随着地方经济的快速发展，地方的投融资业务发展迅速，但是在发展的过程 中出现了诸多问题。由于融资规模快速扩大，偿债压力不断增大，地方系统性金 融风险增加，严重影响地方政府投融资平台的稳定发展，对于当地的经济发展和 社会和谐都产生了极其不利的影响。其中问题较为明显的比如担保行为不规范、 发展战略不清晰等，这些问题的出现，导致了社会对地方融资平台促进地方经济 发展的质疑，在问题不断以及质疑声中，研究地方融资平台公司有效转型升级， 更好的支持本地产业发展显得尤为迫切。 本文的研究发现MY国有投资集团公司运行中存在内部治理、经营管理、债 务融资等方面的问题，这将演变成为平台公司运行的风险和未来发展的阻碍。为 此需要探索平台公司未来转型升级的主要路径是什么，如何通过转型升级克服目 前公司运行的困境。从MY国有投资集团公司的实际出发，主要的转型发展的路 径有以下两个方面：一是从服务型板块转型的路径，涉及国有资产保值增值，提 高国有资本的回报率；稳妥开展融资性担保业务；二是市场化经营板块转型的路 径，涉及抢占城市建设运营市尝开发经营国有资源，提升附加值，实现资源效 益的最大化；融入地方第三产业发展大局，做好景区规划、继续深化混合所有制 改革，实现优势互补；整合现有资源和投资，不断拓宽投融资渠道，实现资金流 转的良性循环。转型发展路径确立之后，如何有效保障路径转化升级的有效性， 这需要探索切合的保障性措施，为此从效率保障和政策保障两个方面展开研究， 以逐步确立转型升级的机制保障，为平台公司的顺利转型升级和发展提供支持。 本文希望通过MY国有投资集团公司转型升级问题分析、转型路径探索和机 制保障设计，为地方融资平台转型策略研究提供借鉴和参考。由于市场环境在不 断变化，加上企业内部的发展环境也在不断变化中，因此，企业想要获得长远的 发展，就需要对产业结构进行优化调整，同时对影响企业发展的多个因素进行监 控，不断优化和调整企业的发展战略，是企业发展和市场环境变化之间能够相互 适应。 关键词:地方融资平台转型升级效率保障发展路径机制保障 昆明理工大学专业学位硕士学位论文MY国有融资平台公司转型研究 II Abstract Withtherapiddevelopmentoflocaleconomy,localinvestmentandfinancing businessdevelopsrapidly,buttherearemanyproblemsintheprocessofdevelopment. Duetotherapidexpansionoffinancingscale,theincreasingpressureofdebt repayment,andtheincreaseoflocalsystemicfinancialrisks,thestabledevelopment oflocalgovernmentinvestmentandfinancingplatformsisseriouslyaffected,which hasaverynegativeimpactonlocaleconomicdevelopmentandsocialharmony.One problemismoreobvioussuchasguaranteebehaviorisnotclear,thedevelopment strategy,etc.,theoccurrenceoftheseproblems,ledtothesocialquestionoflocal financingplatformtopromotelocaleconomicdevelopment,inconstantlyanddoubts, transformationandupgradingoflocalfinancingplatformcompanyefficiency,to bettersupportthedevelopmentofthelocalindustryisparticularlyurgent. ThestudyofthispaperfindsthatthereareproblemsintheoperationofMY state-ownedinvestmentgroupintermsofinternalgovernance,operationmanagement, debtfinancing,etc.,whichwillevolveintorisksintheoperationoftheplatform companyandobstaclesinitsfuturedevelopment.Therefore,itisnecessarytoexplore whatarethemainpathsforplatformcompaniestotransformandupgradeinthefuture andhowtoovercomethecurrentdifficultiesincompanyoperationthrough transformationandupgrading.BasedontherealityofMYState-ownedInvestment GroupCompany,themaintransformationanddevelopmentpathhasthefollowing twoaspects:first,thetransformationpathisfromtheservicesector,whichinvolves themaintenanceandincreaseofstate-ownedassetsandthereturnrateofstate-owned capital.Tosteadilycarryoutfinancingguaranteebusiness;Second,thepathofmarket operationplatetransformationinvolvesseizingtheurbanconstructionandoperation market,developingandoperatingstate-ownedresources,enhancingtheaddedvalue, andmaximizingtheresourcebenefit.Integrateintotheoveralldevelopmentofthe localtertiaryindustry,doagoodjobinscenicspotplanning,continuetodeepenthe reformofmixedownership,toachievecomplementaryadvantages;Integrateexisting resourcesandinvestment,constantlyexpandinvestmentandfinancingchannels,to achieveavirtuouscircleofcapitalflow.Aftertheestablishmentofthetransformation developmentpath,howtoeffectivelyguaranteetheeffectivenessofthe transformationandupgradingofthepathneedstoexploreappropriatesupporting measures.Therefore,studiesshouldbecarriedoutfromthetwoaspectsofefficiency 昆明理工大学专业学位硕士学位论文MY国有融资平台公司转型研究 III guaranteeandpolicyguarantee,soastograduallyestablishthemechanismguarantee oftransformationandupgrading,andprovidesupportforthesmoothtransformation, upgradinganddevelopmentofplatformcompanies. Thispaperhopestoprovidereferencesfortheresearchonthetransformation strategyoflocalfinancingplatformsbyanalyzingthetransformationandupgrading problemsofMYstate-ownedInvestmentgroupcompanies,exploringthe transformationpathanddesigningthemechanismguarantee.Becauseinaconstantly changingmarketenvironment,combinedwiththedevelopmentoftheenterprise internalenvironmentisalsoinconstantchange,therefore,theenterprisewantsto obtainlong-termdevelopment,youneedtooptimizetheindustrialstructure adjustment,atthesametimetomonitorthemultiplefactorsthataffectenterprise development,constantlyoptimizeandadjustenterprisedevelopmentstrategy,isthe enterprisetoadapttoeachotherbetweendevelopmentandchangingmarket conditions. KeyWords：LocalfinancingplatformTransformationandupgradingThe efficiencyofsecurityDevelopmentpathMechanismtoensure 昆明理工大学专业学位硕士学位论文MY国有融资平台公司转型研究 i 目录 摘要................................................................................................................I ABSTRACT..................................................................................................II 第一章绪论.............................................................................................1 1.1研究背景和意义................................................................................1 1.1.1研究背景.....................................................................................1 1.1.2研究意义.....................................................................................1 1.2国内外研究现状................................................................................2 1.2.1国外研究现状.............................................................................2 1.2.2国内研究现状.............................................................................2 1.2.3国内外研究述评.........................................................................3 1.3本文研究内容及方法........................................................................4 1.3.1研究内容.....................................................................................4 1.3.2研究方法.....................................................................................4 1.4本文研究框架及主要创新点............................................................5 1.4.1本文研究框架.............................................................................5 1.4.2主要创新点.................................................................................6 第二章理论综述及相关概念.................................................................8 2.1主要理论综述....................................................................................8 2.1.1财政分权理论.............................................................................8 2.1.2公共产品理论.............................................................................9 2.1.3公共基础设施投融资理论.........................................................9 2.2地方政府融资平台概述..................................................................10 2.2.1地方政府融资平台概念...........................................................10 2.2.2地方政府融资平台发展阶段...................................................10 2.2.3地方融资平台发展分类...........................................................12 2.2.4国内地方政府投融资平台转型的主要模式...........................13 昆明理工大学专业学位硕士学位论文MY国有融资平台公司转型研究 ii 第三章MY国有投资集团公司问题及风险分析...............................16 3.1MY国有投资集团公司概述...........................................................16 3.1.1MY国有投资集团公司简介.....................................................16