自分税制改革以来，由于多方面的原因很多地方政府都出现了财力不足的状况。为了弥 补财政收支的缺口，各地纷纷成立了政府融资平台公司。HAXC控股公司是淮安市的一家地方 政府融资平台公司，自成立以来就在城市建设融资方面发挥了重要作用。本文以HAXC控股公 司为例研究了地方政府融资平台公司的财务风险问题。本文从筹资风险、投资风险、资金回 收风险和现金流风险四个方面来反映HAXC控股公司的财务风险。 通过文献综述及现状分析，发现HAXC控股公司在经营过程中面临着较大的财务风险，其 中，筹资风险主要来自于负债规模、负债结构、刚性负债和或有负债的影响；投资风险主要 是由于公司的盈利能力不强所造成的；资金回收风险则与应收账款回收状况不良、存货流动 性差存在很大关系；现金流风险则主要是由公司营业收入现金率低、现金流量不稳定、现金 流对债务难以覆盖等因素造成。通过Z值综合分析，本文发现HAXC控股公司近年来的总体财 务风险比较大。本文认为防范HAXC控股公司的财务风险需要从多个方面来着手：公司需要建 立财务风险预警机制，及时发现潜在的财务风险；公司要健全内部控制机制，将财务风险控 制在可以承受的范围之内；通过提高公司的造血功能确保公司的流动性和盈利能力；通过优 化资本结构和密切关注现金流的变化来加强对加强营运资金的管理；通过多种手段来拓宽公 司的融资渠道；推进公司转型来为公司的未来发展奠定基础。 关键词：HAXC控股公司；地方政府融资； 融资平台；财务风险分析 基于地方政府融资平台的HAXC控股公司财务风险分析 ii Abstract Since the reform of tax distribution system, many local governments have been short of financial resources for various reasons. In order to make up for the shortfall in fiscal revenue and expenditure, the government financing platform companies have been set up everywhere. HAXC Holding Company is a local government financing Platform Company in Huainan City. Since its establishment, HAXC Holding Company has played an important role in financing urban construction. Taking HAXC holding company as an example, this paper studies the financial risk of local government financing platform companies. This paper reflects the financial risk of HAXC Holding Company from four aspects: financing risk, investment risk, capital recovery risk and cash flow risk. Through systematic analysis, this paper finds that HAXC Holding Company is faced with greater financial risks in the course of operation, among which financing risks mainly come from the scale of liabilities, debt structure, rigid liabilities and contingent liabilities; investment risks are mainly caused by the company's weak profitability; and capital recovery risks are mainly caused by the company's weak profitability. It is closely related to the bad recovery of accounts receivable and the poor liquidity of inventory. Cash flow risk is mainly caused by the low cash rate of the company's operating income, the unstable cash flow, and the difficulty of cash flow to cover debts. Through the comprehensive analysis of the Z value, we find that the overall financial risk of HAXC holding company is relatively large in recent years. This paper argues that the prevention of financial risks of HAXC Holding Company needs to start from many aspects: the company needs to establish a financial risk early warning mechanism to detect potential financial risks in time; the company should improve the internal control mechanism to control financial risks within the acceptable range; and ensure the company by improving the company's hematopoietic function. Liquidity and profitability; strengthening the management of working capital by optimizing capital structure and paying close attention to the changes of cash flow; broadening the financing channels of the company by various means; promoting the transformation of the company to lay the foundation for the future development of the company. Key words：HAXC Holding Company； local government financing; Financing platform； Financial Risk Analysis 南京航空航天大学硕士学位论文 iii 目录 第一章 绪论 .......................................................................................................................................... 1 1.1 研究背景与意义 ...................................................................................................................... 1 1.1.1研究背景 ....................................................................................................................... 1 1.1.2研究意义 ....................................................................................................................... 2 1.2 本课题的研究现状 .................................................................................................................. 2 1.2.1 政府融资的研究现状 .................................................................................................. 2 1.2.2 政府融资平台的研究现状 .......................................................................................... 3 1.2.3 财务风险及融资平台财务风险的研究现状 ............................................................... 4 1.2.4研究文献评述 ............................................................................................................... 5 1.3本文的研究思路及主要内容 ................................................................................................... 6 1.3.1研究内容 ....................................................................................................................... 6 1.3.2研究方法 ....................................................................................................................... 6 第二章 本文研究的基础理论 ............................................................................................................... 8 2.1地方政府融资及融资平台的基础理论 ................................................................................... 8 2.1.1地方政府融资平台的内涵及其特点 ............................................................................ 8 2.1.2地方政府融资平台的类型 ........................................................................................... 9 2.1.3地方政府融资平台的运营 ......................................................................................... 10 2.2 地方政府融资平台企业财务风险理论 ................................................................................ 10 2.2.1企业财务风险及政府融资平台企业财务风险 .......................................................... 10 2.2.2地方政府融资平台企业财务风险的类别 .................................................................. 11 2.2.3 地方政府融资平台企业财务风险的特征 ................................................................. 13 2.3地方政府融资平台公司财务风险控制理论 ......................................................................... 14 2.3.1 财务风险控制的基本概念 ........................................................................................ 14 2.3.2 财务风险控制的基本要求 ........................................................................................ 15 2.3.3 财务风险控制的基本方法 ........................................................................................ 16 2.3.4 财务风险控制的基本手段 ........................................................................................ 17 第三章 HAXC控股公司现状分析 .................................................................................................... 20 3.1 HAXC控股公司概况 ............................................................................................................ 20 3.1.1 发展历程 .................................................................................................................... 20 3.1.2 产权结构 .................................................................................................................... 20 基于地方政府融资平台的HAXC控股公司财务风险分析 iv 3.1.3 HAXC控股公司的财务现状分析 ............................................................................. 21 3.2 2HAXC控股公司的经营状况 .............................................................................................. 23 3.2.1 经营范围分析 .................................................................................................