市场化改革背景下城投公司开展REITs创新融资模式实践  

Under the Background of Market-oriented Reform,Urban Investment Companies Carry out the Practice of Innovative Financing Models for REITs

作　　者：何瑶辉 HE Yao-hui(Wuxi Xifa Holding Group Co.,Ltd.,Wuxi 214101,Jiangsu)

机构地区：[1]无锡锡发控股集团有限公司,江苏无锡214101

出　　处：《江苏商论》2025年第4期84-88,98,共6页Jiangsu Commercial Forum

摘　　要：城投公司作为特殊的国有企业,在过去很长一段时间里,承担地方政府融资平台的重任。随着中国基础建设大开发进程放缓,为控制地方政府债务风险,国家出台了一系列政策要求地方政府“降隐债”“去杠杆”。2024年全年,全国有100多家城投公司宣告退出融资平台,不再替地方政府融资。这些退出融资平台的城投公司,也正面临着市场化运行的改革要求,和政府之间的关系由原来的“穿一条裤子”变成了“两条腿走路”。缺少了政府的信用背书,市场化运行的城投公司如何高效取得资金?文章以江苏南部某发达城市经济技术开发区所属城投公司开展产业园REITs项目融资实践为例,阐述项目操作流程及重难点,为广大城投公司开展REITs业务提供借鉴思路,具备较强的理论和实践意义。As a special state-owned enterprise,urban investment companies have been responsible for serving as local government financing platforms for a long time in the past.With the slowdown of China's infrastructure development process,in order to control the risk of local government debt,the government has introduced a series of policies requiring local governments to“reduce hidden debt”and“deleverage”.Throughout 2024,more than 100 urban investment companies across the country have announced their withdrawal from financing platforms and will no longer provide financing for local governments.These urban investment companies that have withdrawn from financing platforms are also facing the reform requirements of market-oriented operation,and their relationship with the government has changed from“wearing one pair of pants”to“walking on two legs”.Without the government's credit endorsement,how can market-oriented urban investment companies efficiently obtain funds?The article takes the financing practice of industrial park REITs project carried out by a city investment company affiliated with an economic and technological development zone in a developed city in southern Jiangsu as an example,elaborating on the project operation process and key difficulties,providing reference ideas for the development of REITs business by urban investment companies,and having strong theoretical and practical significance.

关 键 词：REITS 城投公司融资 市场化改革 资产重组 

分 类 号：F276.1[经济管理—企业管理]