90年代初期，国务院对政府金融体系提出了分税制改革，地方消费税及增 值税大部分上缴中央但事权不发生改变，使得地方政府收支压力大增，同时受到 该时期政策、法规的限制，地方政府无法发行政府债券、无法向金融机构直接借 款，为了解决这一困境，筹集资金解决基础设施建设压力，地方政府融资平台企 业应运而生。作为中国经济发展特定阶段的产物，早年期间带有浓厚的地方政府 行政色彩。地方政府由于受到政绩压力影响，对于政府融资平台的经营管理，仅 仅是单方面的作为融资媒介，通过其政府信用来不断获取资金，而缺乏合理、可 持续的的融资管理。但随着地方政府债务的快速增长，也引起了监管层对这一现 象的重视。财政部、国家发改委等机构各项制度集中出台使得地方政府融资平台 的融资空间不断收紧，如今，平台企业也需要逐步的剥离政府融资职能，回归到 现代企业管理制度组建的市场主体这一身份上来。 KT集团作为云南省滇中新区政府融资平台，文章首先对研究的背景和意义 进行说明，简要叙述政府融资平台企业概念以及融资相关理论基础。其次，对 KT集团的企业概况进行介绍，并着重从微观层面对其财务融资数据及经营现状 进行调查整理，研究当前严监管环境下KT集团面临的债务链接压力大、主营业 务盈利能力弱、核心资产质量较差以及融资渠道受限等一系列具体问题，深入分 析造成KT集团融资问题的原因。最后，根据分析结果提出弱化融资平台职能、 减轻公益性项目债务压力、优化融资结构、进一步拓宽融资渠道、加强市场化经 营能力五个对策。 对云南省滇中新区政府融资平台KT集团融资问题及对策的调查研究，有助 于其在目前严监管环境下，使债务链接得到有效保障，更好地应对未来融资工作 的开展，并对其他政府融资平台企业具有很好的借鉴意义。 关键词： 地方政府融资平台；KT集团；融资问题；对策 Abstract In the early 1990s, the State Council proposed the reform of tax sharing system for the government's financial system. Most of the local consumption tax and value-added tax were handed over to the central government, but their powers did not change. As a result, the pressure on local governments' revenue and expenditure increased greatly. At the same time, restricted by the policies and regulations of that period, local governments were unable to issue government bonds and borrow directly from financial institutions, To raise funds to solve the pressure of infrastructure construction, local government financing platform enterprises were born. As a product of the specific stage of China's economic development, it had a strong administrative color of local government in the early years. Due to the impact of performance pressure, local government only unilaterally acts as a financing medium for the operation and management of government financing platform to continuously obtain funds through its government credit, but lacks reasonable and sustainable financing management. However, with the rapid growth of local government debt, the regulatory authorities also pay attention to this phenomenon. The centralized introduction of various systems by the Ministry of finance, the national development and Reform Commission and other institutions makes the financing space of local government financing platform continue to tighten. Now, platform enterprises also need to gradually peel off the government financing function and return to the status of market subject established by modern enterprise management system. KT group, as a government financing platform in the central Yunnan new area, this paper first describes the background and significance of the research, briefly describes the concept of government financing platform enterprise and financing related theoretical basis. Secondly, it introduces the general situation of KT group, and focuses on the investigation and collation of its financial financing data and operation status from the micro level. It studies a series of specific problems that KT group is facing under the current strict regulatory environment, such as high debt link pressure, weak profitability of main business, poor quality of core assets and limited financing channels, In depth analysis of the causes of KT group financing problems. Finally, according to the analysis results, the paper puts forward five countermeasures: weakening the function of financing platform, reducing the debt pressure of public welfare projects, optimizing the financing structure, further broadening the financing channels, and strengthening the market-oriented operation ability. The investigation and Research on the financing problems and Countermeasures of KT group, the government financing platform of Dianzhong New Area in Yunnan Province, will help it to effectively guarantee the debt link under the current strict supervision environment, better cope with the development of future financing work, and has a good reference significance for other government financing platform enterprises. Key Words:Local Government Financing Platform; KT Group; Financing Problems;Countermeasure 目录 第一章 引言............................................................................................... 1 1.1 研究背景及意义 ............................................................................................... 1 1.1.1研究的背景 ...................................................................................................................... 1 1.1.2研究的意义 ...................................................................................................................... 2 1.2 国内外相关研究动态及文献综述 ................................................................... 4 1.2.1国外研究动态 .................................................................................................................. 4 1.2.2国内研究动态 .................................................................................................................. 4 1.2.3文献评述 .......................................................................................................................... 6 1.3 研究内容和方法 ............................................................................................... 7 1.3.1研究内容 .......................................................................................................................... 7 1.3.2研究方法 .......................................................................................................................... 8 第二章 地方政府融资平台概述与理论基础 .......................................... 9 2.1 地方政府融资平台概述 ................................................................................... 9 2.1.1地方政府融资平台的定义 .............................................................................................. 9 2.1.2地方政府融资平台的发展历史 ...................................................................................... 9 2.1.3地方政府融资平台的运作模式 .................................................................................... 11 2.2 融资的相关理论基础 ..................................................................................... 12 2.2.1优序融资理论 ................................................................................................................ 12 2.2.2资本结构理论 ................................................................................................................ 14 第三章 KT集团概况及财务融资情况分析 .......................................... 15 3.1 KT集团概况 ................................................................................................... 15 3.2 KT集团财务融资现状分析 ........................................................................... 18 3.2.1财务现状 ........................................................................................................................ 18 3.2.2融资现状 ........................................................................................................................ 21 第四章 KT集团存在的融资问题及原因分析 ...................................... 27 4.1 存在的融资问题 ............................................................................................. 27 4.1.1融资政策收紧，各类融资渠道受限严重 .................................................................... 27 4.1.2还本付息快速增长，融资