随着国内城镇化进程的不断加快，地方政府在城镇基础设施建设方面的投入越来越 多，为满足城市基础设施建设方面的资金需要，融资平台公司充分发挥了为地方政府融 资的作用。但是，随着融资平台公司债务规模的不断增长，公司自身的风险也在不断累 加。本文以江苏苏北一家县级融资平台公司—JSRQ融资平台公司为研究对象，从融资 端、资金使用端、偿债端三个环节识别其债务风险，运用层次结构模型进行综合债务风 险评估，采用层次分析法确定指标权重，最后结合实际和评估过程提出风险防范建议。 主要的工作及结论如下： （1）对JSRQ融资平台公司的债务风险识别和影响因素进行分析；研究发现，该 公司在融资端、资金使用端和偿债端等环节均可能出现过度融资、货币政策变动、资金 被无偿占用、资金闲置、资金使用量大、回款不确定、盈利性不足等诸多问题，并全面 分析揭示债务风险形成的影响因素。 （2）从平台公司自身、地方政府支付能力、国家政策与环境三个方面选取指标， 尝试建立平台公司债务风险评估模型，通过模型计算，JSRQ融资平台公司处于中度风 险区间。表明其债务风险确实存在，但整体债务风险仍处于可控范围内。 （3）针对JSRQ融资平台公司的债务风险状况，从控制债务规模、盘活存量资产、 实施多元化发展战略、完善制度建设等方面提出风险防范建议，为防范融资平台公司债 务风险提供借鉴和参考。 本研究进一步丰富了融资平台公司债务风险管理相关研究成果，同时可以为JSRQ 融资平台公司债务风险管理提供理论依据与指引，为其他类似公司提供参考借鉴。 关键词：融资平台公司；债务风险识别；债务风险评估；债务风险防范 研究类型：专题研究 Subject:ResearchontheDebtRiskManagementofJSRQFinancing PlatformCompany Specialty:MasterofBusinessAdministration Name:WangNa(Signature)1 Instructor:YuanXianping(Signature)1 ABSTRACT WiththeaccelerationofurbanizationinChina,localgovernmentsareinvestingmoreand moreinurbaninfrastructureconstruction.Inordertomeetthecapitalneedsofurban infrastructureconstruction,financingplatformcompanieshavefullyplayedtheirrolein financinglocalgovernments.Inthisprocess,withthecontinuousgrowthofthedebtsizeof thefinancingplatformcompanies,thecompany'sownrisksarealsoaccumulating.Thispaper, takingJiangsusubeicountyfinancingplatformcompany-JSRQgroupcompanyasacase, fromafinancial,management,legalcompliance,thepolicyfouranglestoidentifytherisk statusofusinghierarchymodelforcomprehensiveriskassessment,usinganalytichierarchy process(ahp)todetermineindexweight,accordingtothecompany'sactualriskprevention adviceisputforward.Themainworkandconclusionsareasfollows: (1)AnalyzetheriskstatusandproblemsofJSRQgroup;Thestudyfoundthatthe companyhasalotofproblems,suchashighpressuretorepaycapitalandpayinterest,high asset-liabilityratio,weakautonomouspricingability,lackofhigh-qualitytalents,unclear legalcomplianceissuesandfrequentchangesofrelevantpolicies,andanalyzedandrevealed thecausesofriskformation. (2)Selectindicatorsfromtheplatformcompanyitself,localgovernmentandnational level,trytoestablishthecomprehensiveriskassessmentmodelofplatformcompany,and throughthemodelcalculation,JSRQgroupcompanyisinthemoderateriskrange.Itshows thatallkindsofrisksdoexist,buttheoverallriskisstillundercontrol. (3)BasedontheriskstatusofJSRQgroupcompany,fromtheperfectcorporate governancestructure,expandthefinancingchannels,theuseoftransformationtoimprove comprehensivestrength,buildascientificrigorousriskcontrolmanagementsystemput forwardSuggestionstopreventrisks,topreventriskoffinancingplatformcompanyprovide referenceandreference. Thisstudyfurtherenrichestheresearchresultsrelatedtotheriskmanagementof financingplatformcompanies,andatthesametime,itcanprovidetheoreticalbasisand guidancefortheriskmanagementofJSRQgroupcompanies,andprovidereferenceforother similarcompanies. KeyWords:FinancingPlatform;DebtRiskIdentification;DebtRiskAssessment;DebtRisk Prevention； Thesis:MonographicResearch 目录 I 目录 1绪论..........................................................................................................................................1 1.1研究背景及意义...........................................................................................................1 1.1.1研究背景.............................................................................................................1 1.1.2研究意义.............................................................................................................2 1.2国内外研究现状............................................................................................................3 1.2.1地方政府债务及风险研究.................................................................................3 1.2.2融资平台公司风险研究.....................................................................................6 1.2.3文献述评.............................................................................................................9 1.3研究内容、方法及研究思路.....................................................................................10 1.3.1主要研究内容...................................................................................................10 1.3.2研究方法...........................................................................................................10 1.3.3研究思路...........................................................................................................11 2相关概念与理论基础...........................................................................................................13 2.1相关概念.....................................................................................................................13 2.1.1概念界定............................................................................................................13 2.1.2融资平台公司的产生和发展............................................................................14 2.2理论基础.....................................................................................................................17 2.2.1风险管理理论....................................................................................................17 2.2.2财政分权理论...................................................................................................19 3JSRQ融资平台公司债务风险识别.....................................................................................20 3.1JSRQ融资平台公司现状...........................................................................................20 3.2JSRQ融资平台公司债务风险识别...........................................................................22 3.2.1融资端风险.......................................................................................................23 3.2.2资金使用端风险...............................................................................................23 3.2.3偿债端风险........................................................................................................24 3.3融资平台公司债务风险影响因素..............................................................................25 3.3.1平台公司自身债务风险影响因素....................................................................26 3.3.2地方政府支付能力对平台公司债务风险影响因素........................................27 3.3.3国家政策与环境对平台公司债务风险影响因素............................................27 4JSRQ融资平台公司债务风险评估与成因.........................................................................29 4.1JSRQ融资平台公司债务风险评估...........................................................................29 目录 II 4.1.1指标选取...........................................................................................................29 4.1.2JSRQ融资平台公司债务风险评估指标权重的确定方法.............................30 4.1.3JSRQ融资平台公司债务风险评估指标权重的计算.....................................31 4.1.4JSRQ融资平台公司债务风险评估指标风险区间设置.................................36 4.1.5JSRQ融资平台公司债务风险评估指标测度.................................................37 4.2JSRQ融资平台公司债务风险成因...........................................................................41 4.2.1债务规模增长过快............................................................................................41 4.2.2业务结构单