I 摘要 地方政府融资平台伴随着以上世纪九十年代初土地财政模式的逐渐成熟，逐步成为 了地方政府融资的重要工具。但地方政府融资平台的过度膨胀式发展，引起了监管层的 高度重视，各项制度集中出台使得融资平台的监管越来越严格。而 XX 城投集团作为一 家集城市开发建设投融资、国有资产运营为一体的地方政府融资平台，存在着融资渠道 单一、偿债能力不足、投融资缺乏规划、市场化程度与产业培育能力较低等问题，在新 形势下使得其转型需求变得迫在眉睫。 本文基于 XX 城投集团的实际情况和转型发展的客观需求，运用文献研究法、调查 分析法和 SWOT 分析法，按照发现问题到分析问题最终解决问题的研究思路。从公司 的发展现状入手，通过实地走访、调查和搜集其相关资料，分析 XX 城投集团的发展现 状和其面临的问题以及产生问题的原因。借助 SWOT 分析法分析公司内外环境后提出 企业转型发展策略，并提出转型发展相关的保障措施。 研究发现 XX 城投集团的转型发展需要从经营模式转型、融资能力提升、优化资产 管理和加强风险控制四个方面作为其转型发展策略，并以政策财力、管理体制、人才队 伍和企业文化四个方面作为转型发展的保障措施，从而为 XX 城投集团及其他地方政府 融资平台在新形势下的转型发展提供创新的、可行的、具体的建议和思路。 关键词，地方政府融资平台，转型， XX 城投集团西北大学硕士学位论文 IIII ABSTRACT The local government financing platform has gradually become an important tool for local government financing with the gradual maturity of the land finance model in the early 1990s. However, the excessive expansion of the local government financing platform has attracted the attention of the regulatory authorities. The centralized introduction of various systems has made the supervision of financing platforms more and more strict. As a local government financing platform integrating urban development, construction, investment and financing, and state-owned assets, XX City Investment Group has a single financing channel, insufficient solvency, lack of investment and financing planning, marketization and low industrial cultivation capacity. And other issues, in the new situation, making its transformation needs become urgent. Based on the actual situation of XX City Investment Group and the objective needs of transformation and development, this paper uses literature research method, investigation analysis method and SWOT analysis method, and follows the research ideas of finding problems and analyzing problems finally. Starting from the development status of the company, through the field visit, investigation and collection of relevant information, analyze the development status of XX City Investment Group and the problems it faces and the causes of the problems. After analyzing the internal and external environment of the company with SWOT analysis, the paper proposes the strategy of enterprise transformation and development, and proposes the safeguard measures related to transformation and development. The study found that the transformation and development of XX City Investment Group needs to be transformed into four strategies: transformation of business model, improvement of financing capacity, optimization of asset management and strengthening of risk control. It is based on policy and financial resources, management system, talent team and corporate culture. As a safeguard for transformation and development, it provides innovative, feasible and concrete suggestions and ideas for the transformation and development of XX City Investment Group and other local government financing platforms under the new situation. Keywords: Local government financing platform, transformation, XX City Investment Group,摘要 III 目 录 摘要...................................................................................................................................I ABSTRACT.......................................................................................................................II 目 录.................................................................................................................................III 第一章 绪论.......................................................................................................................1 1.1 选题背景及意义.......................................................................................................1 1.1.1 选题背景............................................................................................................1 1.1.2 选题意义............................................................................................................2 1.2 研究思路与方法.......................................................................................................2 1.2.1 研究思路............................................................................................................2 1.2.2 研究方法............................................................................................................3 1.3 研究内容与框架.......................................................................................................3 1.3.1 研究内容............................................................................................................3 1.3.2 研究框架............................................................................................................4 1.4 特色与主要贡献.......................................................................................................6 第二章 相关理论与文献综述...........................................................................................7 2.1 相关理论...................................................................................................................7 2.1.1 公共产品融资理论............................................................................................7 2.1.2 产权理论与超产权理论....................................................................................7 2.1.3 地方官员晋升激励理论....................................................................................8 2.1.4 金融监管理论....................................................................................................8 2.2 文献综述...................................................................................................................9 2.2.1 国外相关文献综述............................................................................................9 2.2.2 国内相关文献综述..........................................................................................10 第三章 XX 城投集团发展现状、问题及原因分析......................................................13 3.1 XX 城投集团发展现状..........................................................................................13 3.1.1 概况.................................................................................................................13 3.1.2 企业组织构架..................................................................................................13西北大学硕士学位论文 IV 3.1.3 企业财务状况..................................................................................................14 3.2 XX 城投集团发展存在的问题..............................................................................16 3.2.1 融资渠道单一.................................................................................................16 3.2.2 偿债能力不足..................................................................................................17 3.2.3 投融资缺乏规划..............................................................................................17 3.2.4 市场化程度与产业培育能力较低..................................................................18 3.3XX 城投集团存在问题的原因分析.......................................................................18 3.3.1 政策监管日益趋紧..........................................................................................18 3.3.2 体制机制不健全..............................................................................................19 3.3.3 企业定位不清晰..............................................................................................19 3.3.4 自身发展的不足..............................................................................................20 第四章 XX 城投集团转型发展的 SWOT 分析............................................................ 22 4.1 优势分析.................................................................................................................22 4.1.1 市场化经营意识..............................................................................................22 4.1.2 持续融资能力强..............................................................................................22 4.1.3 企业发展潜力较大..........................................................................................23 4.2 劣势分析.................................................................................................................23 4.2.1 存量债务负担严重..........................................................................................23 4.2.2 经营性业务起步较晚......................................................................................24 4.2.3 资产质量不高，资源利用效率较低..............................................................24 4.3 机会分析.................................................................................................................25 4.3.1 区域发展潜力巨大..........................................................................................25 4.3.2 地方政府大力支持..........................................................................................25 4.3.3 公司项目储备充足..........................................................................................26 4.4 威胁分析.................................................................................................................26 4.4.1 国家监管政策趋严..........................................................................................26 4.4.2 区内企业竞争激烈..........................................................................................27 4.4.3 区内互保额度较高..........................................................................................27 第五章 XX 城投集团转型发展策略..............................................................................29 5.1XX 城投集团转型发展的目标、原则与基本思路...............................................29ABSTRACT V 5.1.1 转型发展的目标..............................................................................................29 5.1.2 转型发展的原则..............................................................................................29 5.1.3 转型发展的基本思路......................................................................................29 5.2 经营模式转型.........................................................................................................30 5.2.1 经营市场化......................................................................................................30 5.2.2 经营多元化......................................................................................................30 5.2.3 经营产业化......................................................................................................31 5.3 融资能力提升.........................................................................................................31 5.3.1 创新融资方式..................................................................................................31 5.3.2 拓宽融资渠道..................................................................................................33 5.4 优化资产管理策略.................................................................................................33 5.4.1 加强资产管理意识..........................................................................................33 5.4.2“三分法”重组资产.......................................................................................34 5.4.3 盘活企业现有资产..........................................................................................34 5.5 加强风险控制.........................................................................................................34 5.5.1 经营风险控制..................................................................................................34 5.5.2 债务风险控制..................................................................................................35 5.5.3 信用风险控制..................................................................................................36 第六章 XX 城投集团转型发展保障措施......................................................................37 6.1 政策财力支持.........................................................................................................37 6.1.1 政策扶持..........................................................................................................37 6.1.2 财力支持..........................................................................................................37 6.2 管理体制保障.........................................................................................................37 6.2.1 完善管理体系..................................................................................................37 6.2.2 重建组织构架..................................................................................................38 6.3 人才队伍保障.........................................................................................................38 6.3.1 强化人才队伍建设..........................................................................................38 6.3.2 优化薪酬考核体系..........................................................................................39 6.4 企业文化保障.........................................................................................................39 6.4.1 树立企业文化..................................................................................................39西北大学硕士学位论文 VI 6.4.2 加强品牌意识..................................................................................................40 第七章 总结与展望.........................................................................................................41