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地方投融资平台的形成与发展为地方经济增长做出了巨大贡献,随着平台数量的不断增加,隐藏的各种风险也不断加剧。本文在详细梳理地方投融资平台形成和发展历程的基础上,通过分析其存在的风险及特征表现,揭示出分税制改革使地方政府财政收支缺口扩大是造成风险的根本原因,债务总规模过大且融资渠道单一是直接原因,政绩考核推动融资平台风险猛增是主要原因等。最后,本研究认为,应从财政体制改革、地方投融资平台管理规范、创新融资渠道等几个方面来规避地方投融资平台风险。
The formation and development of local investment and financing platforms have made great contributions to the growth of local economy. As the number of platforms increases, the hidden risks are also aggravating. Based on the detailed analysis of the formation and development of local investment and financing platform, this paper reveals the risks and characteristics of the local investment and financing platform and reveals that the root cause of the risk is the widening of the fiscal revenue and expenditure gap caused by tax-sharing reform. And a single financing channel is the direct cause of the performance evaluation to promote the risk of financing platform surge is the main reason. Finally, this study argues that the risk of local investment and financing platforms should be circumvented from the following aspects: the reform of the financial system, the management of local investment and financing platforms, and the innovation of financing channels.