多元化能纾解地方政府融资平台困境吗?——基于安徽省融资平台数据检验

Can Diversified Operation Ease the Financial Distress of LocalGovernments’Financing Platform?Based on Empirical Research of Financing Platform in AnhuiProvince

基于融资平台和多元化经营等方面的基本理论,以安徽省各级发行债券的融资平台2001—2018年财务报告数据为依据,考察多元化经营是否能够有效缓解地方政府融资平台的财务困境。研究发现:产权的多元化可以提升融资平台资金周转速度和盈利能力,有效降低融资平台整体风险;而行业多元化对融资平台资金利用有明显作用,但对提升融资平台盈利能力和控制风险作用不明显。总体上看,多元化战略起到了一定程度的风险纾解作用。进一步研究发现,行业多元化之所以对降低风险作用不大,主要是因为行业多元化过程中融资平台承担了更多债务,从而增加了其财务风险。

Based on the basic theory of financing platform and diversified operation,using financial data from all kinds of platforms which issued bonds in capital market from 2001 to 2008,this paper investigates whether diversified operation can efficiently ease financial distress of local governments’financing platforms.It is found that diversification of ownership can improve the turnover speed and profitability,thus efficiently reducing the whole risk of financing platforms.However,diversified industry has great effect on enhancing usage of funds for the platforms,but its usefulness of improving profitability and controlling risk is not obvious.In general,diversified strategy eases the financial risk to some extent.Further research finds that the reason why industry diversification has little effect on risk reduction is that the financing platforms bear more debt in the process of industry diversification,which increases its financial risk.