I 摘要 城投平台也称为地方政府融资平台，是指地方政府为应对区域经济发展但面 临资金缺乏而设立的特殊企业。特别是区县级政府由于财政实力有限和地方基础 设施建设任务较重，通过城投平台实施对外融资成为了当地政府主要的资金来源 渠道。随着区县城市的经济发展，区县城投平台数量和债务规模在 2008 年以后呈 现爆发式增长。但从 2015 年新预算法实施以来，政策法规严禁城投平台替地方政 府违规融资，区县城投平台既要做好存量债务接续工作，又要筹融资金支持地方 经济建设，在这双重资金需求压力下，区县城投平台急需摆脱“政府增信+资产担 保”的原有融资模式，向市场化的“企业信用”融资模式转型。 本文通过梳理城投平台的发展历史、分析当前城投平台面临的融资政策 和瓶颈、提出区县城投平台原有“政府增信融资模式”存在的共性问题，结 合区县城投平台 ZB 集团融资模式转型历程、对比分析新旧融资模式、提出 区县城投平台融资模式转型的路径及保障措施，并对区县城投平台的融资模 式转型进行了总结和展望。为全国区县城投平台融资模式实施市场化改革提 供借鉴和参考意义，一方面鼓励区县城投平台向区县政府积极争取政策扶持， 搭建国有资本运营平台，逐步完成企业职能定位、经营管理模式和财务状况 等转型工作，全面提升企业综合实力和抗风险能力；另一方面激励区县城投 平台用活用好现有融资政策，转向以“企业信用”为核心的融资模式，在助 力区域城市建设和经济发展的历史使命下，探索通过市场化转型发展增强企 业的自我造血功能和运营整合能力。 关键词：区县城投平台、ZB 集团、融资模式、转型ABSTRACT II ABSTRACT Urban investment platform, also known as the government financing platform is refers to that the local government in response to the fund demand of regional economic development set up the special enterprise, especially for district government, through the platform external financing has become the main source of funds because of its limited financial resources and local infrastructure construction task.With economic development of districts and counties,the county investment platform’s number and debt scale presents the explosive growth from 2008 to now . Since the new budget law came into force in 2015 , policies and regulations strictly forbid the illegal financing of urban investment platform for the local government,the district investment platform need to not only do well in the continuation task of existing debets,but also raise funds for the local economic development, under this double pressure, the district investment platform in urgent need to transform the original “government credit and asset-backed” financing model to the market-oriented “enterprise credit” financing model. In this article, the author by combing the history of urban investment platform and analyzing the financing policy and bottlenecks, put forward the existing common problems of financing mode, and then by combining the ZB group financing mode transition process of nearly three years, and analyzing of old and new financing mode, put forward transition path and safeguard measure.At last,by summarizing and forecasting the financing transformation, provides direction and significance for more than 9000 county investment platforms in China,helps them striving for policy support from governments to complete the construction of state-owned capital operation platform, comprehensively consider the influencing factors of all parties and complete the transformation of function positioning, business transformation, financial optimization and other aspects,improve the comprehensive strength of the enterprise.By putting existing financing policies to good use,the county investment platforms establish the "enterprise credit" financing model,under the historical mission of assisting regional urban construction and economic development,explore the methods of enhancing financing capacity and operational integration capability of the enterprise with market-based transformation and development. Keywords:County investment platform, ZB Group, Financing mode, Transformation目 录 III 目 录 第一章 绪论.................................................................................................................... 1 1.1 研究背景、内容与意义.................................................................................... 1 1.1.1 研究背景 ................................................................................................ 1 1.1.2 研究内容与意义 .................................................................................... 2 1.2 国内外文献综述................................................................................................ 3 1.2.1 国外研究现状 ........................................................................................ 3 1.2.2 国内研究现状 ........................................................................................ 3 1.3 本文研究思路、方法及论文框架.................................................................... 4 第二章 区县城投融资平台融资相关研究.................................................................... 6 2.1 城投平台发展概述............................................................................................ 6 2.2 城投平台相关理论............................................................................................ 8 2.2.1 公共产品理论 ........................................................................................ 9 2.2.2 委托代理理论 ........................................................................................ 9 2.3 现行政策框架下区县城投平台可用的融资模式............................................ 9 2.3.1 地方政府债券 ........................................................................................ 9 2.3.2 PPP 模式 ................................................................................................11 2.3.3 政府投资基金 ...................................................................................... 12 2.3.4 市场化融资工具 .................................................................................. 12 2.4 区县城投平台存在的普遍困境...................................................................... 13 2.4.1 区县级政府行政级别低、财权上收和事权下划明显 ...................... 14 2.4.2 政企边界不清晰、行政色彩浓重 ...................................................... 15 2.4.3 政策紧箍下的融资瓶颈凸显 .............................................................. 16 2.4.4 企业实力羸弱、金融机构不认可 ...................................................... 18 2.5 小结.................................................................................................................. 18 第三章 ZB 集团“政府增信+资产担保”融资模式分析.............................................. 19 3.1 ZB 集团基本情况 ............................................................................................ 19 3.2 ZB 集团“政府增信+资产担保”的融资模式 .................................................. 20 3.2.1 国开行的“打捆贷款”融资模式........................................................... 20 3.2.2 银行“表内+表外”融资模式 ................................................................ 21 3.2.3 信托、租赁等非标融资模式 .............................................................. 22目 录 IV 3.3 ZB 集团“政府增信+资产担保”模式存在的问题 .......................................... 24 3.3.1 融资模式易受政策和企业资产限制 .................................................. 24 3.3.2 政府决策流程长，出具文件意愿效用递减 ...................................... 24 3.3.3 企业融资模式单一，一药治百病思维明显 ...................................... 25 3.4 过去融资模式存在问题的原因分析.............................................................. 26 3.4.1 资金只投未回，依赖外部借款 ........................................................... 26 3.4.2 缺乏改革创新、过度依赖政策 .......................................................... 27 3.4.3 缺乏地方支撑，企业实力羸弱 .......................................................... 27 3.5 小结.................................................................................................................. 28 第四章 ZB 集团转型为“企业信用”融资模式 ............................................................ 29