Research On Financing Efficiency And Its Influencing Factors Of Local Government Financing Platforms In Our Country

The rapid development of local government financing platforms in our country has played a very important role in accelerating the construction of local economy and promoting the process of urbanization in China.However,with the continuous growth of the number of platforms and the continuous expansion of the scale of loans,the problems existing in local government financing platforms have become an issue of wide public concern.As most of the projects undertaken by the local government financing platforms have the nature of commonweal or have long investment cycle and low rate of return,and the financing platform itself has weak profitability,the solvency of the financing platform is greatly limited;meanwhile,the financing mode of local government financing platform is relatively single,most of the funds are derived from bank loans,making the risk of the financing platform itself be concentrated in financial systems such as banking system and so on.Although,the local government financing platform itself has some problems and shortcomings,as one of the indispensable main bodies of local economic construction,the local government financing platform makes important contributions to promoting the development of local economy and easing the government's demand for funds and enhancing the scale of social investment.Therefore,the research on local government financing platforms not only has theoretical significance,but also has certain practical significance.This paper makes a comprehensive evaluation of the local government financing platform from the perspective of financing efficiency.On the basis of the analysis of the development situation of local government financing platform,the paper chooses 631 government platforms with open financial data from 2011 to 2015 as the sample enterprises,and selects appropriate input and output indexed to establish the financing efficiency evaluation system of local government financing platform.Besides,the paper makes a comprehensive evaluation of financing efficiency from the aspects of fund integration,fund use and fund allocation.The results show that the financing efficiency of local government financing platform is generally inefficient.In view of the above evaluation results,this paper chooses different indexes from the four perspectives of fund structure,profitability,growth ability and operational ability,and makes an empirical analysis of the factors that affect the financing efficiency of the financing platform.The conclusions are as follows:first,the asset-liability ratio is negatively correlated with the financing efficiency of the local government financing platform;second,the net profit is positively correlated with the financing efficiency of the local government financing platform;third,the return on equity is positively correlated with the financing efficiency of the local government financing platform;fourth,the increase rate of main business revenue is positively correlated with the financing efficiency of the local government financing platform;fifth,the total assets turnover rate is positively correlated with the financing efficiency of the local government financing platform.Finally,according to the above research contents,this paper puts forward that the financing efficiency of the local government financing platform should be improved from four aspects:first,establish an investment and financing supervision system and improve the efficiency of fund utilization;second,improve the financing structure and reduce debt level;third,expand financing channels actively and reduce financing costs;fourth,optimize the management model and improve the profitability.