-I- 摘要 秦皇岛城市发展投资控股集团有限公司(城发集团)的前身是秦皇岛城市投资有 限公司，是典型的政府融资平台。2014年12月，根据《秦皇岛 市人民政府关于整合 城发集团划转资产的批复》[2014]56号批复，对市级城建资产进行整合，组建新城 发集团。本论文的提出主要考虑到，科学系统的投资策略研究应该有高度 、能落地， 既要符合秦皇岛城市发展投资控股集团有限公司的发展战略全局，又要对集团发展 中出现的具体问题进行深入研究，并提出解决方案。 首先，本论文对国内外国有投 资类企业发展的背景和意义，投资策略研究的现 状进行了介绍。其次，对城发集团现行的投资项目进行了深入分析，包括集团概况、 投资项目的基本情况和现行投资存在的五个 方面的主要问题，即：投资行为的非市 场化、投资方向不够清晰、投资风险控制能力不足、投资决策机制不健全和投资人 才匮乏等方面。第三，针对存在问题，提出了投资策略 制定的前提、目标、原则、 基本思路以及针对不同类别的投资项目的具体策略。最后，对投资管理体系、融资 模式设计和风险预警体系等方面进行了论述，提出了实现投资策略 的保障措施。 在论文写作过程中，运用了文献研究法、实地调研法和案例研究法，充分吸收 国有投融资平台公司转型发展和国有企业改革相关理论与实践研究成果，并通过对 政 府部门、集团内部部门和下属企业的走访和对集团公司现有投资项目的分析和研 究，最终确定了适合企业实际需求的投资策略。本论文是对秦皇岛城发集团近期及 中长期投资策 略的研究，是对集团发展全局进行的系统思考，力争通过投资策略研 究，明确功能定位、确定发展目标、找准发展路径、制定发展措施，并随着战略规 划的实施再逐步制定、完 善相关的工作计划或方案。 关键词：秦皇岛城发集团；融资平台；投资策略；战略规划 燕山大学工商管理硕士学位论文 -II- Abstract ThepredecessorofQinhuangdaoCityDevelopmentInvestmentHoldingGroup Limited.(CDG)isQinhuangdaoCityInvestmentLimited,whichisatypicalgovernment investmentunit.InDecember2014,accordingto“QinhuangdaoMunicipalPeople's Government'sReplyontheIntegrationofCDGandTransferofAssets”,[2014]No.56 Reply,thenewCDGwasfoundedbyintegratingmunicipallevel’scityconstructionassets. Thepresentationofthispapermainlyconsiderstheresearchonscientificandsystematic investmentstrategyshouldbehighleveledandpractical.Itshouldconsidernotonlythe overalldevelopmentstrategyonQinhuangdaoCityDevelopmentInvestmentHolding GroupLimited,butalsothein-depthresearchonthespecificproblemsalongwith developmentofthegroup,andproposesolutions. Intheprocessofdraftingthepaper,firstly,itintroducesthebackgroundand significanceofthedevelopmentofstate-ownedinvestmententerprisesathomeandabroad andthecurrentsituationofinvestmentstrategyresearch.Secondly,itmakesanin-depth analysisofthecurrentinvestmentstrategyofCDG,includingthegeneralsituationofthe Group,thebasicsituationofinvestmentprojectsandthemainproblemsexistinginthe currentinvestmentstrategy,includingthenon-marketizationofinvestmentbehavior, unclearinvestmentdirection,insufficientinvestmentriskcontrolcapability,unsound investmentdecision- makingmechanismandinsufficientinvestmenttalents.Third,inview oftheexistingproblems,combinedwiththerelevantresearchonoptimizingthe investmentstrategyofCDGinrecentyears,thispapermainlystudiesthespecific investmentdirection,investmentmanagementmechanismprocess,financingmodedesign andriskearlywarningsystemfromthepremise,objectives,principlesandspecific strategiesfordifferenttypesofinvestmentprojects.Finally,thepaperputsforwardthe safeguardmeasurestorealizetheoptimizationofinvestmentstrategy. Inthedraftingprocess,theliteraturesresearchmethod,surveyanddiscussionmethod andcasesresearchmethodareused.Theoreticalandpracticalresearchresultsofthe transformationanddevelopmentofstate-ownedinvestmentunitsandreformof Abstract -III- state-ownedenterprisesarefullyabsorbed.Throughthevisitstogovernmentdepartments, groupinternaldepartmentsandsubordinateenterprises,theanalysisandresearchonthe group’sexistinginvestmentprojects,andthefocuseddiscussionswithpertinence,the investmentstrategies,whichcanfitfortheneedsoftheenterprise,arefinallydetermined. Thispaperisastudyontheshort-term,mid-termandlong-terminvestmentstrategiesof QinhuangdaoCDGandasystematicthinkingonthegroup’soveralldevelopment.It strivestoclarifyfunctionalpositions,identifydevelopmentgoals,determinedevelopment paths,andformulatedevelopmentmeasuresthroughtheresearchoninvestmentstrategies, andgraduallyformulatesandimprovestherelevantworkplansorschemeswiththe implementationofstrategicplans. Keywords: QinhuangdaoCityDevelopmentInvestmentHoldingGroupLimited; Financingplatform;InvestmentStrategy;Strategicplanning 目 录 -V- 目录 摘要.....................................................................................................................................I ABSTRACT...........................................................................................................................II 第1章绪 论....................................................................................................................1 1.1研究背景及研究意 义...............................................................................................1 1.1.1研究背 景..............................................................................................................1 1.1.2研究意 义..............................................................................................................2 1.2国内外研究现 状.......................................................................................................2 1.2.1国外研究现 状.....................................................................................................2 1.2.2国内研究现 状.....................................................................................................4 1.2.3国内外研究评 述.................................................................................................5 1.3研究内容和研究方 法...............................................................................................5 1.3.1研究内 容..............................................................................................................5 1.3.2研究方 法..............................................................................................................6 第2章概念界定与理论基 础.............................................................................................7 2.1相关概 念....................................................................................................................7 2.1.1投资策 略..............................................................................................................7 2.1.2企业战略管 理.....................................................................................................7 2.1.3政府融资平 台.....................................................................................................8 2.2相关理 论....................................................................................................................8 2.2.1财政事权理 论.....................................................................................................8 2.2.2国企改革理 论.....................................................................................................9 2.2.3企业可持续发展理 论.........................................................................................9 2.2.4风险管理理 论...................................................................................................10 2.3本章小 结..................................................................................................................10 第3章秦皇岛城发集团投资项目分 析..........................................................................11 3.1城发集团概 况..........................................................................................................11 3.1.1基本情 况............................................................................................................11 3.1.2资产状 况............................................................................................................11 3.1.3债务状 况....................