中文摘要：

本文基于公司运营实际和大量文献，分析了地方政府投资公司的治理结构、投资决策、管理水平、融资渠道，以及这些因素与资产风险状态的关系，建立了公司资产风险影响因素的结构方程模型，并运用收集整理的数据，对模型进行了检验。研究发现：投资决策的市场化程度对资产的风险状态并无直接影响，但是却可以通过资产结构对资产风险状态进行间接影响。资产结构的公益性倾向与公司的资产风险正相关。管理水平的提高有助于降低公司资产风险，畅通的融资渠道有助于降低公司的资产风险水平。该研究结论对我国地方政府投资形式和运作具有一定的实践指导意义。

英文摘要：

Based on the actual operation of the company and a large number of literature, this paper analyses governance structure, the degree of marketization of investment decision-making, management level, and financing channels of local government investment compa- ny, together with relationship between these factors and assets risk in China by building structural equation model of Influencing Factors of assets risk of local government investment company. It is found that the degree of marketization of investment decision-making can indirectly influence the assets risk of local government Investment Company in China, via its assets structure. The proportion of public welfare projects of whole assets has positive correlation with the company＇ s assets risk. To raise the level of management or increase the financing channels can reduce the company＇ s assets risk.