摘
要
摘 要
中国政经体制持续性变革带动着地方政府融资平台公司的形成和发展壮大，
各地方政府建立融资平台公司的宗旨就是更好地承担地方政府财政投融资和基础
建设的职能。2008年席卷世界的金融危机带来的影响之一是中国国内相对较为宽
松的经济政策环境，地方政府融资平台公司借机快速发展扩大，同时其负债规模
也迅猛增加。无可否认，融资平台公司为我国扩大国内总需求和经济稳定增长做
出了重大贡献，可是其承担的债务融资风险大幅度提高。2014年，“43号文”横
空出世，文件中提出的“弱化直至解除融资平台公司为当地政府融资的职能”的
说法为融资平台公司的发展带来了全新的契机。此后，各地政府部门给出了相应
的政策措施缓冲期，但这一时期各地政府在融资需求的刺激下举债扩张的脚步并
未放缓。2021年7月，“15号文”明确要求“严禁地方政府隐形债务，地方政府
不可为当地的融资平台公司做担保”。在新的政策环境下，地方政府融资平台公
司的“路在何方”值得思考。当前，改进平台公司的债务融资风险管理任务十分紧
迫，平台公司进行市场化转型是未来几年面对的首要问题。
LX公司本身是市场经济法人性质，应以市场为导向进行生产经营活动，但
LX公司实质上对从地方财政部门获得的补贴收入和宏观政策十分依赖。与此同时，
近年来外界市场环境的变化导致了 LX公司债务融资风险急剧增加，所以，对LX
公司的债务融资风险进行控制与管理是其逐步实现市场化经营的迫切要求。本文
基于现代风险管理理论，依照债务融资风险的识别、债务融资风险的评价及债务
融资风险的对策“三步走”的基本思路展开。本文首先简要阐述了平台公司发展壮
大的历史阶段；为了对 LX公司的债务融资风险进行有效识别，本文以 LX公司的
经营与财务信息以及已经发生变化的欧亿·体育（中国）有限公司政策为基础，从债务融资端、资金使用
端与债务偿还端三个方面，对 LX公司的债务融资风险进行基本辨识，利用明斯
基的“金融不稳定假说”的方法确定 LX公司的债务融资类型，并采用财务分析
法与实地调查法等方法分析与判断影响其债务融资能力的主要因素；在债务融资
风险评价环节中，充分考虑了 LX公司的债务融资风险的影响因素会体现出层次
性与模糊性的特征，将层次分析法 (AHP)和模糊综合评价法(FSE)组合使用，构建
LX公司的债务融资风险评价体系并进行综合评估；针对在风险识别和风险评价过
程中 LX公司暴露出的问题与风险因素，本文将提出相应的对策。
关键词：风险管理；地方政府融资平台公司；层次分析法；模糊综合评价法
I
Abstract
Abstract
The continuous reform of China's political and economic systems has led to the
formation and development of platform companies for the financing of local governments,
the purpose of local government to establish financing platform company is to better
undertake the local government's financial investment and financing and infrastructure
construction functions.One of the effects of the financial crisis that has engulfed the world
s in 2008 was the relatively relaxed economic environment in China, local government
financing platform companies have seized the opportunity to expand rapidly, and their
debt levels have also increased rapidly. It is undeniable that financing platform companies
have made a significant contribution to the expansion of domestic aggregate demand and
stable economic growth in China, but at the same time, the debt financing risks they carry
have increased significantly. In 2014,"Circular No.43" was published, and the statement
contained in the document that "the function of financing platform companies for local
governments will be abolished" has brought new opportunities for the development of
financingplatformcompanies.Whilelocalgovernmentdepartmentshavetaken
appropriate policy measures on the buffer period, however, during this period, the pace
of local government debt expansion, stimulated by financing demand, has not slowed
since then. In July 2021, Circular No. 15 clearly required that "hidden debts of local
governments are strictly prohibited and local governments are not authorized to guarantee
local financing platform companies." In the new political environment, it is worth
thinking about the "where is the way" of municipal financing platform companies.
Currently, the task of improving the leverage risk management of platform companies is
very urgent, and the market-oriented transformation of platform companies is the main
problem of platform companies in the coming years.
The LX Company has long been at odds between value creation and state-oriented
development as a legal entity of the market economy, here is a strong reliance on subsidy
revenues and macro policies received by local finance departments. At the same time,
changes in the external market environment in recent years have led to a sharp increase
in the risk of LX's debt financing, therefore, the improvement of debt financing risk
management has also become an urgent necessity for the gradual realization of a market-
oriented operation. Therefore, the improvement of debt financing risk management has
also become an urgent necessity for the gradual realization of a market-oriented operation.
Based on modern risk management theory, this paper is based on the basic idea of "three
steps"ofidentifyingdebtfinancingrisks,assessingdebtfinancingriskand
countermeasures for debt financing risk. This article first briefly describes the historical
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