| Since the second half of2008, affected by the U.S. financial crisis, China’s economicsituation is in cooling trend again, the economic situation is not very optimistic. Thus, inNovember2008, the State Council issued a four trillion economic stimulus plan. Utilizethe investment and financing platforms of local governments to increase the issuance ofcorporate bonds, and then solve the problem of lack project matching funds on roads,power transformation. It can’t denied that because of the investment driven by platformcompany, China’s economic downturn trend has been reversed quickly. However, becausethe investment and financing platform is inadequate in corporate governance structure, thedebt ratio is too high, non-standard behavior, unstable repayment and other characteristics,platform risk is increasingly highlighten. Therefore, how to regulate the behavior of thecompany’s investment and financing, guard against and defuse the risk of platformcompany, has become a very urgent research topic.In this paper, on the basis of financial investment and local government financing debtrisk theory, we have a systematic study of the formation mechanism of the platform riskfrom tax system reform, the process of urbanization, legal constraints and officialsassessment mechanism four aspects, and analyse the financial risks faced by theinvestment and financing platform. Clarify the risks faced by the platform company,provides theoretical support for the later research on how does platform risk shift to thefinancial risks. On this basis, combined with credit rating analysis method, we focusemphasisly on the management situation of JN UDIC and explore the risks faced by it andthe causes. Finally, we explore the comprehensive countermeasures to cope with the risksof local government financing platform from local governments, commercial banks,platform companies three perspective, to ensure that the platform can momentum forChina’s economic and social development continually. |
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