随着城市建设快速推进,北京在经济增长、社会发展的同时,也面临着人口资源

环境矛盾日益突出的问题。为此,市政府提出建设“城市副中心”的设想,意在将核

心区功能向外转移。通州区承接了建设“城市副中心”的历史重任,工作中的首要问

题就是如何创新融资模式,解决城市建设资金不足问题。

本文采取文献研宄法、案例研宄法、访问调查法等方法,研究城市建设融资领域

的种种问题。首先结合通州实际,对未来三年的融资规模进行测算,随后对通州区近

年来采取的土地储备、平台公司、银信合作等融资模式进行分析,并选取了国内外比

较有代表性的城市建设融资模式进行研究,从中查找问题、借鉴经验。

最后,将政府融资划分为三个阶段,创造性的提出城市建设经营权融资概念,以

新型“政府指导的市场化投融资平台”为手段,来替代传统意义上的“政府主导的政

府投融资平台”这一模式,采取股权、债权以外的第三种模式一一城市建设经营权融

资,吸引社会资本参与城市建设,既解决了区财政投入不足、抵押物短缺等制约问题,

又形成了可复制的融资模式,将政府的注意力从一级市场转移到二级市场,降低政府

对土地财政的依赖,激发市场对二级市场的投资热情,为副中心融资工作的提出了一

种可行的模式。

关键词:城市副中心 融资 模式

Abstract and Key Words

With the comprehensive progress has been made in urbanization, Beijing gained rapid

economic growth and social developments, but the population, resource and environmental

constraints have become more seriously. To solve these problems,the municipal

government envisaged to construct sub-center, aimed to transfer the core functions to the

periphery. Tongzhou District undertakes the historical task, the most important issue is how

to innovate financing model to solve the problem of shortage of funds in the construction

of sub-center.

In this paper, the author tries to study the financing problems of urban construction.

Firstly,based on Tongzhou's realities, the author estimates the scale of financing for the

coming three years, then makes an analysis in land reserves, platform companies, the

cooperation between banks and trust companies, and selects some more representative

models of urban construction financing around domestic and overseas from which to find

the problems, learn experiences .

Finally, divided the government financing into three stages, creatively proposed the

concept that financed with city construction and operation rights, use ” market-oriented

investment and financing platform under government guidance “ to replacegovernment

-led investment and financing platform under government control, not take equity

financing and debt financing, but choose the third form - financed with city construction

and operation rights, attract social capital to participate in city construction. By this way,

first to solve the lack of financial investment and collateral,second to formed a replicable

financing model, convert the government's attention away from the primary development

of land market to the secondary stage, reducing dependency on government land finance

and stimulate investment in the progress, try to find a practicable model for the financing

of sub-center construction .

Key Words ; Sub-Center Financing Model

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