城投公司多元化融资结构性风险实证分析

随着城市建设规模的快速增大，我国城市基础设施建设投资公司（简称城投公司）项目类型的多样化与融资方式的多元化匹配造成的结构性风险已经成为其健康发展的重要问题。在提出并分析了结构性风险产生的机理和表现形式后，运用熵值法和理想点法，构建了城投公司多元化融资风险评价体系，选取10家上市城投公司的面板数据，从横、纵两个方向进行了实证分析。结果表明，各地区城投公司融资风险参差不齐，但与地区特点相符合；国家鼓励政策对城投公司的发展具有显著的正影响，而限制性政策对其发展的影响却并不突出，究其原因在于中央政府与地方政府的政策和态度在不同层面上和立场上的差异；总体上我国城投公司多元化融资风险处于上升趋势。

Empirical Research for Diversified Financing Risk of Urban Infrastructures Investment Company

With the rapid increase of urban construction scale, the structural risk, resulted from the variety of project types and the diversity of financing methods, has become an important issue for the healthy development of Urban Infrastructure Construction Investment Companies. This paper first proposed and analyzed the causation mechanisms and the patterns of structural risk, and then established a risk assessment system for diversified financing of Urban Infrastructure Investment Companies based on the Entropy and Ideal Point methods. Empirical analysis from both the horizontal and vertical directions has been conducted based on the panel data of 10 listed companies. The results indicate that though the company financing risk varies significantly in different regions, it is highly correlated to the regional characteristics; the national supportive policies have significant positive impacts on the development of companies. However, the impacts of the restrictive policies are insignificant because of the different policies and attitudes between the central government and the local government. On the whole, the diversified financing risk of Urban Infrastructure Investment Companies in China is following an upward trend.