Research On Market Transformation Of Local Financing Platforms Under The Background Of Mixed Reform Of State-owned Enterprises

Local government financing platform is an economic entity established by local government capital injection or transfer of assets,which undertakes the financing function of government investment projects and has independent legal entity.In a certain period of time,financing platforms alleviated local fiscal pressure through debt financing,and played a positive role in strengthening infrastructure construction,promoting urbanization and coping with the financial crisis.But at the same time,there are also some problems that need to be paid close attention to,such as heavy debt burden and high debt repayment risk.The power and responsibility of government and enterprises are unclear,and the corporate governance structure is not perfect;Poor revenue and irregular capital operation have seriously affected the sustainable development of financing platforms and brought major hidden dangers to local economic and financial development.In order to prevent financial risks and curb government debt,the state has repeatedly issued control documents,requiring the stripping of the platform’s government financing function and prohibiting the government from providing guarantees in violation of regulations.The continuous increase of regulatory intensity leads to the narrowing of the platform’s living space and the difficulty of maintaining its internal model.The report of the 19 th National Congress put forward a major discussion on further developing the mixed-ownership economy.The market-oriented reform of state-owned enterprises focuses on solving stubborn miasma problems of state-owned enterprises from the source mechanism.With the help of the general trend of the reform of state-owned enterprises,cracking the operating difficulties is an important breakthrough for financing platforms to reverse the status quo and realize marketoriented transformation.LY State-owned Company is a local financing platform established by the LY district government,which undertakes the core function of raising funds for regional infrastructure.It is a typical grass-roots platform company with intractable debt management problems,internal and external difficulties,and strong desire for transformation.Based on modern property rights theory,public goods theory and principal-agent theory,this paper analyzes the operating problems and underlying contradictions of LY state-owned company through investigation and data analysis.Combined with the policy orientation of mixed ownership reform,this paper explains the transformation strategy of financing platforms,and puts forward the implementation plan of market-based transformation of LY state-owned companies,in order to provide reference for the transformation and development of similar platform companies.