Study On The Sustainable Development Of The Local Government Investment And Financing Platform In Guizhou Province

In September 21,2014, the general office of the State Council issued the "the advice of State Council on strengthening local government debt management"(for short 43 article), the provisions of stripping financing Platform Co government financing functions, the financing Platform Co shall not increase in government debt.Although the local government investment and financing platform play an important role in the construction of local infrastructure and urban development, but the financing Platform Co also has the main body is not clear, soft budget constraint, the management decision-making mechanism is not perfect and other potential debt risks.The "new budget law" provisions of the provincial government to issue government bonds, but the bonds scale is far lower than the public infrastructure funding needs, so the local government investment and financing Platform Co will continue to play an important role. To the sustainable development of the local government investment and financing platform, it must carry out the transformation. The financing Platform Co how to transition and realizing sustainable development, playing an important role in the process of urbanization is the main content of this paper.The first chapter narrated research background and significance in this article,research contents and methods, through the definition and research methods of the investment and financing platform of local government to clear the Platform Co’s operation mode and operation method; the second chapter on the research status of overseas to find foreign experience of local infrastructure, and combing the current domestic local government investment research on the risk of financing platform,preventing debt strategy theory; The third chapter is about the current situation onthe local government investment and financing platform of Guizhou Province,including the platform level distribution, attributes, financing channel, investment and operation of the status quo, loan distribution, sources of debt, cumulative to the amount of money; fourth chapter in Guizhou Province, local government investment financing platform risk KMV model construction and analysis of the causes of,through the KMV model of Guizhou Province investment financing platform default risk for the empirical analysis. Combined with the analysis results and the status quo of the investment and financing platform in Guizhou, the cause of the risk is found,and the future research platform for the sustainable development of the platform for Guizhou province. The fifth chapter proposed in Guizhou Province, the local government investment platform for financing sustainable development path choice:at or above the county level to the investment and financing platform for the merger and reorganization, investment and financing platform should live within its means,blind investment, inhibits investment and financing platform should be vigorously and private enterprise cooperation to improve efficiency, investment and financing platform and should improve the corporate governance structure, investment and financing platform by financing channels single to pluralism, investment and financing platform should broaden the areas of investment promotion of hematopoietic function. In the sixth chapter, according to the results of the previous research, the policy recommendations and prospects are put forward.