改革开放以来，各地政府加强了基础设施建设，提升了居民的生活品质，但在政府 进行投资拉动时，政府债务也在不断攀升，作为政府融资通道的政府融资平台公司风险 管控压力也在逐步加剧。特别是2008年的全球金融危机过后，全国各级地方政府都在 大力发展政府投融资，使得规模越来越大，并且政府投融资发展速度逐年递增。地方政 府投融资平台2008年以来的迅猛发展在很大程度上推进了国家宏观政策的有效实施， 地方政府大量的通过地方政府投融资平台融资进行公共事业发展建设从而有力推动了 地方经济的快速发展，在一定程度上促进了国家迅速摆脱经济危机带来的影响。但与此 同时，随着这一趋势的愈演愈烈，也逐渐显露出一系列的问题。这些问题不仅对于地方 政府，甚至于国家的财政金融安全都产生了一定的影响，且影响日趋严重。近年来国家 出台了各种关于地方政府投融资平台管理的相关政策法规，希望以此来引导地方政府投 融资平台进行有序发展，但其效果与预期仍有一定的差距。因此，对地方政府投融资平 台的财务风险进行系统深入研究成为非常急迫的任务。本文正是基于这一背景展开的。 本文首先对地方政府投融资平台财务风险有关问题的研究文献进行梳理，根据现有 的地方政府投融资平台的财务风险理论进行了进一步的探讨；其次，以G政府投融资 平台作为案例研究对象，对其发展现状进行描述，对案例公司的组织结构、业务开展情 况、财务管理情况以及由此带来的财务风险进行了深入探讨；再次，指出G政府投融 资平台的财务风险及其原因；最后，针对G投融资平台的财务风险的具体问题提出相 关的优化建议，同时在政府对投融资平台的管理方面提出了相关建议。 本文通过分析得出以下结论：一是地方政府投融资平台的功能定位导致债务规模过 大，加之内部管理、决策不够科学，目前其财务风险不断凸显。二是地方政府投融资平 台存在投资资金无法按期回收的问题，偿债能力不断减弱，其主要财务风险集中体现在 现金流风险。三是地方政府投融资平台要从根本上转变经营思路与发展理念，主动求变， 发挥自身优势，积极拓展转型路径，脱离政府干预，把自己打造成全新的盈利型企业才 能逐步化解所面临的财务风险。四是地方政府要根据中央有关政策，对地方政府投融资 平台下一步的经营发展做好引导和监管，采取有力的措施，才能有助于地方政府投融资 平台更好的发展。 关键词：地方政府；投融资平台；财务风险 G政府投融资平台财务风险研究 I Abstract Since the reform and opening up, local governments have strengthened infrastructure construction and improved the quality of life of residents. However, when the government is investing, government debt has been rising. As a government financing platform for government financing channels, risk management and control pressure is gradually increasing. Intensified. Especially after the global international financial crisis in 2008, local governments at all levels in the country are vigorously developing government investment and financing, making the scale larger and larger, and the speed of government investment and financing is increasing year by year. The rapid development of local government investment and financing platforms since 2008 has greatly promoted the effective implementation of national macro-policies. Local governments have invested heavily in the development of public utilities through local government investment and financing platforms, thus effectively promoting the rapid development of local economies. Ithas effectively promoted the rapid recovery of the country from the impact of the economic crisis. At the same time, however, as this trend has intensified, a series of problems have gradually emerged. These problems have not only affected the local government, but even the country's financial and financial security, and the impact has become increasingly serious. Therefore, in recent years, the state has issued various policies and regulations on the management of local government investment and financing platforms, hoping to guide the local government investment and financing platform for orderly development, but there is still a certain gap between its effect and expectations. Therefore, in-depth study of the financial risk management system of local government investment and financing platforms has become a very urgent task. This thesisis based on this background. This thesis first reviews the research literature on the financial risk of local government investment and financing platforms, and further discusses the existing financial risk theory of local government investment and financing platforms. Second, the G government investment and financing platform is used as a case study object. Describe its current development status, and conduct in-depth discussions on the organizational structure, business development, financial management, and financial risks of the case company; again, the financial risks of the G-government investment and financing platform and their causes; , Put forward relevant optimization suggestions for the specific problems of G investment and financing platform's Abstract II financial risk, and put forward related suggestions on the government's management of investment and financing platform. This article draws the following conclusions through analysis: First, the functional positioning of the local government investment and financing platform has led to excessive debt scale, coupled with insufficient internal management and decision-making, and its financial risks are constantly highlighted. The second is that the investment funds of local governments currently have investment funds that cannot be recovered on time, and the solvency is continually weakening. The main financial risks are concentrated in cash flow risks. Third, local government investment and financing platforms must fundamentally change their business ideas and development concepts, take the initiative to seek change, give full play to their own advantages, actively expand the transformation path, break away from government intervention, and build themselves into a brand-new profit-making enterprise in order to gradually resolve the problems they face. Financial risk. Fourth, local governments must guide and supervise the operation and development of local government investment and financing platforms in accordance with relevant central policies, and take effective measures to help local government investment and financing platforms develop better. Key words: Local government; Investment and financing platform; Financial Risk G政府投融资平台财务风险研究 1 目录 导论 ....................................................................................................... 1 一、选题背景 ....................................................................................................... 1 二、选题意义 ....................................................................................................... 2 三、文献综述 ....................................................................................................... 3 四、研究内容与方法............................................................................................ 6 五、本文研究的创新和不足之处 ......................................................................... 7 第一章相关概念及理论基础 ............................................................................ 9 第一节财务风险相关概念和理论 ............................................................................... 9 一、财务风险的概念............................................................................................ 9 二、财务风险的特点............................................................................................ 9 三、影响财务风险的因素 .................................................................................... 9 四、财务风险管理程序 .......................................................................................10 第二节地方政府投融资平台相关概念及理论............................................................ 11 一、地方政府投融资平台定义............................................................................ 11 二、地方政府投融资平台的主要特征 ................................................................12 三、地方政府投融资平台的主要业务 ................................................................12 四、地方政府投融资平台的主要资金来源 .........................................................13 五