基于结构性风险的地方投融资平台投资优化研究

Optimization of Investment Strategy of Regional Investment and Finance Platform Considering Structural Risk

随着地方债务政策的进一步收紧,地方投融资平台无法再以当地政府作为劣后方进行融资,因而面临严峻的由融资平台转向投资平台的市场化转型压力,其中解决积久形成的结构性风险问题成为其转型中的主要难点。文章分析了地方投融资平台结构性风险的形成机理及危害,运用模糊线性规划构建了考虑结构性风险的投资优化模型,通过模型求解,得到了可以为地方投融资平台公司在投资决策和风险管控中起到十分积极意义的结论。

With the local debt policy further tightening, it＇s impossible for regional investment and finance platform to financewith government as subordinated beneficiary. As a result, regional investment and finance platforms are facing deepmarket transition pressure from financing vehicle to investment vehicle. Settling accumulated structural risk is the main difficultyin the process of transformation. This paper analyses the mechanism and harm of the structural risk. Besides, thispaper models optimization of investment strategy based on fuzzy linear programming. The result shows a possibility to reducethe structural risk, which gives positive reference for regional investment and finance platforms ’ investment strategy andrisk management.