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论文编号：	15111
作者编号：	2320224255
上传时间：	2024/12/10 14:44:52
中文题目：	D城投公司债务风险化解研究
英文题目：	Research on Debt Risk Resolution of D City Investment Company
指导老师：	黄福广
中文关键字：	地方融资平台公司；债务风险；风险化解
英文关键字：	Local financing platform companies; Debt risk; Risk resolution
中文摘要：	城投公司，也被称为地方政府融资平台公司，在我国城市化进程和地方经济发展过程中发挥了巨大作用，但同样，发展过程中产生的巨量城投公司债务已成为当前地方债务风险的重要来源，影响地方财政平稳运行和经济社会稳定。为解决城投公司债务问题，近年来，国家出台一系列管控措施，剥离城投公司地方投融资职能，推动城投公司市场化转型，有序推进城投公司债务化解。 在此背景下，本文采取案例分析法，以位于东部沿海地区的D城投公司为研究对象，研究如何化解该公司的债务风险。根据掌握的财务数据和债务信息，通过识别公司债务风险表现，并采用Z分数模型对该公司整体债务风险进行评估，发现该公司整体债务风险较高，存在破产的可能。据此，进一步分析公司债务风险的主要成因，发现公司债务风险较大主要由公司战略失误、经营管理欠缺和投资规划不当等因素导致。 根据债务风险成因，针对性地提出化解债务风险的对策方案，计划通过经营收入增收，加快盘活各类资产筹集资金偿还债务，压降债务规模。细致测算每年债务到期本息金额和筹措偿债资金金额，在优先保障足额付息的情况下，计算得出到期本金偿债缺口，并提前谋划对缺口对应到期债务本金进行借新还旧或展期，将偿债责任后移，为后续债务化解争取时间。多措并举下，充分化解近四年到期债务风险，将债务风险压降至可承受范围，为后续市场化转型、建立长效债务风险防范化解机制创造条件。本文的研究进一步丰富了城投公司债务风险化解的研究，为同类城投公司做好债务风险化解，推动融资平台公司市场化转型提供相应参考。
英文摘要：	The City investment companies, also known as local government financing platform companies, have played a significant role in China's urbanization process and local economic development. However, the massive debts of city investment companies generated during their development have become an important source of local debt risks, affecting the stable operation of local finances and economic and social stability. To address the debt issues of city investment companies, in recent years, the state has introduced a series of control measures to strip city investment companies of their local investment and financing functions, promote the market-oriented transformation of city investment companies, and orderly resolve the debts of city investment companies. In this context, this paper adopts the case analysis method and takes D city investment company located in the eastern coastal area as the research object to study how to resolve the debt risk of this company. Based on the mastered financial data and debt information, by identifying the manifestations of the company's debt risk and using the Z-score model to evaluate the overall debt risk of the company, it is found that the overall debt risk of the company is relatively high, and there is a possibility of bankruptcy. Accordingly, further analyze the main causes of the company's debt risk and find that the large debt risk of the company is mainly caused by factors such as company strategic mistakes, lack of operation and management, and improper investment planning. According to the causes of debt risk, targeted countermeasure plans are proposed to resolve debt risk. It is planned to increase operating income, accelerate the activation of various assets to raise funds to repay debts, and reduce the debt scale. Carefully calculate the amount of principal and interest due for debts each year and the amount of funds raised to repay debts. Under the condition of giving priority to ensuring full interest payment, calculate the repayment gap of due principal, and plan in advance to renew or extend the due debt principal corresponding to the gap, and postpone the debt repayment responsibility to gain time for subsequent debt resolution. Under multiple measures, fully resolve the debt risk due in the next four years, reduce the debt risk to an acceptable range, and create conditions for subsequent market-oriented transformation and the establishment of a long-term debt risk prevention and resolution mechanism. The research of this paper further enriches the research on the resolution of debt risks of city investment companies and provides corresponding references for similar city investment companies to resolve debt risks well and promote the market-oriented transformation of financing platform companies.
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