地方政府融资平台是指经政府授权委托，通过财政划拨或者注入土地权益等 资产而设立的，负责城市资产的投资运营并承担城市资产优化配置责任的国有投 资公司。20世纪90年代以来，许多城市为拓宽城建资金来源，相继成立了集融 资、建设、经营和债务偿还为一体的投资公司作为融资平台，以实现政府市场化 融资目的，融资平台在推动城市面貌改善和经济快速发展当中发挥了重要作用。 随着新时代国企改革和城建投融资体制改革的日益深化，加快推进政府融资平台 公司战略转型升级，使其真正走向市场化、产业化、实体化运营已成大势所趋。 论文从运营战略的理论视角出发，通过采用文献研究法、案例分析法、SWOT 分析法等研究方法，选择地方政府融资平台这一类兼具公益性和功能属性的半市 场化企业进行研究，充分借鉴当前国内外具有代表性的政府投融资平台的运营模 式及其成功经验用于指导本论文的案例分析。论文以JH融资平台公司作为研究 对象，详细介绍了公司的基本情况、主营业务模式、财务运行状况及公司当前运 营战略定位及运营发展目标等，着重从公司内部治理、人力资源、投资运营、资 产运营和融资举债等内部运营现状入手进行阐述分析，在此基础上通过运用 PEST和SWOT分析法，对影响JH融资平台公司运营战略优化的政策环境、经济 形势、社会因素、区域经济和财政实力等外部运营环境进行战略分析，指出公司 在市场化转型过程中所面临的外部机遇与威胁，存在的自身优势和劣势。通过对 JH融资平台公司内外部运营环境的战略综合分析和运营战略重新定位，明确公 司市场化战略转型方向与目标，并分阶段提出公司运营战略的优化实施途径。最 后，分别从完善公司内部组织结构，健全人力资源管理，优化运营机制、运营流 程与运营模式等方面，全面系统构建公司运营战略新的支撑体系，从而实现JH 融资平台公司的市场化转型升级。 论文的研究在一定程度上为JH融资平台公司的运营发展和战略转型升级提 供了指导与借鉴，同时也可为国内同类型融资平台公司实现其社会效益和自身经 济效益的平衡发展，提供可具操作性的现实路径。 关键词：政府融资平台；运营战略；SWOT分析；市场化转型 III Abstract Localgovernmentalinvestmentandfinancingplatformsrefertowholly state-ownedcompaniesestablishedupongovernmentalapprovalthrough government-authorizedfinancialallocationorinvestmentoflandequity,responsible forinvestmentandoperationactivitiesformunicipalassetsaswellasmunicipalasset optimization.Since1990s,investmentcompaniesthatintegratefinancing,urban constructionandoperationwithdebtredemptionhavebeenestablishedasfinancing platformsinagreatnumberofcitiesforthepurposeofexpandingsourceoffundsand achievingmarket-basedfinancing.Financingplatformplaysanimportantrolein promotingtheimprovementofurbanappearanceandrapideconomicdevelopment. Withthedeepeningofthereformofstate-ownedenterprisesandthereformofurban constructioninvestmentandfinancingsysteminthenewera,ithasbecomeageneral trendtoacceleratethetransformationandupgradingofgovernmentfinancing platformcompaniessoastomakethemtrulymarket-oriented,industrializedand substantiveoperation. Inthispaper,fromthetheoreticalpointofviewofoperationstrategy,byusing themethodsofliteratureresearch,caseanalysisandSWOTanalysis,Choosingthe localgovernmentfinancingplatformasakindofsemi-marketenterpriseswithboth publicwelfareandfunctionalattributestostudy,andfullydrawlessonsfromthe currentdomesticandforeignrepresentativegovernmentinvestmentandfinancing platformoperationmodeanditssuccessfulexperiencetoguidethecaseanalysisof thispaper.AcasestudywasperformedusingJHplatformcompanyasanexampleto introducedthecompany'sbasicsituation,businessportfolio,assetandfinance managementstatus,andthecompany'scurrentoperationalstrategypositioningand operationaldevelopmentgoals.Theauthoralsofocusontheinternaloperationstatus likeinternalcorporategovernance,humanresources,investmentoperations,asset operation,financingandborrowing.Basedontheanalysis,PESTandSWOTanalysis methodwasusedtofullyillustrateexternaloperationelementsthataffect optimizationoffinancingplatformstrategies,suchaspolicyenvironment,economic status,socialfactors,regionaleconomyandfinancialstrength.Soastopinpointthe companyisfacingexternalopportunitiesandthreatsintheprocessofmarket-oriented transformation,andhasitsownadvantagesanddisadvantages.Finally,theoverall corporatestrategieswererestructured,thestagedoptimizationroadmapforcorporate IV operationalstrategieswasestablishedbasedonsuchstrategyoptimizationgoals. Specifically,optimizationmeasuresforoperationalstrategieswereestablishedfrom theperspectivesofcorporategovernancestructure,humanresourcessystemoperation, corporateoperatingmechanism,operationprocess,andoperationmodestoachieve market-basedupgradeofplatformcompanies. Theauthorhopesthatthisstudywillnotonlyprovideguidanceandreferencefor theoperation,developmentandstrategicupgradeofJHplatformcompany,butalso provideanoperablepathwayforsimilarfinancingplatformcompaniestoreacha balancebetweensocialbenefitandeconomicbenefit. Keywords:GovernmentalInvestmentandFinancingPlatform;operational strategies;SWOTanalysis;market-basedtransformation V 目录 摘要..............................................................................................................................I Abstract.....................................................................................................................III 第1章绪论..................................................................................................................1 1.1研究背景和意义.............................................................................................1 1.1.1研究背景..............................................................................................1 1.1.2研究意义..............................................................................................1 1.2文献综述.........................................................................................................2 1.2.1政府融资平台文献综述......................................................................2 1.2.2运营战略文献综述..............................................................................4 1.3研究方法.........................................................................................................5 1.4研究内容与框架.............................................................................................6 第2章政府融资平台运营战略的理论基础..............................................................8 2.1运营战略概述.................................................................................................8 2.1.1运营战略内涵......................................................................................8 2.1.2运营战略的观点类型..........................................................................9 2.1.3运营战略与运营管理的关系..............................................................9 2.2运营战略相关理论.......................................................................................10 2.2.1权变理论............................................................................................10 2.2.2环境理论............................................................................................10 2.2.3战略柔性理论....................................................................................10 2.2.4战略变革理论....................................................................................10 2.3政府融资平台概述.......................................................................................11 2.3.1政府融资平台的概念界定................................................................11 2.3.2政府融资平台职能特征....................................................................11 2.3.3政府融资平台发展历程....................................................................13 2.4政府融资平台运营模式相关研究...............................................................14 2.4.1上海城投模式....................................................................................14 2.4.2重庆“八大投”模式........................................................................15 2.4.3新加坡“淡马锡”模式....................................................................17 2.4.4经验总结............................................................................................18 第3章JH融资平台公司运营现状分析.....................................................