马鞍山市城投公司转型发展案例研究

Abstract

The tax-sharing reform implemented in1994has weakened the autonomy of local finance while strengthening the central government's financial power.The birth of a local government financing platform has played a significant role in solving the problem of insufficient local government funding and has provided strong support for the rapid economic development in China.

While the local government financing platform is being developed,many problems exist.As a result,local governments bear huge hidden debts and increase local fiscal risks. The promulgation of"Circular43"in2014brought the transition of local government financing platform to people's perspective and diverted the function of government financing has become a topic that the Ministry of Finance has been emphasizing all the time.Whether it is the Circular No.50issued in2017,Circular87or Circular68,the Ministry of Finance hopes to avoid systemic financial risks while pushing the financing platform towards market-oriented operation.Although the transition has been emphasized, no consensus has been reached on the path of development.The government and most platform companies are watching each other.This paper will use the literature analysis, case analysis,comparative analysis,through qualitative and quantitative analysis of the combination of methods to analyze the reasons and process of local government financing platform in China,and analyze the current problems,highlight the necessity of its transformation,Finally,the author analyzes the transition process of the first success of China's Ma'anshan City Investment(now renamed as Jiangdong Holding)restructuring and restructuring of local government financing platform into ordinary state-owned enterprises,focusing on the analysis of the business relationship between the government and local governments before and after the transition from the financial data On the development of its diversification of business results,in order to gain experience for the transformation of other local government financing platform for reference. Keywords:Local Government Financing Platform Risk Management

Transformation Development

目录

摘要....................................................................................................................I Abstract............................................................................................................II 图目录...............................................................................................................V 表目录.............................................................................................................VI 1绪论.. (1)

1.1研究的背景和意义 (1)

1.2文献综述 (3)

1.3研究方法和内容 (6)

1.4本文的创新与特色 (6)

2地方政府融资平台概述 (8)

2.1相关概念 (8)

2.2地方政府融资平台发展历程 (9)

2.3地方政府融资平台发展现状 (11)

3马鞍山市城投公司概况及转型动因分析 (16)

3.1公司概况 (16)

3.2马鞍山市经济发展概况 (19)

3.3马鞍山市城投公司转型动因 (22)

4马鞍山市城投公司转型路径及财务分析 (27)

4.1马鞍山市城投公司转型路径 (27)

4.2马鞍山市城投公司转型财务分析 (32)

4.3马鞍山市城投公司转型分析小结 (35)

5促进我国地方政府融资平台转型发展的建议 (37)

5.1促进我国地方政府融资平台转型发展的目标 (37)

5.2促进我国地方政府融资平台转型发展的具体措施 (39)

致谢 (44)

参考文献 (45)

图目录

图2-1我国地方政府融资平台运作模式图 (10)

图3-1马鞍山市城投公司注册资本变更图 (16)

图3-2马鞍山市城投公司组织结构图 (17)

图3-3马鞍山市城投公司涉及财政资金收入情况 (19)

图3-4马鞍山市城投公司2010-2013年造纸业收入情况 (26)

表目录

表2-12014年以来主要监管政策梳理 (11)

表3-1马鞍山市城投公司注册资本变化资金来源 (17)

表3-2马鞍山城投主营业务收入构成 (18)

表3-4马鞍山市2010-2013年经济指标汇总表 (19)

表3-5马鞍山市财政实力指标 (21)

表3-62010-2013年各部委主要政策一览表 (22)

表3-72010-2013年银监会主要政策一览表 (23)

表3-82010-2013年发改委主要政策一览表 (24)

表4-1江东控股2014-2016年主营业务收入构成 (28)

表4-2江东控股2014-2016年末资产构成 (33)

表4-3江东控股2014-2016年盈利能力指标 (34)

表4-4江东控股2014-2016年偿债能力指标 (35)