Corporate Transformation Path And Practice Research In Terms Of Local Finacing Platform

In 90's of last century, local investment and financing platform was emerged with the development of specific local economy. It makes up the shortcoming of insufficient local taxes, limited sources of development finance in the urbanization and industrialization process. However, with the increasing debt of local government financing platform, related debt risk is higher and higher. Due to the systemic global debt crisis caused by local investment and financing platform, many people are concerned about the future development of local investment and financing platform. Therefore, it is an important and urgent research task to promote the reform and restructuring of local investment and financing platform. This thesis will use local investment and financing platform as research object through case study of cultural tourism industry group in city C and adopt four methods--literature analysis, theoretical research, practice research and case study analysis aims to give suggestions about the reform and restructuring path of local investment and financing platform by making an in-depth analysis of resolving debt systematic risk and enhancing the legal person's governance ability.The thesis draws five conclusions:First, it is believed that the current local government investment and financing platform is government-oriented, not market-oriented. However, market-oriented is the goal and direction for reform and restructuring of local investment and financing platform. Second, local investment and financing platform is a product of economic development. Third, financing way of the "bundled loans" for local government investment and financing platform and overuse of the funds lead to shocking government debt data. Fourth, the most urgent problem is the systemic and overall financial risks caused by huge debt of local investment and financing platform and existence of debt data analyzed for the present local investment and financing platform. Fifth, this thesis gives reforming goal of "corporate positioning, industry oriented, market-oriented" and explore way of "market financing" gradually replacing government credit "policy financing" to enhance self-hematopoietic function, and create four paths of reforming and restructuring:(1)Use platform-based strategy to create transformation engine. The author thinks local investment and financing platform lacks vision, funding, leading projects and human resources, so we need to use outside force, foreign investment and foreign intellects to fill up shortcoming of transformation and rely on mixed ownership, shareholding pattern to develop; (2) Stimulate the transformation with a strong reform momentum, this thesis presents to use the market-oriented way to reform the inherent rambling, mechanism and identity; (3) The author believes large and good projects are foothold of restructuring and development and test reform results through project performance; (4) Use innovative financial means to crack the problem of reform. The author believes innovative financial means is passive solution for systemic debt risk, we need to made good use of capital operation, grafting modern financial leverage, using multiple combinations of innovative financial tools, and gradually replace government credit "policy financing" with cash flow operations "market financing" to form a closed model of sustainable development. The author innovatively proposed four suggestions to resolve the debt risk and accelerate the industrial enterprise reform:First, turn the operating strategy from resource control to capital control, remove the government financing platform identity by standardizing internal management, promote large projects through PPP cooperation model to make land and real estate and other elements of resources "capitalization":Second. turn the development direction from heavy asset to light asset, change the pattern of development of blind expansion, big but not strong, scientific make strategic planning, optimize business operation management; Third, focus on'" do real assets, capital and strong industry," speed up the development of changing "resources to assets, assets to capital ", "remove the administration and platform" and "explore the use of financial tools to boost reform ","industry nurturing "; Fourth, we must use the rules of the market, the concept of operations, the internet thinking, chain vision, financial instruments to promote the project.There are six main innovative points of this thesis:first, it proposes that enterprise platform is obviously different from other enterprise's features and functions. The thesis draws the conclusion that local investment and financing platform currently only have government identity but don't have market identity from analyzing three key indicators:assets, debts and revenues of the enterprise. Second, the author creatively sorts out the five major stages of development of local investment and financing platform and gets the essence of local investment and financing platform and the origin of the debt crisis. Third, the author summarizes the theoretical policy of enterprise platform development and standardizes local investment and financing platform. Fourth, the author proposes debt crisis of local investment and financing platform needs to be solved by enterprise itself. It draws the conclusion that the government debt ratio is the legal bottom line of local investment and financing platform self-digesting super-size government debt. Fifth, the author proposes enhancing corporate governance as the main mode to solve the debt crisis. Sixth, the author takes the travel group of C City as a case study to analyze the practical difficulties and exploration of investment and financing platform. It is simple, case, operative.