Research On The Path Of R City Market-oriented Reform Of Investment And Financing Platform Companies Of Municipal Government

In the past more than 30 years,the implicit debt of local governments gradually increased and showed a rising trend,and the credit risk and debt crisis of local governments continued to climb,touching the red line.Relevant national departments and regulatory agencies have gradually promoted the investigation of hidden debt of local governments,while conducting compliance review of government financing of local governments and mapping and arranging of overall debt.This signal shows that the state attaches great importance to local hidden debt.Governments at all levels have also begun to self-examine their own situations,exposing a lot of high-risk hidden debt.Most of these implicit debts are issued by government investment and financing platform companies,whose debt ratio is close to the red line of state assets regulation,which indirectly leads to the need for market-oriented reform of platform companies.In 2014,the state promulgated relevant laws to make it clear that the hidden debt of local governments should be checked,based on the previous debt audit results,and the subsequent issuance of government special debt should be strictly monitored.The issuance of government special debt should be strictly examined,the annual increase or decrease of debt should be tracked,and the government financing function of government investment and financing platform companies should be clearly stripped away.No more special government debt will be added.If any new debt occurs,it shall be subject to strict examination and approval within the industry and scope stipulated by the state.Government investment and financing platform companies must strengthen their capacity to defuse outstanding debts.This paper first sorted out the development of government investment and financing platform companies,sorted out the pain points and difficulties of market-oriented reform of government investment and financing platform companies and the bottlenecks of market-oriented reform,carried out a SWOT analysis of the path of market-oriented reform,and then took the case as the analysis point,R municipal government investment and financing platform as the research object.In this paper,common problems and solutions of market-oriented reform faced by local government investment and financing platform companies are found.Finally,through SWOT analysis,the path and safeguard measures of market-oriented reform of government investment and financing platform companies are summarized,and the necessity and implementation path of market-oriented reform of government investment and financing platform companies are clearly identified.