中文摘要：

地方融资平台债务是构成我国宏观经济风险的重要因素之一,现有研究大多关注总体债务水平而忽视了不同级别融资平台存在的差异。利用安徽省35家融资平台2001—2012年财务数据,对省级、市级融资平台在事权、融资能力与资产负债率存在的差异进行分析,结果显示：市级融资平台比省级融资平台获得了更多的政府补贴;省级融资平台银行借款融资比例高于市级融资平台;由于投资规模较大、盈利能力弱、负债融资能力强等原因,省级融资平台比市级融资平台有更高的资产负债率。

英文摘要：

Local financing platform debt is one of important macro-economic risks of our country. Existing documents pay attention to the whole debt level of financing platforms, while ignoring the difference among different levels of financing platforms. Using financial data of 35 financing platforms of Anhui Province （during 2001-2012） , we hold an empirical research on the differences among responsibility, financing ability and debt ratio between provincial and regional financing platforms. We find：regional platforms get more subsidy from government than provincial platforms; provincial platforms have higher bank loan financing ratio than regional platforms; due to larger investment scale, low profitability and strong debt financing ability, provincial platforms have higher debt ratio than regional platforms.