| In order to solve the contradiction between the local financial resources and the huge demand for urban infrastructure construction,various local governments have set up investment and financing platforms.As the main source of infrastructure construction funds in China in the past two decades,the local government investment and financing platform has made great contributions to promoting urbanization and improving urban infrastructure.However,while the investment and financing platform is rapidly expanding and developing,over-reliance on debt financing has caused the government's financing platform to form a serious debt risk and transfer it to the government to form a local debt crisis.Although the government has introduced a series of policies from 2010 to regulate the financing behavior of investment and financing platforms and promote its market-oriented transformation and development,the operational efficiency of Chinese financing platforms is still not high.Many government financing platform companies have large debt stocks,chaotic internal management,and low efficiency in rational allocation of resources and output benefits.At the same time,the scale and development level of financing platforms in various regions of China are uneven,which leads to great differences in the operational efficiency of financing platforms between regions.It is necessary to differentiate management according to different development stages and characteristics.Under such a background,it is of great significance to analyze the existing operational efficiency and regional differences of local government financing platforms in order to promote the development of local government financing platforms,promote the economic development and urbanization of various regions,and improve people's living standards.The thesis aims to analyze and improve the operational efficiency of local government financing platforms.Firstly,based on the literature collection and classification,the concepts of local government financing platform and enterprise efficiency are summarized,and relevant theories such as resource basic theory and efficiency theory are sorted out.Through the financial statement data of the investment and financing platform,the paper analyzes the development history of Chinese government financing platform and the scale of assets,profitability and solvency,and summarizes the current problems of the financing platform.Secondly,compare and analyze various methods and combine the characteristics of financing platform to select the appropriate evaluation method DEA data envelopment analysis,construct the operational efficiency evaluation model of financing platform through CCR,BCC and Malmquist index,and use literature analysis to identify the operational efficiency of financing platform.Evaluation indicators,according to the characteristics of DEA input and output indicators to determine the evaluation index system of financing platform operating efficiency.Then,based on the input and output data of 115 financing platforms,the static and dynamic analysis of the operational efficiency of the government's financing platform is carried out,and the regional differences in the operational efficiency of the financing platform are analyzed in depth.Finally,according to the efficiency analysis of financing platform and the experience of foreign excellent local debt management,this paper puts forward the ideas and specific measures for improving the operational efficiency of Chinese government financing platform.The research finds that the overall operation efficiency of Chinese financing platform is not high,the technical level and scale are not matched,and the low efficiency of pure technology is the main reason that hinders the efficiency of Chinese financing platform.From the time dynamic dimension,the operating efficiency of Chinese and financing platform is slow year by year.Rising,but the scale efficiency is already in a relatively stable state.In the future,it is necessary to improve the operational efficiency of Chinese financing platform by focusing on improving the technical level and management operation capacity.The efficiency level and development trend among the three regions of East,Central and West are very large.Differences,and the efficiency of the various administrative regions within the region is unbalanced.Finally,on the basis of drawing on the advanced experience of foreign local government debt management,the principles and ideas of improving the operational efficiency of financing platforms are clarified,and the operation of Chinese government financing platform is proposed from three aspects: local government,financing platform enterprises and supporting systems.The path of efficiency improvement.Provide reference ideas for the transformation and development of financing platform enterprises,and promote the healthy and efficient development of local government financing platforms. |
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