Port communicationone、The risks that financial leasing companies must avoid when participating in local financing platform projects are affected by the 2008 economic stimulus plan，China’s local financing platforms accelerate development，Debt scale rises sharply，Financing of local infrastructure projects is becoming a potential source of financial risks in China。When my country's financial leasing companies participate in local financing platform projects,，We must attach great importance to financial security，Avoid all risks, explicit or implicit, in the project。
?Overall，The main risks faced by financial leasing companies participating in local financing platform projects mainly include the following categories::1、National policy risks have increasingly attracted social attention along with local debt risks.，Financial management policies for local governments and their financing platforms are becoming increasingly strict.，therefore，When financial leasing companies carry out relevant business，The policy risks faced also increase。
Many projects of local financing platforms are guaranteed directly or indirectly by local governments.，Therefore, there are serious doubts about the legality and validity of its guarantee.，Once a breach of contract occurs，Financial leasing companies may suffer losses as a result。therefore，Financial leasing companies should avoid getting involved in local financing platform projects that rely solely on guarantees。
2、The lessee's ability to repay debts is insufficient. Many projects invested and developed by local financing platforms are infrastructure construction.、Engineering projects、Public facilities, etc.，Most of these projects do not generate any revenue of their own，The rent collected by the financial leasing company is either repaid by the finance，Either repaid through land operations。Judging from the current actual situation of local finance,，It is obviously unrealistic to expect to rely on local financial allocations to repay。The only way is to operate the land。
but，As the state’s management of land becomes more and more strict,，Land supply is becoming increasingly tight，Difficulty meeting debt repayment needs;at the same time，Once China’s real estate market situation reverses，Demand for land significantly reduced，Local finances may be in trouble as a result，The recovery of rents from financial leasing companies will face great challenges。
therefore，Financial leasing companies should not participate in projects of local financing platforms where their own cash flow is insufficient to repay the rent.，And like highway、urban infrastructure(Sewage treatment, etc.)It is a good choice to wait for local financing platform projects that can generate stable cash flow during the lease period.。In short，Operating cash flow must be able to cover rent, which is a prerequisite for financial leasing companies to cooperate with local financing platforms.。
3、Local debt levels have been too high since 2010，With the rapid expansion of the number and scale of local financing platforms,，The liabilities of local investment and financing platforms are also expanding rapidly.。Large-scale investment and financing have brought high debt levels to local governments，Extremely heavy financial burden。
In this regard，Some local financing platforms may use sale and leaseback as”demolish the east wall、Mending the Western Wall”Means to plug the capital hole，This brings great risks to the future normal fund recovery of financial leasing companies.。
therefore，For those investment and financing platforms that are responsible for investment, construction and operation of infrastructure projects or municipal projects，Its earnings/cash flow are insufficient to cover principal and interest payments、Need local or financial credit support and principal and interest repayment support，The financial status of the platform company and the local debt ratio must be considered comprehensively.，Bring the debt of platform companies established and operated on credit into the category of local debt，For local governments with excessive debt burdens，We must resolutely avoid getting involved in projects developed by them;Debt accumulation is moderate、risk controllable，Only then can we carefully consider appropriate financing cooperation with its affiliated financing platform companies.。
at the same time，Financial leasing companies should also take certain risk control measures，Such as reasonable legal transaction structure design、Verify whether there is a mortgage on the leased asset、Financing objects should not have large amounts or liabilities, etc. to effectively reduce the risks of cooperation with local financing platforms.。
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