| In the past decade,local platform companies,as the powerful tool for the government to promote local economic development,have made indelible contributions while still demonstrating some problems.Under the background of local government competition and tax-sharing reform,with the intensification of the mismatched contradiction between the financial and property rights,“Investment Hunger” has emerged.Local platform companies were undoubtedly an essential institutional design for the alleviation of contradictions and symptoms.Local platform companies could leverage with the full use of land and financial resources,create the environment of urban development with investment and financing,and promote the rapid development of local economy and urbanization.Nevertheless,in the new development cycle,on the one hand,the local government and financial institutions are gradually withdrawing the input channels of resources for local platform companies,and " blood transfusion from government " development is unsustainable;on the other hand,the task-based thinking and scale-up path have long lead to the heavy debts of local platform companies,the lack of enterprise vigor,and worrying of the development ability of "self-hematopoietic".It is an undeniable problem for local platform companies that the internal and external operating pressures are concurrent.The sustainable development of local platform companies is limited.As a product of the specific historical background,the growth of local platform companies could benefit from the system design while being subject to the new institutional arrangements.With the influence of policies about “supply-side reform”,“conversion of new and old kinetic energy”,“high-quality development”,“the reform of stateowned assets supervision system” and “debt resolution” since 2014,the financing function and financing channels of local platform companies have been restricted,and the new round of development has ushered in a situation of "dilemma".Looking outwards,the investment and financing functions of local platform companies to support local economic development will not be altered,besides,the requirements of involvement in infrastructure construction and public projects will continue to be upgraded;looking inward,the governance structure,business structure and financial structure of local platform companies need to be comprehensively deepening reformed to prevent risks while seeking the resources and capabilities which could support the development.Therefore,under the background of institutional transition,the long-term sustainable development of local platform companies will inevitably be required to consider both social and economic benefits in terms of the development concepts,and the development mode is bound to be transformed from liability-driven to qualitydriven.Numerous evaluations and predictions of all circles on local platform companies are currently biased.It's the primary problem for local platform companies to objectively analyze the formation and transition of the value that local platform companies contribute in local economic development value when planning a new round of development.Therefore,we have to summarize how platform companies play a role in the process of local economic development under the background of local government competition with a historical view;we have to judge how to deepen the reform of platform companies to better promote local economic development under the condition of debt constraints with a future view;among them,we also have to explore the effects of mixed ownership reform on the development of local platform companies under the background of resource constraints and mechanism constraints.These are three issues that this thesis hopes to solve.In order to investigate the above issues,this thesis takes Foshan Shuntak and Naam Hoi where private economy are well-developed as examples and conducts the case analysis through grounded research.The Paradigm Model of core category is determined by the open decoding--spindle decoding--selective decoding of the case,then the research variables are constructed,and the internal logical relationships of the research variables are analyzed to propose the initial hypothesis,which lay the foundation for the construction of the general research framework.On the basis of theoretical analysis,the research framework is further improved.Besides,441 financing platform companies in 78 prefecture-level cities and 376 local state-owned listed companies are selected as samples to test the hypothesis via empirical analysis.This thesis draws the following beneficial conclusions:(1)The value chain of "local government-platform companies-capital market funding" is the critical structural design of local economic development.Under the background of government competition,the local governments have powerful debt impulse,which enables the platform companies to obtain a powerful financing ability through the injection of land resources.Large scale financing is continuously invested in infrastructure construction and industrial support to promote the development of local economy.(2)During the process of promoting local economic development,platform companies with better economic benefits have greater capacity of resource allocation and transformation,and their spillover effects are stronger.Generally,platform companies with greater economic benefits have better business structure design,operational management efficiency and enterprises vigor,which could contribute to the urban construction and industrial development with better quality while achieving the balance of economic and social benefits.(3)Under the background of institutional transition,whether platform companies have self-supporting ability,plays a decisive role in the economic and social benefits.The direct impacts of the current institutional transition reflect that the logic of traditional value chain has been broken and the input channels of original resource have been withdrawn,which has a restraining effect on the role of platform companies in promoting local economic development through debt financing;on the contrary,the platform companies which form a virtuous business cycle are not much affected by the institutional transition,and they are able to feed back the local economic development through endogenous dynamic,then a sustainable path could be formed.(4)The impacts of mixed ownership reform on the development of platform companies are affected by institutional transition and regional marketization.On the one hand,the core of the mixed ownership reform lies in improving the level of corporate governance,which is conducive to improving the economic benefits of the mixed ownership reform entities;on the other hand,it is essential to give full play to the capital advantages of state-owned capital and the flexible market mechanism of non-state-owned capital,ensure the interests of all stakeholders and form a carrier of mutual checks and balances while realizing all-win.Simultaneously,this thesis indicates that more attention should be attached on speeding up the reform of mixed ownership and the improvement of corporate governance structure among the regions with low degree of marketization so as to provide a sound institutional circumstance for the high-quality development of local state-owned enterprises. |
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