须大力推进市场化转型，同时需要政府认清形势，转变职能， 加强监督。 通过本文研究论述，希望对融资平台、国有企业及地方政府降杠杆和化解债 务风险具有现实指导意义。摘要 II 关键词：国有企业，地方政府，投融资平台，债务风险，降杠杆ABSTRACT III ABSTRACT In recent years, the leverage ratio of China's state-owned enterprises continues to rise, which has drawn the country's attention. The central government kicked off the deleveraging of the corporate sector in 2016. In April 2018, the financial and economic commission of the CPC central committee further proposed the "structural deleveraging", and began to propose different indicators of leverage ratio by sector and debt type, pointing the direction of deleveraging at state-owned enterprises and local governments. In a sense, SOE debt is an extension of the local government debt problem. Especially in the local government investment and financing platform company, this performance is more prominent. According to the data of 2013 audit results of local government debt in several regions of China by the national audit office, 45.67% of the outstanding local government debt at the end of 2012 belonged to financing platform companies, and the outstanding debt in that year increased by 22.5% compared with 2010, with a total increase of 322.734 billion yuan. The financing platform has become an important borrowing entity of local government debt, and the amount of debt it takes on keeps rising. The potential risks of local government caused by this have attracted the continuous attention of people from all walks of life. In this context, state-owned enterprises across the country must resolutely set the goal of reducing the leverage ratio and start to defuse and prevent major debt risks. Focusing on the situation of Sichuan province, according to the audit results of Sichuan provincial government debt, as of June 2013, government departments and institutions, financing platform companies, and government subsidy institutions are the main borrowers of the government's obligation debts, borrowing 243.052 billion yuan, 239.272 billion yuan, and 81.549 billion yuan, respectively. Therefore, in addition to government departments, financing platform companies in the province are still the most important borrowers of local government debt, and their debt risks should not be ignored. This paper takes urban investment group of A city as an example to study and elaborate. This city-investment group is a typical local government investment and financing platform company in A prefecture-level city of Sichuan province. It was established in May 2017. Its main business direction is infrastructure, real estate development and related supporting services. The company's actual operating efficiencyABSTRACT IV is not ideal, high debt ratio and operating efficiency is not optimistic. Firstly, this paper describes the basic situation and financial management of urban investment group in A city, and points out that the asset-liability ratio reflected in the financial statements is too high, and the operating cash flow is insufficient to cover the cost of capital. Secondly, it analyzes the internal and external causes of the company's increasingly serious debt problem, including the defect of corporate governance structure, low efficiency of operation and management, unclear positioning of the government and enterprises, and lack of operational autonomy. At the same time, it points out that the debt problem will cause the company's operating risk and hinder the development of regional economy. Then the debt risk measurement and deleveraging test are carried out with the relevant financial indicators. Finally, some Suggestions are put forward from the perspectives of enterprise and government. Enterprises must vigorously promote market-oriented transformation, and the government needs to recognize the situation, transform its functions and strengthen supervision. Through the discussion of this paper, it is hoped that it has practical guiding significance for financing platforms, state-owned enterprises and local governments to reduce leverage and dissolve debt risks. Keywords: State-owned enterprises, local governments, investment and financing platforms, debt risk, deleveraging目录 V 目 录 第一章 绪论.................................................................................................................... 1 1.1 研究背景............................................................................................................ 1 1.1.1 国企债务问题的演变及相关法规 ........................................................ 1 1.1.2 融资平台债务与地方政府债务概况 .................................................... 4 1.1.3 国有资本经营预算概况 ........................................................................ 7 1.2 研究目的、思路与方法.................................................................................... 8 1.3 研究内容............................................................................................................ 8 第二章 文献综述.......................................................................................................... 10 2.1 国内外文献回顾.............................................................................................. 10 2.1.1 政府融资的理论基础 .......................................................................... 10 2.1.2 地方政府融资平台产生与发展的现实动因 .......................................11 2.1.3 地方政府债务对地区经济发展的影响 .............................................. 12 2.1.4 政府及其融资平台债务风险评价 ...................................................... 13 2.1.5 政府及其融资平台债务风险的治理 .................................................. 14 2.2 文献评述.......................................................................................................... 14 第三章 A 市城投集团财务现状及债务风险分析衡量.............................................. 16 3.1 A 市城投集团财务现状................................................................................... 16 3.1.1 集团公司基本情况 .............................................................................. 16 3.1.2 财务报表数据概览 .............................................................................. 16 3.1.3 财务数据反映的特征 .......................................................................... 21 3.2 债务风险衡量.................................................................................................. 23 3.2.1 资产负债率过高 .................................................................................. 24 3.2.2 经营现金流收益低于资本成本 .......................................................... 26 3.3 降杠杆目标测算.............................................................................................. 28 第四章 A 市城投集团债务风险成因分析.................................................................. 31 4.1 内部原因.......................................................................................................... 31 4.1.1 内部治理结构缺陷 .............................................................................. 31 4.1.2 经营管理效率低下 .............................................................................. 33 4.1.3 投融资管理不规范 .............................................................................. 35 4.2 外部原因.......................................................................................................... 36目录 VI 4.2.1 政府出资不实 ...................................................................................... 37 4.2.2 政企界限不明确 .................................................................................. 37 4.2.3 经营自主权不足 .................................................................................. 38 第五章 化解融资平台债务风险的建议...................................................................... 40 5.1 认清形势，积极稳妥防范化解国企债务风险.............................................. 40 5.2 转变政府职能，改善政策环境...................................................................... 42 5.3 大力做好减法，推进市场化转型.................................................................. 43 5.4 完善制度保障，加强监督.............................................................................. 45 第六章 结语.................................................................................................................. 46 致 谢............................................................................................................................ 47。。。。。。以下内容略