摘 要 融资平台出清不仅仅是形式上的"退平台"和"隐性债务清零"，更是政府融资职能的剥离、 政府信用的脱钩、政企关系的结构性调整、政企债务风险的隔离，以及更深层次上的地方国企改 革、地方政府财税体制改革和投融资机制体制的创新。实现融资平台出清是支持实体经济高质量 发展的必要举措、适应城镇化发展阶段转变的基本需求、关闭地方政府融资后门的直接手段以及 提升地方国企市场化竞争力的前提条件，其最终目标是化解地方债务风险、实现地方经济和国有 企业的可持续发展。有力有序有效推进融资平台出清，需要态度积极坚定、节奏合理稳妥、效果 符合预期。 转型后的融资平台短期内仍将与地方政府保持较紧密的关联联系，长期看与地方政府关系将 逐步弱化。短期来看，实现"真转型"需要过渡期，叠加"一揽子化债"的政策保护期，融资平 台整体信用资质不会显著下降，但需关注信用风险的分化。长期看，出清后融资平台的信用风险 水平则更多地取决于自身的现金流和偿债能力，受其市场化转型的进程和效果影响较大。 破局重整，信用重塑 --融资平台出清后信用风险变化浅析 联合资信 公用评级四部 |刘亚利|胡元杰 www.lhratings.com 研究报告 1 地方融资 ...

Core Insights - The recent Politburo meeting emphasized the need to effectively and orderly advance the clearing of local financing platforms, accelerating the market-oriented transformation of urban investment enterprises [2][3] - Various regions are actively implementing the "exit platform" strategy, achieving significant results in debt reduction and platform reform [2][3] Group 1: Policy and Implementation - The policy push has led to multiple regions successfully implementing the "exit platform" initiative, with notable achievements in debt clearance and platform reform [2] - In Leqing City, Zhejiang Province, both "hidden debt clearance" and "financing platform clearance" have been achieved, with the city's debt rate currently at a controllable yellow level [2] - Xi'an's Huyi District has completed the exit of three out of five platform companies, fulfilling its annual reduction task [2] Group 2: Regional Achievements - In Ji'an City, 23 enterprises have exited the financing platform, exceeding the provincial target of 29 exits [3] - Wuxue City has successfully completed the exit of five financing platform companies ahead of schedule [3] - Gansu's Public Aviation and Tourism Group plans to exit the government financing platform by the end of 2024 and has already secured 2.15 billion yuan in targeted debt financing tools [3] Group 3: Financial Performance - After completing the exit from the financing platform, Chongqing Science City High-tech Industry Development Co., Ltd. has successfully raised 1.015 billion yuan, with 820 million yuan being new financing [3] - Various regions are reporting significant reductions in hidden debts, with some achieving over 82.9% clearance in their respective areas [5][6] - The overall debt rate in several districts is showing a steady decline, with effective measures in place to manage and reduce debt risks [6][7]

Core Viewpoint - The recent emphasis on the "clearing" of local financing platforms indicates a critical phase in addressing local government debt risks and accelerating the transformation of these platforms into market-oriented entities [2][3][4]. Group 1: Financing Platform Transformation - The debt risks associated with financing platforms are a significant source of local government hidden debt risks, necessitating a thorough transformation to eliminate traditional financing models [2][3]. - Since the implementation of the debt resolution plan in 2023, there has been a surge in efforts to exit financing platforms, with approximately 40% of local government financing platforms expected to exit the financing platform sequence by the end of 2024 through market exits and transformations [2]. - The transformation process is under pressure to accelerate, raising concerns about the sustainability of these market-oriented transitions, especially in light of the goal to eliminate hidden debts by the end of 2028 [2][4]. Group 2: Clearing Non-Transformable Entities - The historical role of financing platforms has diminished, and most should gradually exit the stage, which is the essence of the "clearing" concept [4]. - Issues such as poor asset quality and inadequate governance structures persist among some financing platforms, necessitating a thorough cleanup of non-transformable shell companies to sever government credit backing [4][6]. - The true "clearing" process aims to transition qualifying financing platforms into market-oriented state-owned enterprises, focusing on urban operations and resource revitalization while reducing reliance on government support [4][6]. Group 3: Policy Support for Transformation - The recent central political bureau meeting highlighted the need for a "strong, orderly, and effective" approach to advancing the clearing of local financing platforms, emphasizing the importance of controlled risk management during this process [6]. - Different regions face varying pressures regarding the clearing of financing platforms, necessitating diverse policy support and funding mechanisms to facilitate market-oriented transformations [6]. - Local governments are encouraged to inject high-quality operational assets and resources into financing platforms to enhance their market operational capabilities and sustainability [6].