Debt Risk Of Municipal Investment And Financing Platform In Zhengzhou

In recent years,with the deepening of the reform of the tax-sharing system and the promulgation of laws and regulations such as the Budget Law,the fiscal power of local governments in China has been weakened to a certain extent,and the borrowing behavior of local governments has been restricted.In order to vigorously develop the regional economy to meet their own performance appraisal requirements,local governments generate a large number of capital needs,and many local governments adopt the method of establishing investment and financing platforms to meet their own capital needs.Due to the disorderly expansion of the investment and financing platform established by local governments,local governments have incurred debt risks,which has also aroused the great attention of the central government.In order to solve the problems of local governments in investment and financing,the central government has formulated relevant laws and regulations from the perspectives of financing budgets,fund management and debt financing mechanisms,so as to separate the government from investment and financing platforms and further regulate the debts of local governments.For investment and financing platforms,because there is no government credit to guarantee,the debt risk of investment and financing platforms has increased suddenly,and if the investment and financing platform has a default event,it will directly trigger the market to question the government credit behind the enterprise,and then the financial risk will cause immeasurable damage.At present,the research on local government debt risk mainly focuses on risk prevention,influencing factors,resolution countermeasures,etc.,and adopts methods such as fuzzy consistency judgment matrix and questionnaire to conduct research,which lays a good foundation for further study of the debt risk problem of local government debt in Zhengzhou.This paper establishes a risk analysis framework,through the combination of inductive analysis and deductive analysis,case analysis method,interview method and fuzzy evaluation method + hierarchical analysis method,taking Zhengzhou Z Urban Construction Group as the research object,starting from the current situation of debt risk faced by the group,to analyze its debt risk problems and causes,and qualitative and quantitative assessment of key indicators affecting debt,so as to put forward feasible suggestions in a targeted manner to solve the debt risk problems faced by Z Urban Construction Group.In order to further reduce the debt risk of Zhengzhou local government investment and financing platform.Through the research of this paper,the following conclusions are mainly obtained:First,a quantitative analysis of the debt status of Z Urban Construction Group shows that the group currently mainly has scale risks,structural risks,management risks,and external risks,which are specifically manifested in its interest-bearing bonds of 23.7billion yuan,accounts receivable turnover rate of 2.57% and 1.99% respectively,inventory-development costs accounted for 27.19% and so on.Second,the fuzzy hierarchical analysis method is used to analyze the debt of Z Urban Construction Group,and the risk value of the group is 0.3953,which shows that the current debt risk of Z Urban Construction Group is basically in a safe state,but there are still certain debt risk problems,such as facing large pressure on interest-bearing liabilities,the main business is greatly affected by policies,and the ability to realize asset operations is weak.Third,analyze the causes of Z Urban Construction Group’s debt risk problem,and propose feasible solutions from the perspectives of the government and enterprises,such as the government should increase the dynamic management of local government debt,strengthen the debt approval and constraint mechanism,etc.,and the enterprise side should adapt to marketization,accelerate the transformation of enterprises,enrich the financing model,and improve the governance institutions,so as to reduce the overall debt risk of the local government investment and financing platform.