城投企业债务、政策与转型发展

Transforming Urban Investment Enterprises

近年来,城投企业发展迅速,综合实力不断增强,但继续保持资产规模高速扩张的模式难以为继,需要从单纯的城市基础设施建设向城市经营管理转型。地方债务情况对当地企业融资成本有一定影响,原因在于地方债务率上升、财政收支缺口增加会间接影响企业融资的隐性担保定价。城投企业一方面可拓宽融资渠道,创新融资模式,成为化解地方债务的重要抓手,另一方面也可通过股权改革和多元化投资进行业务层面的转型探索。

In recent years,local government financing vehicles have developed rapidly,but this has been achieved through the rapid expansion of assets.This formula is unsustainable over the longer term.These investment vehicles need to be transformed into companies that operate businesses,replacing the focus on urban infrastructure construction.High levels of local government debt have increased the gap between fiscal revenues and expenditures,in turn contributing to increased financing costs for local enterprises.Ultimately,this will indirectly affect the implicit guarantee pricing of enterprise financing.Local government financing vehicles should look to reforming their shareholding structure and diversifying their investments.They can also expand financing channels and adopt innovative financing modes as part of the overall plan to reduce the currently high levels of local government debt.