自二十世纪九十年代分税体制改革以来，地方与中央权力不对等的局面，致使地方政府财政自主性被削弱，但作为地方城市基础建设的中坚力量，地方政府对于资金的需求较大，因此为了能继续推进基建项目的建设，地方政府融资平台公司应运而生，在全国各地陆续成立。地方政府融资平台公司是时代的产物，在中国特色城镇化进程中做出了极大贡献。但从2009年起，地方政府融资平台公司的债务规模随着经济发展政策的推行不断扩大，逐渐影响正常经营，形成一定程度的财务风险。2017年后，中央政府先后出台50号文、15号文等系列规范性文件严格控制地方政府融资平台的经营活动和财务风险，以保证区域经济平稳发展并推动其市场化转型。因此，对地方政府融资平台的财务风险进行控制是当务之急，所以本文选取XTF平台公司作为案例对其财务风险控制进行研究，以期提出有效改进措施，推动地方政府融资平台公司良好发展。

本文先从研究背景出发，结合国内外相关经典文献对政府融资、地方政府融资平台、财务风险、地方政府融资平台财务风险应对与控制四个概念进行理解阐述，随后引入XTF平台公司，以其经营现状为基础，采用比率分析法、Z值预警模型和F分数模型对四种财务风险，即筹资、投资、资金回收和现金流风险进行评估分析，并针对评估结果对公司现有财务风险控制体系进行研究，发掘潜在系统问题，最后多角度对XTF平台公司的风险控制内容提出改进建议，加强抗风险能力。通过综合分析，本文得出以下结论：（1）XTF平台公司当前面临的财务风险较大，在筹资、投资、资金回收以及现金流四个方面均存在风险，偿债压力大，盈利能力差，资产运营效率低，现金流不充足等问题严重阻碍了公司持续经营发展；（2）XTF平台公司的财务风险控制体系存在部门缺失、制度不完善、人员配备失误、控制流程不规范、关键环节管控不到位等问题，无法帮助公司有效应对风险，体系急需完善；（3）对于XTF平台公司财务风险控制的改进，可以从调整组织架构、加强人员培训、完善控制流程、拓宽投融资渠道和主营业务范围、加强各控制环节监管力度等方面入手，综合提高公司财务风险控制水平，改善经营状况，并且还为其他同质同类型公司提供参考。

Since the reform of the tax sharing system in the 1990s, the unequal power between local and central governments has led to a weakening of the financial autonomy of local governments, but as the backbone of local urban infrastructure construction, local governments have a greater need for funds, so in order to continue to promote the construction of infrastructure projects, local government financing platform companies have been established one after another across the country. Local government financing platform companies are a product of their time and have made a great contribution to the process of urbanization with Chinese characteristics. However, since 2009, with the implementation of economic development policies, the scale of debts of local government financing platforms has been expanding, gradually affecting normal operations and creating a certain degree of financial risk. After 2017, the central government has issued a series of regulatory documents, such as Document 50 and Document 15, to strictly control the operating activities and financial risks of local government financing platforms in order to ensure the stable development of the regional economy and promote its market-oriented transformation. Therefore, it is imperative to control the financial risks of local government financing platforms, so this paper selects XTF Platform Company as a case study to research its financial risk control, with a view to proposing effective improvement measures to promote the good development of local government financing platform companies.

This paper firstly starts from the background of the study, combining the relevant classical literature at home and abroad to understand and elaborate on the four concepts of government financing, local government financing platform, financial risk and financial risk response and control of local government financing platform, then introduces XTF platform company, based on its operation status, uses ratio analysis method, Z-value analysis method and F-score model to assess and analyse the financing risk, investment risk, capital recovery risk and The assessment and analysis of the company's existing financial risk control system was carried out in response to the assessment results to uncover potential systemic problems, and finally, recommendations were made to improve the risk control content of XTF Platform Company from multiple perspectives to strengthen its anti-risk capability. Through comprehensive analysis, this paper draws the following conclusions: (1) XTF Platform Company is currently facing greater financial risks, with risks in four areas: fund raising, investment, capital recovery and cash flow, and problems such as high debt servicing pressure, poor profitability, low asset operating efficiency and insufficient cash flow are seriously hindering the company's sustainable business development. (2) The XTF platform company's financial risk control system suffers from a lack of departments, imperfect systems, staffing errors, irregular control processes and inadequate control of key links, which cannot help the company effectively deal with risks and the system needs to be improved urgently. (3) For the improvement of financial risk control of XTF platform companies, we can start from adjusting the organizational structure, strengthening personnel training, improving the control process, broadening the investment and financing channels and the scope of main business, and strengthening the supervision of each control link to comprehensively improve the level of financial risk control of the company and improve the business situation, and also provide reference for other companies of the same quality and type.