I 摘要 为了满足我国社会主义新时代的发展需要，地方政府融资平台于上世纪90 年代应运而生。在经历了初步萌芽、平稳发展、高速扩张的几个阶段后，融资 平台公司债务大规模增长，使得政府债务与日俱增，也暴露出了政府违规提供 担保、平台公司过度举债等问题。2014年新《预算法》及相关政策文件的出台， 预示着地方政府融资平台不再具备政府职能，必须通过市场化转型适应时代的 发展。融资平台公司面对历史遗留下来的巨额债务，日趋严格的监管政策和瞬 息万变的经济环境，保障资金流动性、有效控制债务风险成为了融资平台公司 转型阶段的核心问题。 首先，本文梳理了地方政府融资平台的部分国内外研究成果，在学习相关 理论的基础上了解了融资平台公司的概念和历史沿革，分析其债务风险特性、 传导和成因。其次，本文以J融资平台公司为例展开案例研究。分析了J公司 财务运营状况和债务风险情况，从国家、区域和平台三个视角对J公司的债务 风险影响因素进行识别。采用了基于层次分析法的模糊综合评价法评估风险等 级,并对结果进行成因分析。最终得出，J融资平台公司的债务风险等级为中等 水平，但需要进一步关注潜在风险因素。 基于以上分析，本文从国家宏观、区域中观和平台微观三个角度提出地方 政府融资平台公司债务风险的控制措施。宏观层面要置换债务进一步厘清政企 关系、升级产业推动经济高质量发展、多措并举有效引导政府合规举债。中观 层面要简政放权让企业回归市场、体制创新打造良好营商环境、整合资源发展 优势产业。微观层面要聚焦主业优化资产结构、加强运营提高盈利能力、金融 创新拓宽融资渠道、完善制度建立健全债务风险防控体系。 关键词：融资平台；债务风险；风险评估 ；风险控制 Abstract II Abstract Local government financing platform companies came into being in the 1990s under China's special economic system. After several stages of initial germination, stable development and rapid expansion, the debt of financing platform companies has increased on a large scale, which makes the government debt increasing fast, and also exposes the problems of illegal government guarantee and excessive debt of platform companies. The introduction of the new Budget Law and related policy documents in 2014 indicates that the local government financing platform no longer has government functions, and must adapt to the development of the times through market-oriented transformation.. Facing the huge debt left over by history, increasingly strict regulatory policies and the ever-changing economic environment, ensuring the liquidity of funds and effectively controlling the debt risk have become the core issues of financing platform companies in the transformation stage. Firstly, this paper combs some domestic and foreign research results of local government financing platform, understands the concept and historical evolution of financing platform company on the basis of learning relevant theories, and analyzes its debt risk characteristics, transmission and causes. Secondly, this paper takes J financing platform company as an example to carry out empirical research. This paper analyzes the financial operation status and debt risk of J company, and identifies the debt risk of J company from three perspectives of country, region and platform. The fuzzy comprehensive evaluation method based on Analytic Hierarchy Process is used to carry out risk evaluation and grade evaluation, and the causes of debt risk are analyzed. Finally, the debt risk level of J financing platform company is medium, but we need to pay more attention to the potential risk factors. Based on the above analysis, this paper puts forward the control measures of debt risk of local government financing platform companies from the national, regional and platform perspectives. At the national level, it is necessary to replace debt, clarify the relationship between the government and enterprises, upgrade industries, and guide the government to raise debt in compliance. At the regional level, enterprises Abstract III should return to the market, create a good business environment, integrate resources and develop advantageous industries. At the platform company level, we should optimize the asset structure, improve profitability, broaden financing channels, and establish a debt risk prevention and control system. Key words: Financing Platform; Debt Risk; Risk Assessment; Risk Control 目录 IV 目 录 摘要 ........................................................................................................ I Abstract ...................................................................................................... II 第一章 绪论 ........................................................................................... 1 第一节 研究背景和意义 ............................................ 1 一、研究背景 ........................................................................................................................ 1 二、研究意义 ........................................................................................................................ 3 第二节 文献综述 .................................................. 5 一、国外文献综述................................................................................................................ 5 二、国内文献综述................................................................................................................ 6 三、文献评述 ........................................................................................................................ 9 第三节 研究思路、内容与方法 ..................................... 11 一、研究技术路线.............................................................................................................. 11 二、研究内容 ...................................................................................................................... 12 三、研究方法 ...................................................................................................................... 12 第二章 概念界定及相关理论基础 ..................................................... 14 第一节 地方政府融资平台概述 ..................................... 14 一、地方政府融资平台的界定 ......................................................................................... 14 二、地方政府融资平台的分类 ......................................................................................... 14 三、地方政府融资平台的历史沿革及意义 .................................................................... 15 第二节 融资平台公司债务风险概述 ................................. 17 一、融资平台公司债务风险状况及特性 ........................................................................ 17 二、融资平台公司债务风险传导..................................................................................... 18 三、融资平台公司债务风险的成因 ................................................................................ 19 目录 V 第三节 相关理论基础 ............................................. 20 一、内部控制理论.............................................................................................................. 20 二、风险评估理论.............................................................................................................. 21 第三章 J融资平台公司债务现状分析............................................... 22 第一节 J融资平台公司概况 ....................................... 22 一、基本情况 ............................................................... 22 二、经营现状 ............................................................... 23 三、财务现状 ............................................................... 26 四、内部控制 ............................................................... 29 五、未来发展 ............................................................... 29 第二节 J融资平台公司债务现状 ................................... 29 一、债务情况分析 ........................................................... 29 二、融资渠道分析 ........................................................... 32 三、债务风险现状 ........................................................... 34 第四章 J融资平台公司债务风险识别与评估 .................................. 36 第一节 J融资平台公司债务风险影响因素识别 ....................... 36 一、宏观层面风险影响