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论文编号：	15606
作者编号：	2320234098
上传时间：	2025/12/8 10:48:54
中文题目：	BH城投集团融资优化研究
英文题目：	The Research on Financing Optimization of BH Urban Investment Group
指导老师：	张晓农
中文关键字：	政府平台；融资策略；转型发展
英文关键字：	Government platform；Financing strategy；Transformation and development
中文摘要：	在我国地方政府融资平台市场化转型和隐性债务管理严控的双重背景下，以BH城投集团为代表的传统城投企业的融资模式面临着全面重构的迫切需求。《国务院关于加强地方政府性债务管理的意见》（43号文）出台后，地方政府融资平台无法再依托政府信用背书，致使政府融资平台丧失了原有的功能和生存土壤，市场化转型成为他们谋求生存和发展的唯一出路。由此，地方政府平台公司先后开启并走上了向市场化企业转型的道路。地方政府结合国有企业新一轮国企改革，纷纷出台相关转型政策，推动地方政府平台公司加快实施“实体化、市场化”转型。传统模式下，政府平台公司较多采用的融资模式仍为债务融资，结合其自身在项目运作上投资规模较大、回收时间较长等特点，政府平台公司的盈利能力会受到其负债规模不断增加的负面影响，从而限制了平台公司自身的可持续发展。面对新形势下的挑战，平台公司如何从优化自身资本结构、完善资金筹措体系，转变融资方式等方面，提高自身盈利能力和市场竞争力成为了一项十分重要的工作。 本文的研究对象BH城投集团是T市X区具有代表性的一家政府平台类企业，成立于2006年，是一家负责区域基础设施投融资建设的大型国有独资企业。通过对BH城投集团经营状况、财务指标、融资结构等方面的深度剖析，发现其现存的融资体系下，存在着融资渠道狭窄、融资期限过长等融资结构不合理，非经营性资产比重高、可持续融资能力弱，盈利能力较差、偿债来源匮乏等问题。针对上述问题，论文深入分析其产生的原因，如融资渠道狭窄制约多元化体系构建、资产结构失衡削弱可持续融资能力、市场化经营能力薄弱限制偿债来源拓展以及融资管理机制不健全阻碍融资策略有效落地。在此基础上，本文以BH城投集团自身指定的转型发展经营目标为基础，提出了总体融资优化的思路和方法，即拓展融资渠道、形成多元化融资体系，具备经营性属性的项目优先融资，积极开展市场化经营业务及提升可持续融资能力，并提出了保障措施从而辅助优化方案得以实施，以此来帮助BH城投集团改善融资现状，实现转型发展。
英文摘要：	Against the backdrop of the market-oriented transformation of local government financing platforms and the strict control of hidden debt management in China, traditional urban investment enterprises, represented by BH Urban Investment Group, face an urgent need for comprehensive restructuring in their financing models. Following the issuance of the "State Council's Opinions on Strengthening the Management of Local Government Debt" (Document No. 43), local government financing platforms can no longer rely on government credit guarantees, leading to the loss of their original functions and operational foundation. Market-oriented transformation has thus become their sole path to survival and development. Consequently, local government platform companies have initiated and embarked on the journey toward becoming market-oriented enterprises. In alignment with the new round of state-owned enterprise reforms, local governments have introduced relevant transformation policies to accelerate the "realization and marketization" transformation of local government platform companies. Under the traditional model, debt financing remains the predominant financing method adopted by government platform companies. Given their large-scale investments in project operations and extended recovery periods, the profitability of these companies is negatively impacted by the continuous growth of their debt burdens, thereby constraining their sustainable development. Facing the challenges of the new era, improving profitability and market competitiveness through optimizing capital structures, enhancing funding systems, and transforming financing methods has become a crucial task for these platform companies. The research subject of this paper, BH Urban Investment Group, is a representative government platform enterprise in X District, T City. Established in 2006, it is a large state-owned sole proprietorship responsible for regional infrastructure investment, financing, and construction. Through an in-depth analysis of BH Urban Investment Group's operational status, financial indicators, and financing structure, it was found that under its current financing system, there exist issues such as narrow financing channels, excessively long financing terms, and an unreasonable financing structure. These include a high proportion of non-operating assets, weak sustainable financing capacity, poor profitability, and a lack of debt repayment sources. To address these issues, the paper conducts a thorough analysis of their causes, such as narrow financing channels restricting the construction of a diversified system, imbalanced asset structure weakening sustainable financing capacity, weak market-oriented operational capabilities limiting the expansion of debt repayment sources, and inadequate financing management mechanisms hindering the effective implementation of financing strategies. Based on this, the paper proposes an overall financing optimization approach and methodology, grounded in BH Urban Investment Group's designated transformation and development operational goals. This includes expanding financing channels, forming a diversified financing system, prioritizing financing for projects with operational attributes, actively engaging in market-oriented business operations, and enhancing sustainable financing capacity. Additionally, the paper introduces supporting measures to facilitate the implementation of the optimization plan, thereby helping BH Urban Investment Group improve its current financing situation and achieve transformation and development.
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