地方政府隐性债务风险:源头与传导——基于Z分数模型的融资平台企业财务风险分析  

Implicit Debt Risk of Local Government: Source and Scale——Financial Risk of Local Financing Platform Based on Z-SCORE Model

作　　者：吴梓文 管治华[1] WU Zi-wen;GUAN Zhi-hua(School of Economics,Anhui University,Hefei Anhui 230031,China)

机构地区：[1]安徽大学经济学院

出　　处：《齐齐哈尔大学学报（哲学社会科学版）》2019年第9期26-31,共6页Journal of Qiqihar University(Philosophy & Social Science Edition)

基　　金：2018国家社科基金项目:地方政府隐性债务传导机制及其防范研究(18BJY208)

摘　　要：本文采用Z分数模型法,选取样本融资平台企业,对其财务风险采用进行测算,并与电力能源类企业进行比较分析。可见:当前融资平台企业存在一定财务风险,但是从数据比较看这种风险值反而低于电力能源类企业。通过对风险形成进一步分解,可知资产的市场化程度、持续的投融资环境以及管理能力等产生直接影响。据此,思考如何构筑融资平台财务风险的防火墙,化解其向政府传导风险。By adopting the Z-Score Formula,selects several companies running fundraising platforms as its research objects,measured their financial risks and then made a comparison with that of electrical energy enterprises.We can see that firms operating fundraising platforms are now under a certain degree of financial risks,while the figure is much lower than electrical energy companies.By decomposing these risks further,we know the immediate impacts of the marketization of capital,constant investment and financing environment and management.All these provoke deep thought of how to construct a firewall that safeguards fundraising platforms against financial risks and defuses risks caused in the transmission to governments.

关 键 词：隐性债务 投融资平台 财务风险 源头 

分 类 号：F812.5[经济管理—财政学]