An Empirical Study On The Operating Efficiency Of Local Government Investment And Financing Platform

The establishment of the local government investment and financing platform company is a product of the economic system reform in our country, which is peculiar to China’s economic and social development process. And the purpose of its establishment is to adapt to the rapid urban construction under the condition of market economy, among them,the construction of infrastructure and utilities as the main projects. However, in the actual development and changes, the actual performance of investment and financing platform in each region presents alienation and the characteristics of diversity. Along with our country economy enters the new normal, Accelerate the pace of economic restructuring, Local government investment and financing platform company is also facing with the corresponding adjustment pressure. In this context, improve the efficiency of investment and financing platform company has very important practical significance that is to speeding up the urbanization construction in our country, promoting the development of local economy, reducing the risk of local government debt, Improving the urban landscape and improving people’s living standards.This article on the basis of the analysis of local government investment and financing platform companies operating efficiency, try to through the analysis of the main factors influencing the management efficiency of the investment and financing platform company, from two aspects of external factors and internal factors, make theoretical analysis of two kinds of influence factors. Based on this, this article make empirical test to the operational efficiency of investment and financing platform company, expecting to find out the main factors which influence local government investment and financing platform companies operating efficiency, and to provide a reference for its operating efficiency from the qualitative and quantitative level.In the empirical analysis part, the samples this article select are 15 investment and financing platform companies from 2009 to 2013. First of all, this paper using data envelopment analysis DEA model to examine the comprehensive efficiency、 pure technical efficiency、scale efficiency and scale reward of investment and financing platform company, and then we have a comparison and analysis to the empirical results, next point out the efficiency differences between the different investment and financing platform companies; then this article run Eviews software to regression analysis of 15 platform companies and five years of panel data. Results show that, in addition to equity structure(ES), other explanatory variables has a significant effect on the comprehensive efficiency of investment and financing platform company. To this, put forward the corresponding policy recommendations about how to improve the level of management efficiency of investment and financing platform companies.