Discussion on the Transformation of Local Government Investment and Financing Platform
——Based on the Perspective of Platform Company Debt Risk
（Central University of Finance and Economics，Beijing100081，China）
Abstract：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.
Key words：investment and financing platform；marketization transformation；debt risk；corporate governance structure