8卷 第2期
Yunnan University of Finance and Economics
纸质出版日期： 2024-08-29 ，
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(2024). Research on the path of transformation and development of local government financing platforms and international experience. 创意经济（英文版）, 8(2), 5-17.
Zha Qiuyu.Research on the path of transformation and development of local government financing platforms and international experience[J].Creative Economy,2024,08(02):5-17.
(2024). Research on the path of transformation and development of local government financing platforms and international experience. 创意经济（英文版）, 8(2), 5-17. DOI： 10.47297/wspceWSP2516-251901.20240802.
Zha Qiuyu.Research on the path of transformation and development of local government financing platforms and international experience[J].Creative Economy,2024,08(02):5-17. DOI： 10.47297/wspceWSP2516-251901.20240802.
Local government financing platform refers to a kind of investment and financing institution with special attributes established by local governments in China to raise funds to achieve their policy objectives
especially infrastructure construction and urbanization process. These platforms raise funds mainly by issuing bonds
obtaining bank loans and selling assets and so on
because The investment needs of local governments often exceed their fiscal revenue. And they use the funds to finance local government projects. This requires a specialized institution to operate these financial activities
namely local government financing vehicle. The operational capability
credit rating and adaptability to the policy environment of these platforms directly affect the financing efficiency and financing cost of local government. Local government financing vehicles also assume the functions of project management and financial management. They need to screen
evaluate and monitor the investment projects of local governments to ensure the rational use of funds and the good effect of investment. At the same time
they also need to carry out financial reporting
risk management and other work to ensure the platform run smoothly. However
LGFVS also face problems. For example
since the financing activities of the platform are ultimately endorsed by local governments
this may raise the issue of moral hazard
that is
the platform may be inclined to make riskier investments. In addition
the transparency of information such as the operation model and financial status of local government financing vehicles is low
which may affect the market's judgment of their credit. All these problems need our attention and research to promote the healthy development of local government financing platforms.
Local government financingInternational empirical studyTransformation development path
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