| The emergence and development of local government financing vehicles(LGFVS)is an inevitable phenomenon under specific historical conditions.They have played a positive role in solving difficulties in financing infrastructure construction,stimulating economic growth,narrowing regional and urban-rural gap and promoting private investment.However,with the rapid expansion of local government financing vehicles(LGFVS),the hidden debt derived by LGFVS brings great pressure on local government finance,and the defects of financing platforms gradually expose themselves,seriously affecting the credit of local governments and the health and the stability of financial markets.In recent years,due to the frequent violations of city investment debts and the uncontrollable trend of government debt,many governments have carried out debt liquidation system in this region and relevant solutions to resolve risks one after another.The issuance of the document([2014] No.43)means that the transformation of local government financing vehicles(LGFVS)was formally put on the agenda.However,the transformation of local government financing vehicles(LGFVS)was not smooth.Although local government financing vehicles(LGFVS)have been proposed to be transformed since 2010,the transformation has been quite bumpy due to the impact of economic growth pressure.Therefore,how to make the financing platform transition smoothly and effectively resolve the local debt risks is a problem that needs to be solved.Only by smoothly LGFVs’ s transforming and properly solving local government debt problems can we effectively promote government management and modernize the country’s governance system and capacity.The paper introduces the research results of local government financing platforms from domestic and foreign academic circles,begins with LGFVS definition and its theoretical basis,analyzes the definition of financing platform in each development period of each department,and makes theoretical analysis on financing platform from the aspects of fiscal decentralization,fiscal competition and soft budget constraint theory.Then,combing the development course of financing platform,analyzing the basic characteristics of financing platform at the present stage.Then the paper analyzes the problems in the transformation of financing platforms it makes a general analysis of the transformation of local government financing platforms from a theoretical perspective.It analyzes the relations between the participants of the financing platforms at the government,the finance and the enterprise,as well as the interest game among the subjects from the theoretical perspective.According to the interest game among the participants,the problems existing in the transformation process of the financing platform are analyzed.After that,it analyzes the development cases of domestic financing platforms and the experience of foreign investment and financing models respectively,and provides some experience of transformation for the transformation path of China’s financing platforms.On the one hand,according to the field investigation,the problems and experience of financing platform companies in the transformation process are analyzed through the cases of financing platform transformation at the provincial and municipal level in AH province.On the other hand,the analysis of foreign government financing mode provides reference for the construction of China’s financing platform transformation environment.Finally,the paper define the general direction and path of the transformation of financing platform,and then put forward specific thoughts and suggestions on the transformation path of financing platform from the government level,financial level and enterprise level respectively.From the perspective of the government,clarify the functional positioning of local governments,clear up and identify the debts in financing platforms,properly resolve the debt problems in financing platforms,and improve relevant systems to strengthen supervision.From the perspective of finance,financial tools can be reasonably used to clear the financing channel after the transformation of the financing platform,and at the same time,the insurance market and credit rating system can be improved to provide a favorable transition environment for the financing platform.From the perspective of enterprises,it is necessary to integrate and optimize the assets of the financing platform,define the business scope of the platform companies,change the corporate governance structure of the financing platform,motivate the transformation power of the financing platform,and promote the better and faster transformation of the financing platform. |
