地方政府融资平台是各级地方政府成立的以投融资为主要经营目的的国有 独资公司。我国在2015年新预算法实施之前，规定地方政府不得举债，但快速 扩张的城市建设需要庞大资金，地方政府就通过设立地方政府融资平台的形式来 筹集建设资金，地方政府融资平台就成立地方政府隐性债务的主要载体,TY集团 就是在这种情况下由Y区政府出资成立的地方政府融资平台。 文章通过对国内外有关“地方政府融资平台风险防控”及省、市、区融资平 台公司债务化解相关文件要求，以融资理论、财务风险管理理论、公共产品理论、 财政分权理论、委托代理理论、项目区分理论为基础，以TY集团为研究对象， 一是从组织架构、运营模式等方面阐述了TY集团的现状，并与株洲市其他融资 平台进行了对比，二是从债务端、资产端、经营业务端进行了系统的债务风险评 估，三是从经营环境、收入来源、盈利能力、市场化竞争力、资本支出等五个方 面分析了债务风险产生的原因，正视问题，创新思路，明确方向，完善措施，从 地方政府融资平台风险防范中得到启示提出了TY集团债务风险防范机制，如出 台储备政策工具、脱离政府融资职能、扩大融资渠道、调整业务布局等四个方面 来提出债务风险防范机制，对TY集团债务风险防范及防止发生系统性金融风险 具有重要意义。 关键词：TY集团；地方政府融资平台；债务风险防范 II Abstract Thelocalgovernmentfinancingplatformisawhollystate-ownedcompany establishedbylocalgovernmentsatalllevelswithinvestmentandfinancingasthe mainoperatingpurpose.Beforetheimplementationofthenewbudgetlawin2015, ourcountrystipulatedthatlocalgovernmentsmustnotborrow,buttherapid expansionofurbanconstructionrequireshugefunds.Localgovernmentswillraise constructionfundsbysettinguplocalgovernmentfinancingplatforms,andlocal governmentfinancingplatformswillestablishlocalgovernments.Themaincarrierof hiddendebt,TYcompanyisthelocalgovernmentfinancingplatformestablishedby theYdistrictgovernmentinthiscase. Thearticlethroughthedomesticandforeignrelevant"localgovernment financingplatformriskpreventionandcontrol"andprovincial,municipalanddistrict financingplatformcompanydebtreliefrelateddocumentrequirements,with financingtheory,financialriskmanagementtheory,publicproducttheory,fiscal decentralizationtheory,entrustedagencyTheory,projectdifferentiationtheoryasthe basis,takingTYCompanyastheresearchobject.Thefirstistoexplainthecurrent statusofTYcompanyintermsoforganizationalstructureandoperationmodel,andto comparewithotherfinancingplatformsinZhuzhouCity.Thesecondistoconducta systematicdebtriskassessmentfromthedebt,asset,andbusinessoperations.The thirdisAnalyzedthecausesofdebtriskfromfiveaspects:operatingenvironment, incomesource,profitability,marketcompetitiveness,andcapitalexpenditure.Face theproblem,innovateideas,clarifydirection,improvemeasures,drawinspiration fromtheriskpreventionoflocalgovernmentfinancingplatforms.Suchasthe introductionofreservepolicytools,separationfromgovernmentfinancingfunctions, expansionoffinancingchannels,andadjustmentofbusinesslayouttoproposedebt riskpreventionmechanisms,ItisofgreatsignificancetothepreventionofTY companydebtriskandthepreventionofsystemicfinancialrisks. Keywords:TYcompany;localgovernmentfinancingplatform;debtrisk III 目录 第1章绪论................................................................................................................1 1.1选题背景及意义.............................................................................................1 1.1.1选题背景..............................................................................................1 1.1.2研究意义和目的..................................................................................2 1.2国内外研究现状.............................................................................................2 1.2.1国外研究现状......................................................................................2 1.2.2国内研究现状......................................................................................3 1.2.3文献总体性评价..................................................................................5 1.3研究内容及方法.............................................................................................5 1.3.1研究内容..............................................................................................5 1.3.2研究框架..............................................................................................6 1.3.3研究方法..............................................................................................6 第2章相关理论概述..................................................................................................7 2.1融资理论.........................................................................................................7 2.2财务风险识别.................................................................................................7 2.3财务风险管理理论.........................................................................................8 2.4公共产品理论.................................................................................................8 2.5财政分权理论.................................................................................................9 2.6委托代理理论.................................................................................................9 2.7项目区分理论...............................................................................................10 第3章地方政府融资平台发展历程........................................................................11 3.1地方政府融资平台的形成...........................................................................11 3.2地方政府融资平台的发展...........................................................................11 3.2.1全国地方政府融资平台的发展........................................................11 3.2.2湖南省地方政府融资平台的发展....................................................12 3.2.3株洲市地方政府融资平台的发展....................................................13 3.3地方政府融资平台分类...............................................................................13 3.3.1按现金流覆盖债务本息情况划分....................................................13 3.3.2按行政级别划分................................................................................14 3.3.3按运营模式特点划分........................................................................15 3.4地方政府融资平台运作要点.......................................................................15 IV 3.4.1地方政府作为出资人，直接参与融资平台管理............................15 3.4.2地方政府融资平台代表地方政府成为投融资主体........................15 3.4.3金融机构进行市场化接入................................................................15 3.5地方政府融资平台债务风险的成因...........................................................16 3.5.1从地方政府融资平台机制方面分析................................................16 3.5.2从融资政策性风险方面分析............................................................16 3.5.3从市场性风险方面分析....................................................................17 3.6地方政府融资平台债务风险防范机制启示...............................................17 3.6.1推动融资平台公司市场化转型........................................................17 3.6.2多元并举深入市场............................................................................17 3.6.3优化产业布局....................................................................................17 3.6.4拓宽融资渠道....................................................................................18 3.7TY集团基本概况对比分析..........................................................................18 3.7.1TY集团简介.......................................................................................18 3.7.2TY集团运营模式...............................................................................19 3.7.3株洲市各类典型融资平台简介........................................................20 3.7.4株洲市各类融资平台运行特点........................................................21 3.7.5株洲市各类融资平台与TY集团运营模式对比.............................22 第4章TY集团债务风险评估............................