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论文编号：	15286
作者编号：	2120223771
上传时间：	2025/3/13 18:11:23
中文题目：	Y融资平台公司财务风险管理研究
英文题目：	Research on Financial Risk Management of Y Financing Platform Company
指导老师：	陆宇建
中文关键字：	地方融资平台公司；财务风险管理；投资风险
英文关键字：	Local financing platform companies；financial risk management；investment risk
中文摘要：	在我国经济高速发展的过去20年中，地方融资平台以地方政府的信誉为背书，以地方财政收入为偿债资金来源，向银行及非银金融机构申请贷款，代替地方政府执行基础设施建设的行政职能，这一创新对地方城镇化建设具有重大意义，极大改善了居民的生活环境，提高了居民的生活水平。然而，长期以来，由于特殊的成立缘由和股东背景，地方政府和地方融资平台之间始终存在模糊边界，从未真正做到政企分离。自设立以来，平台公司就直接或者间接地受到地方政府的管控，其主要经营范围集中在非营利性或营利较少的公益性基础设施建设项目上，这种定位导致公司自身的造血功能长期失调，进而对其经营发展造成了一定影响。此外，由于内部政府属性和外部经营属性，实际运营中理念存在冲突，融资平台公司陆续出现内部治理和监督机制流于形式、日常经营不规范、风险警示不及时、债务规模不限制等亟待解决的问题。 自2021年以来，在严监管环境和经济下行的双重压力下，平台公司普遍面临债务负担沉重、资金缺口较大、造血能力不足等问题，已逐渐成为地方政府的负担。监管机构对平台类公司的融资进行严格控制，而对产业类公司的融资则采取积极引导和鼓励的方针，这在一定程度上促使各级政府开始推动融资平台的转型发展。因此，化解和防范现有平台公司财务风险，建立和完善财务风险管理体系，对于渴望实现良性发展的地方融资平台公司而言，已刻不容缓。 本文通过引入Y融资平台公司作为具体案例，着重探讨当前县市级平台公司财务风险管理体系中普遍存在的问题及其成因，根据其呈现出的风险结果详细阐述Y融资平台公司现有财务风险管理体系中有关风险识别、风险评估和风险应对等关键风险管理环节存在的问题，尤其针对目前监管机构强调的筹资风险、投资风险、资金回收风险和现金流风险进行深层次剖析。通过对Y公司现有财务风险管理体系问题的分析，提出相应的改进建议。由于Y融资平台公司经营范围和业务模式与绝大多数县市级平台公司重叠，因此Y公司现有财务风险管理体系中问题以及针对性的改进建议同样适用于同级别、同类型的融资平台主体。 关键词：地方融资平台公司；财务风险管理；投资风险
英文摘要：	In the past 20 years of China's rapid economic development, local financing platforms, backed by the creditworthiness of local governments and using local fiscal revenues as the source of debt-servicing funds, applied for loans from banks and non-bank financial institutions to carry out the administrative function of infrastructure construction in lieu of local governments, an innovation of great significance to the construction of local townships and cities, which greatly improved the living environment of the inhabitants and raised their living standards. However, for a long time, due to the special reason of establishment and shareholder background, there has always been a fuzzy boundary between local governments and local financing platforms, and the separation of government and enterprises has never been truly realized. Since its establishment, the platform company has been directly or indirectly controlled by the local government, and its main business scope focuses on non-profit or less profitable public welfare infrastructure construction projects, which leads to the long-term dysfunction of the company's own hematopoietic function, which in turn has a certain impact on its operation and development. In addition, due to internal governmental attributes and external operational attributes and conflicting philosophies in actual operations, financing platform companies have one after another experienced problems that need to be resolved, such as internal governance and supervision mechanisms in a formal manner, irregularities in day-to-day operations, untimely risk warnings, and unrestricted debt scales. Since 2021, under the double pressure of strict regulatory environment and economic downturn, platform companies have generally faced problems such as heavy debt burden, large funding gap and insufficient blood-creation capacity, which have gradually become a burden for local governments. Regulators strictly control the financing of platform companies, while the financing of industrial companies adopts the approach of actively guiding and encouraging, which, to a certain extent, prompts governments at all levels to start promoting the transformation and development of financing platforms. Therefore, resolving and preventing the financial risks of existing platform companies and establishing and perfecting the financial risk management system are urgent for local financing platform companies that are eager to realize benign development. By introducing Y financing platform company as a specific case study, this dissertation focuses on the prevailing problems and their causes in the current financial risk management system of county and municipal platform companies, and elaborates in detail the problems in the existing financial risk management system of Y financing platform company in the key risk management links such as risk identification, risk assessment and risk response according to its risk results, especially for the financing risk, investment risk, capital recovery risk and cash flow risk, which are emphasized by the current regulatory agencies. In particular, it analyzes in depth the financing risk, investment risk, capital recovery risk and cash flow risk emphasized by the current regulatory bodies. By analyzing the problems of the existing financial risk management system of Company Y, corresponding improvement suggestions are put forward. Since the operation scope and business model of financing platform company Y overlap with the majority of county and municipal platform companies, the problems in the existing financial risk management system of company Y and the targeted improvement suggestions are also applicable to financing platform entities of the same level and type. Keyword：Local financing platform companies；financial risk management；investment risk
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