| 摘要: |
| 摘要：城投公司作为我国特殊市场主体，市场化转型与债务化解成为现阶段的核心发展课题。采用规范分析与案例分析相结合的研究方法，基于城投公司的发展历程与政策演进脉络，系统剖析城投公司转型面临的核心风险，探究其转型方向与具体路径，并从政府和企业两个维度提出与转型相关的政策建议。研究梳理出城投公司存在盈利不足、现金流错配、协同价值实现受机制约束等转型风险，明确产业投资、城市运营、资本运营三大转型方向的特征与现实约束，并结合典型案例提炼定位重塑、业务边界重构、公司治理优化的具体转型路径。 |
| 关键词: 关键词：城投转型；债务化解；市场化 |
| DOI： |
| 分类号:F832.5 |
| 基金项目: |
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| Analysis on Policy Orientation and Transformation Paths of Urban Investment Companies |
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REN Yun-xiao，HUANG Jian-yun，HUANG Ben-xin
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（Dongxing Securities Co.,Ltd.）
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| Abstract: |
| Abstract：As a special market entity in China,urban investment companies (UICs) have prioritized market-oriented transformation and debt resolution as their core development tasks at the present stage.This paper adopts a research method combining normative analysis and case analysis.Based on the development history and policy evolution of UICs,it systematically analyzes the core risks faced by UICs in their transformation,explores their transformation directions and specific paths,and puts forward relevant policy recommendations from both government and enterprise dimensions.The study identifies transformation risks of UICs,including insufficient profitability,mismatched cash flows,and constrained realization of collaborative value due to institutional factors.It clarifies the characteristics and practical constraints of the three major transformation directions：industrial investment,urban operation,and capital operation.Combined with typical cases,it extracts specific transformation paths：repositioning, restructuring of business boundaries,and optimization of corporate governance. |
| Key words: Key words：Urban Investment Platform Transformation；Debt Resolution；Market-oriented |
