本文首先对地方政府借由地方融资平台公司绕开法律约束而大规模举债导致后

者债台高筑的现实情况进行了描述。然后,作为立论的基础,本文对地方融资平台公

司做出了新的定义。巨额债务昭示了地方融资平台公司的的危机。这种危机源起与于

企业的治理失范,包括企业信用与政府信用的捆绑、资产管理的无序和企业人力资源

管理的失控。能否安然度过危难,并抓住蕴藏在其中的改革契机,则是本文论述的重

点。本文认为,地方融资平台公司改革的核心问题是政企分开,这是实现政府和企业

的资产、债务的分割,并使企业真正意义上融入市场,参与市场的最大保证。但首当

其冲的问题则是地方融资平台公司如何去消化当前巨额的债务存量。本文提出了界定

项目公益性、资产证券化和股权结构改革等措施,力图消除融资平台公司的巨量债务。

而后,本文又尝试设计了一组用以辅助地方融资平台公司进行市场化转型的工具,包

括对企业现状进行评估的“九区间评估法”、SWOT分析下的战略再思考和职业经理

人的遴选条件设置。在本文论述中,还以C市城市建设集团的实际情况和实际数据

作为实例佐证。

关键词:地方融资平台公司,市场化,债务,风险

Abstract

China's local governments are forbidden by law to get governments' borrowing. In

most cases,they incite their own corporations of financing platform to get the bank lending.

As the result of this situation,the corporations of financing platform heavily in debt till

now. This article point out this problem and give a new definition of CORPORATION OF

FINANCING PLATFORM then. Enormous pressure of the debt shows the huge crisis of

those corporations. The crisis comes from,no doubt, the chaos of the management,

including the credit bound between the governments and their corporations,

out-of-sequence of the management of the property, the out-of-control of HRM. That

whether the corporations can pull through,and even catch the grab the opportunity of

reformation, is the key point of this article. In my opinion, the core problem of the

corporations of financing platforms' reformation, is separating government functions from

enterprise management. Only the separation can ensure corporations really involve with

market activities. But first of all, to reduce the debt is the question of reality which

corporations have to face. The author propose some methods, just like making judgment

for non-profit property of the projects corporations invest to, asset securitization,

ownership structure reform, and so on. Then the author provide a group of utilities to assist

the marketization of corporations. In the box of utilities, we can find a “9section analysis”

to evaluate the status of the corporations in a creative way, the strategy thinking under the

SWOT method, and how to choose noht inanagers for the corporations. Finally, the author

give an example from the Urban Co*istruction Group Ltd of the city C.

Key word: Corporation of Financing Platform, Marketization, Debt,Crisis