摘要
我国的地方政府性融资平台公司是以各种类型的城投公司为主要载体，其最
传统、最通行的融资模式为“平台公司+土地财政+信贷资金”。随着各地城建投
资量日益加大，融资平台债务过高所引发的债务风险及危机引起了中央政府及金
融监管机构的高度重视，相继出台了一系列“加强地方政府债务风险管控、规范
地方融资平台”调控政策，开始大力清理融资平台，严控对融资平台贷款，导致
融资平台原有的融资模式难以为继。
由于我国地方政府具有“小财政—大建设”亦即事权大而财权小这一特点，
对于地方建设资金需求，地方财政力不从心，建设资金仍需融资解决。在原有模
式已严重受阻的形势下，如何构建行之有效的融资模式，已成为摆在我国地方政
府融资平台眼前不容回避的重要课题。
本文从我国地方政府融资平台的发展入手，对其融资模式现状、存在的问题
及成因进行分析，研究融资平台如何构建行之有效的融资模式。在参考国内外文
献的基础上，对地方投融资平台发展理论、融资理论及国外融资平台的先进经验
对我国的启示等进行了简要概括和论述。以新都公司为例，运用相关理论和方法，
指出以传统的“平台公司+土地财政+信贷资金”模式已难以适应今后项目投资及
公司自身发展的需要，并从平台公司自身的视角，提出了应构建“自身造血+多
元化融资模式的新思路。
关键词： 地方政府性融资平台；融资；债务风险；融资模式
ABSTRACT
Chengtou Company is the main carrier of local government financing platform in
China, and the most traditional and common mode of financing for the platform
company is “land + finance + credit funds”. Over the amount of urban construction
investment widening, debt risk and crisis triggered by excessive debt financing
platform caused a high degree of attention of the central government and financial
regulators, which have issued a series of control policies, such as strengthening local
government debt risk management and control, regulate local financing platform”.
They began to aggressively clean up the financing platform, and control of the
financing platform loans, leading the original financing model of the financing
platform to unsustainable
Large powers of local governments in China have a so small financial building
that local governments are unable to do as much as they would like to. The demand
for local construction funds need to be solved by financing. However, the original
model has been severely hampered the situation, and how to build an effective
financing model has become an important issue that can not be evaded pendulum in
front of local government financing platform.
This paper presents the development of China's local government financing
platform, analyses the status of its financing model, existing problems and their
causes, and researches on the financing platform how to build effective financing
model. In reference to the literature about the development of local investment and
financing platform and finance theory, the paper briefly summarized and discussed
advanced experience of foreign financing platform. As xindu Company for example,
based on relevant theories and methods, the paper pointed out that the traditional
mode ofland + finance + credit fundshad been difficult to adapt to the needs of
the future project investment and the company's own development, and built the mode
of own hematopoietic + diversified financing .
KEYWORDS: local government financing platforms； financing；debt risk； financing model