摘要
城市化和任何现代商业模式一样,都分为"积累"和"生产"两个阶段。前者需要把未来的收益流贴现过来形成资本,后者需要把形成的资产还原为真实的收益流。由于积累和生产收益模式的不同,当城市化从1.0转向2.0时,会出现"现金流缺口"。由于资本和现金流存在不可替代性——资本收益只能用于资本性投资,运营性支出只能由现金流覆盖——怎样创造足够的现金流,就成为城市化1.0能否成功转向2.0的关键。存量规划的核心,就是将已经形成的资产转化为现金流。
As the other modem business models, urbanization can be divided into two phases： ＂accumulation＂ and ＂production.＂ The former phase focuses on capitalizing the future benefits, and the latter on revivifying the assets into cash flow. Due to the non-substitutability between the accumulation and production benefits patterns, a ＂cash flow gap＂ appears when urbanization 1.0 transits toward 2.0. And since the capital and cash flow are irreplaceable -capital benefit can only be used on capital investment and operational expenditure can only be covered by cash flow - how to create sufficient cash flow becomes the key of a successful urbanization transition. And the center of inventory planning is to transit the already existed assets into cash flow.
出处
《城市规划》
CSSCI
CSCD
北大核心
2017年第3期84-93,116,共11页
City Planning Review
关键词
城市化
两阶段模型
存量规划
urbanization
two-phase model
inventory planning
