【摘要】 在中国城镇化进程放缓与土地财政模式难以为继的背景下，城市更新成为推动城市空间生产模式转型的重要战略抓手。本研究基于供给侧结构性改革视角，揭示传统土地财政依赖“债权倒逼”的空间扩张逻辑所导致的空间与资本双重过剩困境，并提出城市更新通过构建“股权驱动”的新型空间生产关系，实现从价值生产、流通到分配的全链条重构。研究表明，城市更新以产权人参与为核心重构要素供给方式，依托土地三级市场创新价值流通机制，并通过时空统筹优化资源配置效率，形成与土地财政互补的空间治理路径。这种转型不仅有助于化解城市空间债务风险，更能促进多元主体参与和长期收益共享，为城市可持续发展提供路径方案。本研究为理解城市更新对中国城市转型发展的深层意义提供了新的解释框架。更多还原

【Abstract】 Against the backdrop of a slowing urbanization process in China and the growing unsustainability of the land-based public finance model, urban regeneration has emerged as a critical strategic tool for transforming urban spatial production.From the perspective of supply-side structural reform, this paper reveals how the traditional reliance on land-based public finance characterized by a "debt-driven" logic of spatial expansion has led to a dual crisis of spatial and capital overaccumulation.It argues that urban regeneration fosters a new spatial production mechanism driven by "equity", thereby restructuring the entire chain of value creation, circulation, and distribution. The research indicates that urban regeneration restructures the supply of production factors with a core focus on engaging rights holders(property owners), innovates value circulation mechanisms through the tertiary land market, and enhances resource-allocation efficiency through spatiotemporal coordination. This mechanism forms a spatial governance pathway that complements rather than simply substitutes traditional land-based public finance model. This transition not only helps mitigate debt risks but also fosters multi-stakeholder participation and long-term benefitsharing, offering a solution toward sustainable urban development. This study offers a novel interpretive framework for understanding the profound significance of urban regeneration in China’s ongoing urban transformation.更多还原