国资平台信用分析新思路  

Credit Analysis of the State-owned Platforms

作　　者：白子渐 杨蜀宇 BAI Zi-jian;YANG Shu-yu(China Credit Rating Co.,Ltd)

机构地区：[1]中债资信评估有限责任公司,北京100032

出　　处：《当代金融研究》2022年第11期89-99,共11页Journal of Contemporary Financial Research

摘　　要：近年来国资平台数量不断增加,且不乏负面舆情的暴露,其信用风险需要重新审视。基于国资平台兼具产业和投融资双重属性的特征,本文立足于国情特色下国资平台的定位,以区域分析作为基础盘,通过资金投向拆分其业务实质,在厘清其作为平台属性的公益性业务基础上,从市场化角度评价其产业运营能力,突出强调母公司对子公司实质控制的重要性、财务分析中的短板效应以及外部支持意愿的判断,对研判国资平台的信用品质提供了新的视角。The number of state-owned platform has been increasing in recent years.And negative news is exposing,so the credit risk of state-owned platforms needs to be re-examined.The state-owned platforms have both industrial and financing attributes under Chinese characteristics.Based on that,this paper takes regional factors as the basis,analyzes its business essential through capital investment,and evaluates its industrial operation capability from a market-oriented perspective on the basis of clarifying its public welfare business.Besides,this paper underlines the importance of the parent company’s control over subsidiaries,the shortcomings in financial analysis and the willingness to provide external support,providing a new perspective on judging the credit quality of state-owned platforms.

关 键 词：类城投 国资平台 信用分析 

分 类 号：F276.1[经济管理—企业管理]