地方融资平台风险化解的策略研究

Strategies to Defuse the Risk of Local Financing Platform

为缓解2008年美国次级抵押贷款危机对中国经济的不良影响,中国通过地方政府融资平台的形式实行刺激政策。然而,地方政府融资平台在发挥其积极作用的同时也暴露出了潜在的风险。通过对融资平台起源、发展和平台管理三个方面的研究,结合当前中国地方融资平台发展状况及所呈现的高负债、管理不足的问题,可分析融资平台面临的宏观政策变动风险和微观层面的偿债、管理及其引致的风险问题。

In order to alleviate the adverse effects of American subprime mortgage crisis on China＇s economy in 2008, China implemented the stimulus policy in the form of local government financing platform. However, while playing its positive role, the local government financing platform is also faced with the potential risks. Including the current problems of local financing platform such as high debt and inadequate management problem, three aspects are theoretically studied, which include the origins of the financing platform, development and platform manage- ment. The risk of macro policy changes and problems caused by the debt insolvency and management of the finan- cing platform are also elaborated.