长期以来，地方政府投融资平台承载了中国经济发展与城市建设的动力之所 在，作为区域经济及城市建设中最活跃也颇受诟病的融资平台，其被一致认为是 城建助力经济发展的“铁骑军”。然而，随着中国经济进入新常态，地方政府投 融资平台由于受外在市场环境和自身发展与融资要求的双重压力，其传统的发展 模式已难以为继，转型迫在眉睫。而地市级城市投资平台作为地方融资平台的重 要组成部分，在国家强化债务风险监管、加快推进融资平台向市场化运营转型的 宏观背景下，探索市级城市投资平台的转型策略及保障措施，对于防范与化解地 方债务风险、促进中国经济长期健康稳定发展具有一定的理论和现实指导意义。 湘潭地产集团经营有限公司（以下简称“湘潭地产集团”）受湖南省湘潭市 人民政府委托，负责湘潭市的基础设施建设投资、土地经营、资产管理、房地产 开发等，是湘潭市实现城市土地资源可持续利用的重要载体。然而，自建立以来， 湘潭地产集团局限于为地方政府融资等政策性工作,承接的基本都是政府性项目 工程，显然，公司过去的运营模式已不适应目前经济背景下进一步发展的需求。 在新的宏观环境下，市场化转型是湘潭地产集团实现可持续发展的必然要求。论 文试图对投融资平台市场化运营策略进行研究，解放思想，拓宽思路，为湘潭地 产集团转型为以片区综合开发和产业运营为主业的市场运作国有企业献计献策。 本文主要做了以下五部分工作：首先，本文整理了政府投融资公司市场化运营的 相关理论，构建了本文的理论基础；其次，从湘潭地产集团历史沿革、组织结构、 业务板块、财务状况四个方面进行分析，考察湘潭地产集团的运营现状并提出运 营中存在的问题；第三，通过对湘潭地产集团市场化运营微观环境进行分析和国 内外六个成熟案例进行案例分析，总结各国或各地区城市投资模式的特征和优缺 点，为湘潭地产集团市场化运营转型提供思路并得出转型的方向；第四，根据转 型目标和要求，提出湘潭地产集团市场化运营的策略，包括推进政企分开、业务 多元化、拓宽融资渠道、完善公司治理结构、风险监管等；最后，综合全文的分 析，从寻求政策支持和人才保障两个维度提出湘潭地产集团市场化运营的保障措 施。 论文通过对湘潭地产集团经营现状及存在问题的分析，得出地产集团市场化 转型的方向，但转型受公司自身条件、政策、资源等诸多因素影响，论文中并未 对政策预期及实施效果等作出足够多的探索和讨论，个人认为仍然有很大的改进 空间，希望论文能为湘潭地产集团向市场化运营转型提供思路和借鉴。 关键词：湘潭地产集团；市场化运营；转型II Abstract For a long time, the local government investment and financing platform has carried the driving force of China's economic development and urban construction. As the most active and criticized financing platform in regional economic and urban construction, it is unanimously regarded as the “iron ride” for urban construction to help economic development. military. However, with the Chinese economy entering a new normal, the local government investment and financing platform is under the pressure of the external market environment and its own development and financing requirements, its traditional development model has been unsustainable, and the transformation is imminent. As an important part of the local financing platform, the prefecture-level city investment platform explores the transformation strategy and safeguard measures of the municipal-level urban investment platform under the macro background of strengthening the debt risk supervision and accelerating the transformation of the financing platform to market-oriented operation. It has certain theoretical and practical guiding significance for preventing and defusing local debt risks and promoting the long-term healthy and stable development of China's economy. Xiangtan Real Estate Group Management Co., Ltd. (hereinafter referred to as “Xiangtan Real Estate Group”) was entrusted by the Xiangtan Municipal People's Government of Hunan Province to be responsible for infrastructure investment, land management, asset management and real estate development in Xiangtan City. It is the realization of urban land resources in Xiangtan City. An important carrier for sustainable use. However, since its establishment, Xiangtan Real Estate Group has been limited to policy work such as financing for local governments. The basic projects are government project projects. Obviously, the company's past operating model has not adapted to the needs of further development under the current economic background. In the new macro environment, market-oriented transformation is an inevitable requirement for Xiangtan Real Estate Group to achieve sustainable development. The paper attempts to study the market-oriented operation strategy of investment and financing platform, emancipate the mind, broaden the thinking, and contribute to the transformation of Xiangtan Real Estate Group into a state-owned enterprise operating in the market with integrated development and industrial operation. This paper mainly does the following five parts: Firstly, thisIII paper sorts out the relevant theories of the market-oriented operation of government investment and financing companies, and builds the theoretical basis of this paper. Secondly, from the history, organizational structure, business sector and financial status of Xiangtan Real Estate Group Analyze the aspects of the operation of Xiangtan Real Estate Group and discuss the problems existing in the operation. Third, through the analysis of the micro-environment of the market operation of Xiangtan Real Estate Group and the case studies of six mature cases at home and abroad, sum up the countries or The characteristics, advantages and disadvantages of the regional urban investment model provide ideas for the transformation of the market operation of Xiangtan Real Estate Group and derive the direction of transformation. Fourth, according to the transformation objectives and requirements, the strategy of market operation of Xiangtan Real Estate Group is proposed, including promoting the government and enterprises. Separate, diversify business, broaden financing channels, improve corporate governance structure, risk supervision, etc. Finally, comprehensive analysis of the full text, from the perspective of seeking policy support and talent protection, put forward the safeguard measures for the market operation of Xiangtan Real Estate Group. Through the analysis of the current situation and existing problems of Xiangtan Real Estate Group, the paper draws the direction of market transformation of real estate group, but the transformation is affected by the company's own conditions, policies, resources and other factors. The paper does not have policy expectations and implementation effects. After making enough exploration and discussion, I personally think that there is still a lot of room for improvement. I hope that the paper can provide ideas and reference for Xiangtan Real Estate Group to transform into market-oriented operation. Keywords：Xiangtan Real Estate Group;market operation; transformationIV 目录 摘要................................................................................................................................ I Abstract........................................................................................................................II 第 1 章 绪论..................................................................................................................1 1.1 选题背景...........................................................................................................1 1.2 研究目的及意义...............................................................................................2 1.2.1 研究目的.................................................................................................2 1.2.2 研究意义.................................................................................................2 1.3 国内外研究现状..............................................................................................2 1.3.1 关于地方政府投融资平台运营模式研究.............................................3 1.3.2 关于地方政府投融资平台转型研究.....................................................3 1.3.3 关于地方政府投融资平台风险研究.....................................................4 1.3.4 关于地方政府投融资平台监管研究............................................