：目前，地方政府投融资平台面临监管趋严及地方建设融资需求增 长的双重压力。中西部市、县投融资平台普遍政企不分，偿债能力低，被 淘汰的可能大，因此迫切需转型发展。A市发展投资集团有限公司现有债 务额33.84亿元，负债额较高，加之债务与资产不匹配等情况使其存在转 型发展的必要性。且考虑到其现有债务中的政府债务8.03亿元，相对其 他政府融资平台，其债务额相对较低，所以，只要化解政府债务，其转型 的成功率非常高。但其转型过程中也必面临一些实际问题，需探索适合其 发展的转型路径，以进一步防范地方性债务风险，推动其成功转型，实现 自主经营、自负盈亏。 本文基于投融资平台转型理论，综合运用文献分析法、个案研究法、 调研法等，以A市发展投资集团有限公司为例，着眼于其发展现状，使 用PEST、SWOT分析工具，结合基本经营数据分析其战略转型的必要性， 并进一步分析其转型的可行性，继而提出转型策略，并进行转型前后的预 期效果分析，旨在助力A市发展投资集团有限公司的转型实践。研究指 出，A市发展投资集团有限公司的发展瓶颈在于：公司治理不佳导致债务 存量债务多监控失效、经营效益下滑严重、主体责任不明、融资求道过窄， 所以，系统分析转型的必要性与可行性的基础上，本文认为，A市发展投 资集团有限公司应着力于下述加强加强战略转型：加强内部资源整合、从 投资平台向多元化经营实体转型、对接资本市场、加强互联网+业务与智 慧产业投资。 本研究一方面有利于A市发展投资集团有限公司成功转型，实现可持 续发展；另一方面，也可为其他同类型的投融资平台的转型发展提供有益 的借鉴。 关键词：政府投融资平台；城市发展投资集团；转型路径 STUDY ON THE TRANSFORMATION PATH OF A CITY DEVELOPMENT INVESTMENT GROUP CO.,LTD Yifang Tang (MBA) Directed by Heshan Guan Abstract:At present, local government investment and financing platforms are facing double pressures of stricter supervision and increasing demand for local construction and financing. The investment and financing platforms in the central and western cities and counties are generally divided between government and enterprise, with low solvency and the possibility of being eliminated, so it is urgent to transform and develop. The current debt of a city development Investment Group Co., Ltd. is 3.384 billion yuan, which is relatively high. In addition, the mismatch between debt and assets makes it necessary to transform and develop. And considering the government debt of 803 million yuan in its existing debt, compared with other government financing platforms, its debt amount is relatively low, so as long as the government debt is resolved, its transformation success rate is very high. However, in the process of its transformation, it must also face some practical problems. It is necessary to explore a transformation path suitable for its development, so as to further prevent local debt risks, promote its successful transformation, and realize independent operation and self financing. Based on the theory of investment and financing platform transformation, this paper comprehensively uses literature analysis, case study, research, etc., Taking Hengyang Development Investment Group Co., Ltd. as an example, focusing on its development status, using pest, SWOT analysis tools, combining with basic business data to analyze the necessity of its strategic transformation, and further analyzes the feasibility of its transformation, and then puts forward transformation strategies, and The purpose of the analysis is to help Hengyang Development Investment Group Co., Ltd. The research points out that the bottleneck of the development of Hengyang Development Investment Group Co., Ltd. lies in the following aspects: the poor corporate governance leads to the failure of debt stock debt monitoring, the serious decline of operating efficiency, the unclear responsibility of the main body, and the narrow financing path. Therefore, based on the systematic analysis of the necessity and feasibility of the transformation, this paper holds that Hengyang Development Investment Group Co., Ltd. should focus on the following We must strengthen the strategic transformation: strengthen the integration of internal resources, transform from investment platform to diversified business entities, docking capital markets, and strengthen investment in Internet plus business and smart industry. On the one hand, this study is conducive to the successful transformation of a city development Investment Group Co., Ltd. to achieve sustainable development; on the other hand, it can also provide useful reference for the transformation and development of other similar investment and financing platforms. Keywords: [Government Investment and Financing Platform] [Urban de velopment investment group] [Transformation path] IX 目 录 摘要..............................................................................................................................IV Abstract........................................................................................................................VI 第１章 绪 论............................................................................................................1 1.1 选题背景与意义...............................................................................................1 1.1.1 选题背景.....................................................................................................1 1.1.2 选题意义.....................................................................................................1 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.............................................................................................3 1.2.3 国内外研究述评.........................................................................................5 1.3 研究内容与方法...............................................................................................6 1.3.1 研究内容.....................................................................................................6 1.3.2 研究方法.....................................................................................................8 1.4 研究特色...........................................................................................................8 第2章 概念与理论基础............................................................................................9 2.1 主要概念...........................................................................................................9 2.1.1 地方政府融资平台的内涵.........................................................................9 2.1.2 地方政府融资平台的功能.........................................................................9 2.1.3 地方政府融资平台的分类.........................................................................9 2.2 主要理论.........................................................................................................10 2.2.1 委托代理理论...........................................................................................10 2.2.2 战略转型理论...........................................................................................11 第3章 A市发展投资集团有限公司转型的内外部环境分析..............................13 3.1 A市发展投资集团有限公司转型的外部环境分析.....................................13 3.1.1 宏观环境分析...........................................................................................13 3.1.2 微观环境分析...........................................................................................15 3.2 A市发展投资集团有限公司转型的内部环境分析...................................17 3.2.1 公司简介...................................................................................................17 X 3.2.2 组织架构...................................................................................................18 3.2.3 运营情况分析...........................................................................................18 第4章 A市发展投资集团有限公司转型的必要性与可行性分析......................22 4.1 A市发展投资集团有限公司发展