I 地方政府融资平台风险管理研究—以QT新区为例 研究生：李青 导师：董斌 东南大学 摘要 中国当前的经济形势处在一个新常态，2018年为完善国家系统重要性金融机构监管 框架，防范系统性金融风险，有效维护金融体系稳健运行，中国人民银行、中国银行保 险监督管理委员会、中国证券监督管理委员会联合发布《关于完善系统重要性金融机构 监管的指导意见》（银发【2018】301号），防范系统性金融风险是党中央高度重视的 问题。在新的时代背景下，对地方政府债务管理显得愈发重要，其目的就是要有效解决 融资平台自身问题，防范政府债务风险，维护金融生态健康有序发展。 本文首先对地方政府融资平台债务的产生和发展进行了系统分析，对债务现状进行 了揭示，并对风险管理相关概念进行了界定。通过研究地方政府融资平台债务风险情况， 对风险因素，包括企业经营风险因素、制度性风险因素、政策性风险因素、地方财政风 险因素、银行流动性风险因素进行了分析，并对风险产生的影响进行了揭示，通过全方 位分析，从制定风险管理策略、提出和实施风险管理对策、进行风险管理监督和改进各 阶段提出了风险防范的对策。并以QT新区政府融资平台为例，分析其债务现状，并基 于以上分析提出防范风险措施。最后得出结论，商业银行为防范政府融资平台风险，应 进一步提高合法合规经营的认识；加强对政府性债务管理政策研究和分析；妥善处理好 平台公司存量贷款及新业务风险；对于转型中的融资平台公司要及时清理债权债务关 系，及时追加担保，平衡风险收益。 通过分析，商业银行针对地方政府融资平台的风险管理提出政策建议，面临的风险 除了信用风险、流动性风险、操作风险、抵押物风险以及来自交易对手的风险等，同时 还有无法控制的市场风险。在进行风险管理时不应局限于某类业务，应在全局加强各类 风险管理，以应对各类业务都要面对的风险。一是要加强信用风险管控，二是要加强流 动性风险管控，三是要加强操作风险管控，四是要加强声誉风险管控，五是要加强市场 风险管控。 关键词：地方政府；融资平台；风险分析；商业银行；风险防范 东南大学高级工商管理硕士学位论文 II Research on Risk Management of Local Government Financing Platform-Taking QT New District as an example Written by：LI Qing Supervised by ：DONG Bin Southeast University Abstract China's current economic situation is in a new normal state. In 2018, in order to improve the regulatory framework of China's systemically important financial institutions, prevent systemic financial risks, and effectively maintain the sound operation of the financial system, the People's Bank of China, the Bank of China Insurance Supervision and Administration Commission, and China Securities Regulatory Commission jointly issued the ‘Guiding Opinions on Improving the Supervision of Systemically Important Financial Institutions’(Issued [2018] No. 301). Preventing systemic financial risks is a matter of great concern to the Party Central Committee. Under the new era background, local government debt management is becoming more and more important. Its purpose is to effectively solve the financing platform itself, prevent government debt risks, and maintain the healthy and orderly development of financial ecology. This paper first systematically analyzes the generation and development of local government financing platform debt, reveals the current status of debt, and defines the related concepts of risk management. By studying the debt risk situation of local government financing platform, analyze the risk factors, which including business risk factors, institutional risk factors, policy risk factors, local fiscal risk factors, and bank liquidity risk factors and reveal the impact of risk. Through comprehensive analysis, risk prevention countermeasures were proposed from the aspects of formulating risk management strategies, proposing and implementing risk management countermeasures, and conducting risk management supervision and improvement. Taking QT New District as an example, the paper analyzes its debt status and proposes risk prevention measures based on the above analysis. Finally, it is concluded that in order to prevent the risk of government financing platform, commercial banks should further enhance their understanding of compliance and legal operation; strengthen research and analysis of government debt management policies; Abstract III properly handle platform company stock loans and new business risks; The financing platform company should promptly clear the relationship between creditor's rights and debts, and timely add guarantees to balance risk and return. Through analysis, we bring forward related policy suggestions about the local government financing platform risk managerment. In addition to credit risk, liquidity risk, operational risk, collateral risk and risk from counterparties, it also involves uncontrollable market risk. Risk management should not be limited to certain types of business, and various types of risk management should be strengthened in order to cope with the risks faced by various businesses. First of all, we must strengthen credit risk management and control. The second, we must strengthen liquidity risk management and control. Thirdly, we must strengthen operational risk management and control. Fourthly, we must strengthen reputation risk management and control. Fifth, we must strengthen market risk management and control. Key words:Local government, financing platform, risk analysis, commercial bank, risk prevention 东南大学高级工商管理硕士学位论文 IV 目 录 摘要....................................................................I ABSTRACT.................................................................II 第1章 绪论..............................................................1 1.1 研究的背景与意义....................................................1 1.1.1 研究背景........................................................1 1.1.2 研究意义........................................................1 1.2 研究的目的、思路、方法与内容........................................2 1.2.1 研究目的........................................................2 1.2.2 研究思路........................................................2 1.2.3 研究方法........................................................3 1.2.4 研究内容........................................................3 1.3 文献综述............................................................3 第2章 相关理论及概念界定................................................5 2.1 风险管理理论........................................................5 2.2 地方政府融资平台的相关概念..........................................5 2.2.1 地方政府融资平台的债务产生和发展................................5 2.2.2 地方政府融资平台的债务现状......................................7 第3章 地方政府融资平台债务风险因素分析.................................10 3.1 企业经营风险因素...................................................10 3.2 制度性风险因素.....................................................10 3.3 政策性风险因素.....................................................11 3.4 地方财政风险因素...................................................12 3.5 银行流动性风险因素.................................................12 第4章 地方政府融资平台债务风险影响分析.................................14 4.1 对房地产行业的影响.................................................14 4.1.1 导致房地产泡沫的形成...........................................14 4.1.2 出现偿还危机...................................................15 4.2 对国民经济发展的影响...............................................15 目录 V 4.3 对政府信用和社会稳定的影响.........................................15 4.4 对财政体系的影响...................................................16 4.5 对银行及金融体系的影响.............................................16 第5章 地方政府融资平台债务风险管理.....................................17 5.1 制定风险管理策略...................................................17 5.2 提出和实施风险管理对策.............................................17 5.2.1 政府方面.......................................................17 5.2.2 银行方面.......................................................18 5.2.3 融资平台方面...................................................19 5.3 进行风险管理监督及改进.............................................20 第6章 QT新区政