Formation Mechanism And Evaluation Of The Assets Risk Of Local Government's Investment And Financing Platform

Abstract:Investment and financing platform of Local government is a kind of financial innovation of the government's investment and financing activities, subject to the existing taxation and financial system. It has made great contribution to the development of local economic, the adjustment of economic structural and the improvement of residents living standards.However,confined to conrrent government management system, market environment, corporate governance structure and operation mechanism, the platform is facing difficulties like high debt ratios, single financing channel, irrational investment structure, low capital usage efficiency, etc. The transmission of these risk brought more risk in economic and social fields, such as in government system, financial system, macro economy, and the people's livelihood. The main research work of this dissertation are as follows:(1)Part two of the dissertation gives an overview of risk assessment, risk management, and other related theory and method of financial assets and project investment, the overall analysis of the asset risk of local government investment and financing platform is also carried out.(2) Research on local government investment and financing platform asset risk the effects of economic and social. This paper introduces logistics cost conduction intermediary, combined with a large number of actual data, further perfect the local government investment and financing platform asset risk conduction mechanism. Local government investment and financing platform asset risk transmission path is as follows:the local government investment and financing platform risk assets of local finance risk, first by the central finance eventually transmitted to the central government level; The assets of the local government investment and financing platform risk caused the risk of the banking system, the central fiscal transmission to the central government level; The assets of the local government investment and financing platform risk macroeconomic regulation and control risk and transmitted to the central government level; Due to local government investment and financing platform risk assets directly, such as water, electricity and residential commodity prices of the people's livelihood; The assets of the local government investment and financing platform risk by improving the social logistics cost, indirect cause commodity prices of the people's livelihood, amplifying the risk of rising commodity prices of the people's livelihood.(3) Application of system theory, the local government investment and financing platform risk assets system structure, environment and their relationship is analyzed, combined with China's local government investment and financing platform running reality and tianjin local investment and financing platform for instance concrete analysis of the formation process of risk assets, assets behind for in-depth analysis of local government investment and financing platform risk factors and comprehensive early warning and lay the foundation.(4) Build the forming mechanism of local government investment and financing platform risk assets of structural equation model. The influence factors of local government investment and financing platform risk assets more, may be a causal relationship between these factors, it could have been, can also be multiple linear correlation and so on. Traditional regression model is not able to further explain the intricate, cross each other, the relationship between the factors. Governance structure is established based on the theory of a large number of literature, degree of marketization of investment decision, the structure of the assets of the public welfare orientation, management level, the financing channels and the risk of assets structure equation model, and based on the investigation data, exploratory factor analysis and confirmatory factor analysis and the empirical study of relationship between variables, the quantitative interpretation between these variables affect the path and the path coefficient.(5)The government at the provincial level comprehensive investment company as an example, in local government financing platform assets risk comprehensive early warning research. First of all, based on the data of31provincial government comprehensive investment companies, the primary selection of early warning indicators, established a standard reliable asset risk early warning index system. Then, based on the relevant information and data of henan investment group, the application of fuzzy comprehensive evaluation method, the2009and2010integrated early warning to calculate and assess risk assets.(6) Based on the former change empirical research,, put forward countermeasures and Suggestions of the risk control of local government investment and financing platform assets from three aspects of system elements, system environment optimization and the key points of the control. The local government investment and financing platform increase the degree of marketization of investment decisions, moderately reduce the tendency to assets structure of public welfare, enhance the level of management of investment projects, to keep financing channels unblocked, thereby reducing risk assets.