地方政府投融资平台的债务风险积聚,是造成地方政府债务风险的重要隐患.虽然地方政府已经剥离了投融资平台债务以及平台公司的政府融资职能,但是投融资平台转型并不能一蹴而就,城投公司债务存量是影响其转型效率的重要因素.在市场化转型时期,有效防范和治理平台公司债务风险,对实现平台公司顺利转型及防范地方政府隐性债务风险具有重要意义.本文利用公开发债的数据深入分析投融资平台转型期面临的主要问题,研究发现"十二五"时期我国各地区的投融资平台风险由中度风险向高风险演变,风险增速呈现递增趋势,平台债务风险的不断积聚值得高度警惕,尤其是西部地区;平台债务风险由高到低依次为西部、东北、中部、东部地区,其债务风险与地区发展水平大致呈现负相关关系;基于平台债务风险的区域积聚现状,未来防范平台债务风险的重点应在区域联防,防范平台风险集中爆发.同时,根据不同地区的情况,应采取具有针对性的政策措施防范和化解地区平台债务风险,这在平台公司实现顺利转型过程中显得尤为重要.从政府层面看,土地出让金、固定资产投资及财政分权度对平台公司转型产生显著影响,中央和地方政府应继续实施"开前门,堵后门"的政策,规范政府融资模式,转变融资观念;在改革官员激励机制方面,必须破除唯GDP论;继续完善财政体制,将事权与财权相匹配,可采取"适当下放财权并上移事权"的组合措施;投融资平台公司要切实改革自身的内部治理结构,打破与政府的依附关系,完善人事管理制度,提高自身经营效率和抗风险能力,从而实现顺利转型.%The accumulation of debt risk of local government investment and financing platform is an important potential danger of local government debt risk. Although the local government has stripped off the financing platform debt and the financing function of the platform company,the financing platform transformation cannot be accomplished overnight.The debt stock of City Investment Corporation is an important factor affecting the efficiency of this transformation. During the period of transformation,the effective prevention and governance of debt risk of platform corporations is of great significance for us to realize the transformation and the prevention of local governments'potential debt risk.The author uses data of the platform that issues public bonds to deeply analyze the main problems platform facing in the transformation;and it is found that:first,during the"12th Five-Year"period,debt risk shows the evolution from moderate to high in all regions of China,and the growth rate of risk shows an increasing trend;second,the risk of platform debt has certain regional differences,the risk of the west region is the highest,and then the northeast,central and eastern regions,and the debt risk is negatively related to the level of regional development;and third,the future focus of risk prevention is regional coordination.At the same time,we should take targeted policy to prevent and resolve regional platform debt risk according to different regional situation,especially during the period of transformation. From the government perspective,land leasing,fixed asset investment and the degree of fiscal decentralization have significant impact on the platform debt risk;the central and the local government should continue to implement the"opening the front door,blocking the back door" policy to further standardize the government financing mode and transform financing concept.From the perspective of reform official incentive mechanism,we should get rid of the"taking GDP as the center"theory. We should also improve the financial system,realize the matched governance power and property power.The financing platform company should reform its internal governance structure,and break the attachment relation with the government,improve personnel management system,improve their ability for operational efficiency improvement and risk prevention to realize the transformation successfully.
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