【摘要】 在对当前宏观政策环境变化及其趋势进行系统梳理的基础上,分析了当前地方投融资平台面临的严峻形势与潜在债务风险,提出地方投融资平台的长期发展将出现两极分化现象,对中小投融资平台的清理和限制将为省市级大型平台的发展提供更多的金融扶持和投资空间。通过对比分析国内外代表性投融资平台运营模式利弊及发展趋势,指出减低风险、规范发展的关键是明确地方投融资平台的职责与定位,应根据各类项目的政府或市场目标属性进行分类管理,借鉴淡马锡经验在降低地方政府性债务风险的同时促进投融资平台的规范发展。更多还原

【Abstract】 Based on combing current policies and their future trend, this paper first analyses the serious situation and potential debt risks of regional financial platform companies(RMPC). Then it expounds that polarity will be inevitable to RMPCs’ future development, that means small-middle size RMPCs will have hard time on survive, but large RMPCs will have more banking support and investment space with government severe regulation on all RMPCs. Furthermore, this paper systematic compares the advantages/disadvantages and development trend of several representative models: Shanghai model, Chongqing model and Temasek model. And it expounds that the key of RMPCs’ specification development is to clarify RMPCs’ responsibility location scientifically, and the RMPCs’ development orientation should be professional and specialization. Using Memasek’s experience for reference, we can carry out the classified management model according to project purpose and characters, and improve RMPCs’ corporate governance, to both release debt risks and RMPCs’ specification development.更多还原