【作者】 刘娟；

【导师】 王雄；

【作者基本信息】 中南大学 ， 工商管理（MBA）（专业学位）， 2024， 硕士

【摘要】 为适应市场经济发展,在1994年分税制改革背景下,地方政府融资平台公司应运而生。当地政府通过土地等资产注入和其他资产重组,成功搭建起符合银行等金融机构放款标准的公司架构,以实现融资为目的,为基础设施建设提供关键的资金支持。融资平台公司经过20多年的蓬勃发展,为当地城镇化做出了重大贡献。然而,近年来在监管政策趋紧与经济下行的双重压力下,融资平台公司经历了资产重组,集团化运作,以及去政府信用融资的重大改革。W经开区平台公司,作为区县级融资平台的代表,在区委、区政府和管委会领导下,于2020年完成了向国有独资公司的转型。然而,与其他众多融资平台公司相似,其在市场化转型过程中也遭遇了融资方面的诸多难题。为深入剖析这些问题,积极探索转型期公司融资的可持续性,本文以W经开区平台公司为研究对象,通过数据分析与问卷调查等多种研究方法,系统梳理了公司融资的主要问题及其成因。在此基础上,提出了针对性的融资策略优化建议,旨在从控规模、优结构、降成本、促创新四个方面着手,实现融资的可持续性。通过研究认为,W经开区平台公司融资面临的主要问题包括融资规模持续增大、融资结构不合理、融资成本相对较高和融资品种缺乏创新。为解决问题,本文从公司市场化转型战略出发,具体提出了融资规模合理策略、融资结构优化策略、融资成本最低策略和融资工具创新策略,并深入探讨了物业收费权ABS、供应链金融反向保理ABS、信托融资和产业基金等新型融资工具的实施条件、方案设计和预期效果。最后从政策与公司两个层面,提出融资策略实施需要的保障措施。更多还原

【Abstract】 In order to adapt to the development of the market economy,local government financing platform companies emerged in the context of the 1994 tax sharing reform.The local government has successfully established a corporate structure that meets the lending standards of banks and other financial institutions through the injection of land and other asset restructuring,with the aim of achieving financing and providing key financial support for infrastructure construction.After more than 20 years of vigorous development,financing platform companies have made significant contributions to local urbanization.However,in recent years,under the dual pressure of tightening regulatory policies and economic downturn,financing platform companies have undergone significant reforms such as asset restructuring,group operation,and de government credit financing.W Economic Development Zone Platform Company,as a representative of county-level financing platforms,completed its transformation into a state-owned sole proprietorship under the leadership of the district committee,district government,and management committee in 2020.However,like many other financing platform companies,they have also encountered many difficulties in financing during their market-oriented transformation process.To deeply analyze these issues and actively explore the sustainability of corporate financing during the transformation period,this article takes the platform company of W Economic Development Zone as the research object.Through various research methods such as data analysis and questionnaire surveys,the main problems and causes of corporate financing are systematically sorted out.On this basis,targeted financing strategy optimization suggestions were proposed,aiming to achieve sustainable financing from four aspects:controlling scale,optimizing structure,reducing costs,and promoting innovation.Through research,it is believed that the main problems faced by W Economic Development Zone platform companies in financing include the continuous increase in financing scale,unreasonable financing structure,relatively high financing costs,and lack of innovation in financing varieties.To solve the problem,this article starts from the company’s market-oriented transformation strategy and specifically proposes strategies for reasonable financing scale,optimized financing structure,lowest financing cost,and innovative financing tools.It also delves into the implementation conditions,scheme design,and expected effects of new financing tools such as property fee rights ABS,supply chain finance reverse factoring ABS,trust financing,and industrial funds.Finally,propose the necessary safeguard measures for the implementation of financing strategies from both policy and company perspectives.更多还原