| The local financing platform company(hereinafter referred to as the "platform company")has been established for more than 30 years,and it is the path dependence of the local government to promote the process of urbanization by using the modern enterprise system and market mechanism.On the one hand,the platform company is an economic entity with independent legal personality,established in accordance with the "Company Law",business operations and fund-raising activities are subject to market supervision and restriction;on the other hand,the company undertakes to integrate regional resources,stimulate economic vitality,and improve quality The responsibility mission of efficiency enhancement has both administrative characteristics in legal attributes.Relying on the inherent advantages of attributes and the benefits of various laws and policies,local financing platform companies are favored by the capital market,and their financing paths are becoming increasingly diversified.Under this circumstance,if the platform company’s fund-raising behavior violates laws and regulations,it will cause problems such as difficulties in its own operations,joint liability guarantee risks of related parties in related transactions,etc.,and then increase the hidden debt burden of local governments and potential regional financial risks.The stable development of my country’s macro financial system poses a threat.In response to this,the central government and various regulatory agencies have immediately strengthened the supervision and execution of platform companies.The main idea of "strictly controlling the hidden debt risk of local governments,urging the transformation of platforms,and stripping government financing functions" has been established.In this context,in the business development of local financing platform companies,how to raise funds legally and compliantly,ensure the supply of project funds,and build a complete legal prevention and control system is particularly important.This article empirically analyzes the cases of violations of laws and contracts that have been publicized by platform companies,sorts out the current regulatory system of laws and regulations,and summarizes many problems in the external supervision of platform companies,such as: conflicts in the application of system documents,multi-head management of policy implementation,low-quality regulatory documents,etc.The platform company’s internal governance dilemma is the premise,and legal thinking is used to propose specific legal prevention and control measures for platform company financing risks.Focusing on the above issues,the author reviewed the previous legislation based on the financing status of local governments and their platform companies.The full text is divided into five chapters to analyze and discuss the legal prevention and control of financing risks of local financing platform companies.The first chapter is the introduction.It points out the research theme.The second chapter clarifies the definition of platform companies in my country’s legal and policy documents with the method of normative analysis,and then analyzes the three types of platform operation modes from their definition functions,and plays the role of the opening argument.Second,use the historical analysis method to sort out the evolution of local governments and their platform companies’ financing evolution,analyze the origins of platform companies’ administrative attributes,point out the financing methods and operating models developed so far,and logically connect with the top-level design,and then explore local debt and financing platforms To prove the importance of platform companies in avoiding financing risks in the capital market and the necessity of building legal compliance preventive barriers.The third chapter examines the internal problems of the platform company,analyzes the typical cases of violations that have been publicized,refines and summarizes the causes of financing risks,and concludes that the main points of the fund-raising compliance review are the separation of government and enterprise financing behaviors,and the difference between government and enterprise financing activities.The boundaries of asset allocation,the separation of the two in asset mortgage guarantees,and the standardized operation of paying attention to land-based financing.Second,sort out the legal and policy document system related to platform company fundraising,and identify the lack of legislation and regulatory conflicts in this system.The fourth chapter adopts a comparative research method to screen and summarize the typical financing methods of countries with different legal systems outside the territory,outlines their financing methods and the common experience of risk prevention and control,and refines their strengths for their own use.The fifth chapter is problem-oriented,grasping the shortcomings of the platform company’s current application of laws and policies and the corporate governance structure,using legal thinking from the two dimensions of external supervision and internal platform governance to put forward reflections and suggestions on the establishment of a legal prevention and control system,and strengthen the response Its fund-raising behavior restraints and institutional norms are expected to lay a solid foundation for compliance for local governments and their platform companies to achieve high-quality development. |
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