1. Regional economic environment
The regional economic environment mainly examines the basic conditions and conditions of regional economic development and the potential of future regional economic growth. The basic conditions of regional economic development mainly include regional geographical location, resource endowment and infrastructure. The level of regional economic development is mainly analyzed and measured by economic scale and economic structure. Generally speaking, regions with large economic scale and high per capita income level have relatively large tax bases and relatively high fiscal revenues; In areas with rapid economic growth, fiscal revenue has increased rapidly. In terms of economic structure, generally speaking, if the proportion of primary industry is high, the ability of regional economy to create tax revenue will be weak, mainly because China implements the tax reduction and exemption policy for agriculture; If the proportion of secondary and tertiary industries is high, the ability of regional economy to create tax revenue will be strong, mainly because the secondary and tertiary industries make great contributions to major taxes such as value-added tax, enterprise income tax and business tax. The growth potential of regional economy directly affects the promotion or decline of regional economic strength in the future, thus affecting the growth rate of local government fiscal revenue in the future. Generally speaking, when the regional industrial structure or key industries are encouraged by national policies, the regional economy can often obtain better development prospects.
2. The financial strength of the government
Administrative level
Generally speaking, the higher the administrative level, the higher the credit rating of the main body of the city investment enterprise, and the stronger the support ability for the city investment company. But at the same administrative level, developed areas are better than backward areas.
government finance
This part mainly examines the government's fiscal revenue, fiscal expenditure and fiscal balance.
In terms of fiscal revenue, it mainly investigates the stability of general public budget revenue. The higher the proportion of tax revenue in general public budget revenue, the better the stability of general public budget revenue; At the same time, the higher the concentration of regional tax sources, the higher the dependence of tax revenue on a certain industry, and the more vulnerable it is to the fluctuation of a certain industry.
In the aspect of government fiscal expenditure, it mainly analyzes the elasticity of fiscal expenditure, that is, the lower the proportion of rigid expenditure in fiscal expenditure, the greater the adjustability of local government fiscal expenditure, which shows that the more flexible resources in government fiscal revenue, the higher the ability to ensure debt repayment.
In terms of fiscal balance, the smaller the gap between local government's own fiscal revenue and fiscal expenditure, or the lower the proportion of transfer payment income to local fiscal revenue, the weaker the dependence of local government's fiscal revenue on higher-level government transfer payment, that is, the better the self-balance of local government's fiscal revenue and expenditure.
Second, the enterprise's own credit factors
Business risk analysis
The main purpose of platform company's business analysis is to evaluate its business situation and future development trend. It can be analyzed through its business scope, business model, profitability, source of project funds, project cycle, project settlement method, project payment, fund gap of projects under construction, business benefits of enterprises and proposed projects.
Financial risk analysis
The financial analysis of the platform company should first judge its authenticity. Determine its authenticity and then analyze it from the following aspects:
Liquidity of assets
Investigate the asset liquidity of urban investment enterprises, including asset composition and liquidity analysis. The composition of assets includes the composition and proportion of the company's current assets, long-term investments, intangible assets and others, and the composition of public welfare assets, quasi-operating assets and operating assets; Focus on the financial treatment of special assets (land, public welfare assets) and its impact on asset quality; Limited assets, etc.
cash flow
This part mainly analyzes: (1) the scale, composition and changing trend of net cash flow generated by operating activities, the scale of cash flow received from other operating activities, and the cash-to-income ratio. (2) The scale, composition and changing trend of the net cash flow generated by investment activities. (3) The scale, composition and changing trend of the net cash flow generated by financing activities.