摘要 近年来，我国城市化进程与政府投融资体制改革迅速推进，促使我国城投公 司得到迅猛发展。1994年，我国开始全面推行财税制度改革，地方政 府事权与财 权不匹配的问题逐渐凸显出来，加之《中华人民共和国预算法》于1995年出台后， 地方政府债券发行受到严重限制，可用资金大幅缩减，各地为进一步推动经济发 展 ，开始积极寻求新的融资渠道，以期缓解城市建设的资金匮乏。在这种背景下， 能够代替地方政府开展投融资活动的城投公司应运而生，它们为全面推进我国的 城市建设作出了 巨大的贡献。但随着城投公司不断的扩张，给地方政府又带来了 一系列的债务问题，且由城投公司形成的债务占政府整体债务的比例逐年提高。 财政部、银监会等国家有关部门 相继下发了一系列文件，旨在规范城投公司运作 并加强对地方政府投融资活动的监管，至此，中央对投融资平台的政策开始由鼓 励变为收紧。党的十九大以来，国家针对地方政 府债务继续加大监管砝码，当前， 政府债务带来的财政金融风险已成为我国经济运行中最主要的风险之一。为“守住 不发生系统性金融风险的底线”，未来，央行等金融监管部 门将着力推进地方政府 融资平台去杠杆，城投公司亟需通过转型实现自身的可持续发展。 本文通过实证分析，以乌鲁木齐城市建设投资（集团）有限公司（以下简称“乌 城投” ）的实际情况为基础，通过对其发展现状、所在区域经济情况及面临的困境、 问题的总结，并结合SWOT工具分析了公司的优势、劣势、机会、威胁，提出公 司转型发展的路径策 略与保障措施，为其在当前环境下的转型发展提供了具体的 思路、建议，以期为乌城投公司和其他地方政府投融资平台的转型发展提供启发。 关键词:城投公司;转型发展;策略 I Abstract II Abstract Inrecentyears,China'surbanizationprocessandthereformofthegovernment's investmentandfinancingsystemhavebeenrapidlypromoted,whichhaspromotedthe rapiddevelopmentofChina'surbaninvestmentcompanies.In1994,Chinabeganto comprehensivelyimplementthereformofthefiscalandtaxationsystem.Afterthe promulgationoftheBudgetLawofthePeople'sRepublicofChinain1995,theissuance oflocalgovernmentbondswasseverelyrestricted,andtheavailablefundswere significantlyreduced.Tofurtherpromoteeconomicdevelopment,variousregionsbegan toactivelyseeknewfinancingchannelsinordertoalleviatethelackoffundsforurban construction.Underthisbackground,urbaninvestmentcompaniesthatcanreplacelocal governmentstocarryoutinvestmentandfinancingactivitiescameintobeing.Theyhave madetremendouscontributionstotheoverallpromotionofChina'surban construction.Butwiththecityinvestmentcompany'scontinuousexpansion,ithas broughtaseriesofdebtproblemstolocalgovernments,andtheproportionofdebt formedbyurbaninvestmentcompaniestothewholegovernmentdebthasincreased yearbyyear.Tothisend,theMOF,theCBRCandtheotherrelevantstatedepartments haveissuedaseriesofdocumentsaimedatregulatingurbaninvestmentcompanies,so thatthecentralpolicyoninvestmentandfinancingplatformsbegantochangefrom encouragementtotightening.Sincetheparty's19thCPCNationalCongress,thestate hascontinuedtoincreaseitsregulatoryleverageoverlocalgovernmentdebt,whichis nowasourceofwealthPoliticalfinancialriskhasbecomeoneofthemostimportant risksinChina'seconomicoperation.Inorderto"keepthebottomlineofavoiding systemicfinancialrisks",inthefuture,financialregulatorssuchascentralbankswill focusonpromotingthedeleveragingoflocalgovernmentfinancingplatforms,and urbaninvestmentcompaniesurgentlyneedtorealizetheirownsustainabledevelopment throughmarket-orientedtransformation. BasedontheactualsituationofUrumqiCityConstructionInvestment(Group)Co., Ltd(hereinafterreferredtoas"theUrumqiCityConstructionInvestmentCompany"), thispaperputsforwardthepathstrategyandsafeguardmeasuresofthecompany's transformationanddevelopment,combiningwiththeSWOTanalysisofthecompany's Abstract III currentadvantages,disadvantages,opportunitiesandthreats,andprovidesconcrete ideasandsuggestionsforitstransformationanddevelopmentunderthecurrent environment,inordertoprovideinspirationforthetransformationanddevelopmentof theUrumqiCityConstructionInvestmentCompanyandotherlocalgovernment investmentandfinancingplatforms. KeyWords:CityInvestmentCorporation;TransformationandDevelopment; Strategy 目录 IV 目录 第1章绪 论.....................................................................................................................1 1.1选题背景与研究意 义...........................................................................................1 1.1.1选题背 景.......................................................................................................1 1.1.2研究意 义.......................................................................................................1 1.2文献综 述...............................................................................................................2 1.2.1国外相关研 究...............................................................................................2 1.2.2国内相关研 究...............................................................................................3 1.3文献综述评 价.......................................................................................................4 1.4研究方法及思 路...................................................................................................4 1.4.1研究方 法.......................................................................................................4 1.4.2研究思路及论文框 架...................................................................................5 1.5本文的创新点及不 足...........................................................................................5 第2章相关概念及理论基 础.........................................................................................6 2.1基本概 念...............................................................................................................6 2.1.1地方政府融资平 台.......................................................................................6 2.1.2政府性债 务...................................................................................................6 2.2理论基 础...............................................................................................................7 2.2.1财税分权理 论...............................................................................................7 2.2.2现代企业理 论...............................................................................................7 第3章我国城投平台发展背景及转型发展的必要 性.................................................8 3.1城投平台发展概 述...............................................................................................8 3.1.1城投平台发展历 程.......................................................................................8 3.2城投平台转型发展的必要 性.............................................................................10 3.2.1内部困 境.....................................................................................................10 3.2.2外部困 境.....................................................................................................11 第4章乌城投公司发展现状及所在区域财政情 况...................................................14 4.1乌城投公司简 介.................................................................................................14 4.2乌城投公司现 状.................................................................................................15 4.2.1公司职能定位情 况.....................................................................................15 4.2.2公司业务经营情 况.....................................................................................15 目录 V 4.2.3公司财务情 况.............................................................................................16 4.2.4公司融资情 况.............................................................................................18 4.3所在区域财政情 况.............................................................................................21 第5章乌城投公司面临的困境与问 题................................................................