产业视角下的区域分析新思路

A Regional Analysis of Local Government Financing Vehicles

城投平台作为我国城镇化进程中的特殊产物,收支的期限错配导致滚动融资成为企业运营的重要依托,而政策是影响融资紧阔的主线。本文主要通过模拟产业视角构建区域分析思路,量化模型体系,将区域类比为单独经营实体,其中地方政府作为母公司,(类)城投为众多子公司,从合并、母公司、子公司层面分析其债务压力、中期偿债能力、短期流动性压力和再融资空间。

Local government financing vehicles are a unique product of China’s growing urbanization, and they currently display a consistent weakness: a mismatch of revenue and expenditure. As a result, obtaining continuing financing and policy support are critical concerns. This article makes a regional analysis of these financing vehicles from an industrial perspective, treating local governments as parent companies and their financing vehicles as subsidiaries. This article assesses debt pressure, mediumterm debt repayment capacity, short-term liquidity pressure and refinancing prospects.