MBA教育中心知识库

改革开放后，投融资平台公司在恢复中国经济，尤其是促进地方经济发展中发挥着积极而重要的推动作用。其在发挥重要作用的同时也凸显出发展势头太猛、债务膨胀太快、发展不规范等问题，从而给自身造成巨大财务风险，也给当地的财政和金融系统带来巨大的危害。近年来，在积极防范化解地方政府隐性债务风险问题、去杠杆背景需求下，投融资平台企业融资环境趋紧，再融资压力继续加大。因此，对投融资平台公司财务风险识别及其防范研究具有重要的理论与现实意义。

文章在查阅大量文献资料并评述现有研究文献的基础上，从理论方面和实践方面系统全面研究LT集团财务风险识别与防范。首先，基于财务风险、投融资平台公司的有关概念及风险管理理论，以LT集团的投融资业务为切入点，从发展沿革、经营情况、法人治理、财务情况四个方面简要介绍LT集团的基本情况，从管理机构和管理制度两个方面阐述了财务风险管理现状；其次，结合LT集团运行模式以及投融资平台业务特点，从盈利风险、偿债风险、营运风险、成长风险四个方面进行风险识别。最后，采用功效系数法对标行业《企业绩效评价标准值》对LT集团2018-2022年间财务风险进行了综合评价。

文章研究发现，LT集团2018-2021年度财务风险评价结果均为中警，2022年度达到重警，并且盈利风险，营运风险均在巨警水平，出现财务风险的概率较高。文章依据上述研究结论以及投融资平台公司的发展态势，结合财务风险识别结果，从健全财务风险防范机制和强化财务风险防范能力两个方面为LT集团及区域内同类投融资平台公司给出财务风险防范的具体建议。

After the reform and opening up, investment and financing platform companies have played an active and important role in reviving China's economy, especially in promoting local economic development. While playing an important role, they have also highlighted the problems of too much development momentum, too rapid debt expansion and irregular development, thus creating huge financial risks for themselves, as well as causing great harm to the local fiscal and financial systems. In recent years, under the background demand of actively preventing and resolving the problem of hidden debt risks of local governments and deleveraging, the financing environment for investment and financing platform enterprises has tightened and the pressure for refinancing continues to increase. Therefore, it is of great theoretical and practical significance to study the identification of financial risks of investment and financing platform companies and their prevention.

Based on the review of a large amount of literature and the review of existing research literature, the article systematically and completely studies the identification and prevention of financial risks of LT Group from both theoretical and practical aspects. Firstly, based on the concepts of financial risk, investment and financing platform companies and risk management theories, the article takes the investment and financing business of LT Group as the starting point, briefly introduces the basic situation of LT Group from four aspects: development history, operation, corporate governance and financial situation, and explains the current situation of financial risk management from two aspects: management organization and management system; secondly, combining the operation mode of LT Group. Secondly, it identifies risks in four aspects: profitability risk, debt servicing risk, operational risk and growth risk. Finally, the efficacy coefficient method was used to benchmark the industry's Corporate Performance Evaluation Criteria to conduct a comprehensive evaluation of LT Group's financial risks during 2018-2022.

The article finds that the financial risk assessment result of LT Group for 2018-2021 is medium alert, and reaches the level of heavy alert in 2022, and its profitability and operating capacity are all at the level of huge alert, so the probability of financial risk is high. Based on the above research findings, and based on the current development trend of investment and financing platform companies, combined with the financial risk identification results, specific recommendations on financial risk prevention are given to LT Group and similar investment and financing platform companies in the region in terms of establishing financial risk prevention mechanisms and strengthening financial risk prevention capabilities.