A Study On Credit Risk's Factor Of The Local Government Financing Platform Bonds In China

After 2008, the state to cope with the international financial crisis, relax the limitation for the local financing platform, from the local financing platform into explosive development stage, and by the financing platform as the main body of issuing local bonds also entered the intensive issued. With the constant development of the local financing platform, the problem such as its high debt ratio, debt paying ability is low also appeared slowly, so as to make the local financing platform bond credit risk problem increasingly prominent.This article in the local financing platform bond credit risk formation mechanism on the basis of combing, respectively from the macro economy, fiscal revenue and expenditure of local government, local government financing platform company and bonds themselves these four aspects to the local financing platform researches in the influence factors of the bond credit risk, and then combined with factor analysis and credit spread model of local bond financing platform demonstration analysis on the influence factors of credit risk, so as to provide theoretical basis for the financing platform for the development of transformation, and provide guidance for the investment and financing platform for bond investors.The full text mainly divides into four parts. The first part, first of all, the local financing platform and its emergence and development of the bond status. The second part respectively from the macro economy, fiscal revenue and expenditure of local government, local government financing platform company and bond itself this four aspects analyzes the local financing platform for the bond credit risk factors. The third part based on the second part, on the basis of theoretical analysis to select indicators for each variable, combined with factor analysis and spread model of local financing platform bond credit risk factors for empirical analysis.The fourth part based on the above research results, and puts forward relevant policy recommendations, namely for local financing platform company itself, should enhance profitability, improve their solvency; For all levels of government, to control the issuance and structure, improve the system of the bond market.