【作者】 杨洋；

【导师】 李晶晶；

【作者基本信息】 哈尔滨工业大学 ， 工商管理（专业学位）， 2025， 硕士

【摘要】 为适应经济发展新常态,推动地方经济持续发展,在我国财政税收体制、地方政府投融资体制下产生的城投类企业,正处于剥离地方政府融资平台功能,向市场化经营主体转型的关键时期。转型面临诸多挑战,其中就包括城投类企业债务规模急剧膨胀,而偿债能力普遍不足,债务风险多点爆发,系统性风险不断加大。鉴于此,有必要针对城投公司如何提升自身偿债能力展开探讨,以防范和化解债务风险,实现对潜在债务危机的有效规避与解决,对城投类企业在经济发展新常态下稳固发展地位,继续促进地方经济发展具有重要意义。本文以C城投公司为研究对象,通过文献研究法、定量定性分析法、调研访谈法等研究方法,围绕偿债能力评价、分析偿债能力问题及成因、制定偿债能力提升策略及实施的保障措施展开研究。首先,对城投公司、债务风险、偿债能力等概念展开界定,对财政分权、委托代理、优序融资、财务风险模型等基础理论进行阐述;其次,立足企业概况,从偿债能力定量定性两个维度,针对C城投公司偿债能力现状展开评价与分析,明确指出C城投公司偿债能力不足的具体问题;再次,通过人员访谈和数据整理,对导致问题的成因进行识别与剖析;最后,针对各问题成因制定其偿债能力提升策略,包括:一是加强资产运营与经营活动现金流管理,包括提高资产运营效益、强化资产风险管理、改善经营活动现金流;二是增强盈利能力与投资活动现金流管理,包括扩展主营业务盈利空间、探索开展多元化经营、科学谋划投资活动现金流;三是优化债务结构与筹资活动现金流管理,包括调整有息债务各项结构、拓展多种融资渠道、合理规划筹资活动现金流。此外,还提出完善公司治理结构、建立偿债风险预警机制、重视人力资源三项保障措施。立足研究对象,通过本文的研究可以实现对有关提升城投公司偿债能力的研究文献资料进一步充实。立足研究方法,本文研究期间借助大量数据、实际案例、访谈内容,能构建更聚焦偿债能力的分析框架,为城投公司评判自身偿债能力提供参考与借鉴。此外,本文围绕如何提升特定类型和层级的城投公司偿债能力这一主题展开探讨,具有显著的指向性、针对性,也能够为该类型该层级的城投公司提升自身偿债能力提供参考与借鉴。更多还原

【Abstract】 In order to adapt to the new normal of economic development and promote the sustainable development of the local economy,urban investment enterprises,which were created under China’s fiscal and taxation system and local government investment and financing system,are in a critical period of transition to market-oriented business entities by divesting themselves of their functions as financing platforms of local governments.The transformation is facing many challenges,including the sharp expansion of the debt scale of urban investment enterprises,the potential systemic financial risks are increasing,especially the general insufficiency of the solvency of the low-level urban investment enterprises.In view of this,it is necessary to explore how to enhance the solvency of urban investment companies,in order to prevent and resolve debt risks,and realize the effective avoidance and resolution of potential debt crises,which is of great significance for urban investment enterprises to solidify their development position and continue to promote the sound development of the local economy under the new normal of economic development.This thesis takes C City Investment Company as the research object,through literature research method,quantitative analysis method,research interview method and other research methods,centering on the evaluation of solvency,analyzing solvency problems and causes,formulating solvency enhancement strategies and implementation of safeguard measures to carry out the research.Firstly,it defines the concepts of CIC,debt risk and solvency,and elaborates on the basic theories of financial decentralization,principal-agent,preferential financing and financial risk model;secondly,based on the enterprise profile,it evaluates and analyzes the current situation of CIC’s solvency from the dimensions of quantitative and qualitative analysis of solvency,so as to clearly point out the specific problems of CIC’s insufficient solvency.Thirdly,identify and analyze the causes of the problems through interviews and collection of supporting information;finally,complete the formulation of solvency enhancement strategies for CCDC with respect to the causes of the problems,which include:firstly,strengthening asset operation and cash flow management of operating activities,including improving the efficiency of asset operation,enhancing asset risk management,and improving the cash flow of operating activities;secondly,enhancing profitability The second is to enhance profitability and cash flow management of investing activities,including expanding the profitability of the main business,exploring diversification,and scientifically planning cash flow of investing activities;and the third is to optimize the debt structure and cash flow management of financing activities,including adjusting the structure of interest-bearing debt,expanding various financing channels,and reasonably planning cash flow of financing activities.In addition,it also puts forward three measures to improve the corporate governance structure,establish early warning mechanism for debt servicing risk,and emphasize on human resources protection,so as to provide corresponding guarantee for the effective implementation of the above strategies.Based on the research object,the research of this thesis can realize the further enrichment of the research literature and information on enhancing the solvency of urban investment companies.Based on the research methodology,with the help of a large amount of data,actual cases and interviews during the research period of this thesis,we can build a more focused analytical framework of solvency,which can provide reference and reference for municipal investment companies to judge their own solvency.In addition,this thesis centers on how to enhance the solvency of specific types and levels of urban investment companies to explore the theme,with significant directionality,relevance,but also for the type of this level of urban investment companies to enhance their own solvency to provide reference and reference.更多还原