【作者】 李琦；

【导师】 沈江；

【作者基本信息】 天津大学 ， 高级工商管理（专业学位）， 2015， 硕士

【摘要】 近年来,随着改革开放的推进和城镇化建设进程的加快,各级地方政府正加大力度,通过投融资平台进行举债融资等方式为地方经济发展筹集资金,这在很大程度上完善了当地基础设施建设、提升了当地的经济发展水平,满足了地方政府供给公共产品的需要、获得了良好的经济效益和社会效益。但地方政府投融资平台快速扩张发展中定位不清、过度举债、风险恶化等自身固有的问题和复杂矛盾逐步显现,加上国家宏观经济形势的调控,国家几年来多次进行政策规范整顿调整,并大力强调推广政府与社会资本合作(PPP)模式。在这种转型背景下,地方政府为了更好地供给公共产品,正在积极地支持和敦促投融资平台改变业务模式;地方投融资平台也在运用原有资源优势,主动设计创新商业模式,获得新的核心竞争力。在此背景下,本文首先通过对国内外公共产品、投融资平台和商业模式三个方面研究成果进行概述,确定本文研究的理论基础和分析框架。强调投融资平台是政府供给公共产品的融资代理平台,商业模式是投融资平台运作和效率的基础。在此基础上,通过对投融资平台发展的历史分析,阐述了传统投融资平台的业务模式和商业模式特点及面临的困境,分析了转型投融资平台业务模式及商业模式面临的机遇和冲击,并按照“魏朱商业模式”构建框架,结合转型下的PPP项目,对投融资平台的商业模式模型创新研究。为了更清楚描述上述投融资平台的转型及商业模式创新,特聚焦深圳本土具体企业进行说明,以XX集团公司为例对商业模式各要素反映的现状、具体问题及影响进行分析研究,并提出实施创新商业模式的具体措施、保障机制和未来展望。本文根据西方经济学公共产品效率改进理论、商业模式理论等为基础,研究转型背景下地方投融资平台的PPP项目商业模式,从战略定位、业务系统、关键资源、盈利模式、现金流量和企业价值等方面,提出利用市场机制有效整合现有资源和债务,实现投融资方式创新的观点。通过本文的论述,希望地方的投融资平台利用自身优势和转型背景机遇,能够创造出一种新的商业模式,从而更好地探索地方政府投融资平台的发展新思路。更多还原

【Abstract】 With the development of reforming and the speeding up of urban construction in recent years,local governments at all levels have stepped up efforts to rise money for local economic development. They make use of various financing channels, such as debt financing through the investment and financing platform. This action has not only improved the local infrastructure construction and promoted the local economic development level to a great extent, but also met the need of the local government to supply public goods and obtained good economic and social benefit. However, with the expansion and rapid development of the investment and financing platform, inherent problems and complicated contradictions gradually have been revealed,such as unclear position, binge of borrowing, the risk of deterioration, and so on. With the state’s regulation of the macroeconomic situation, the state has also carried out consolidation adjustments of policy specification for the past several years and attached great importance to promote the government and social capital cooperation(PPP) model. In this aspect, local governments are actively supporting and urging the investment and financing platform to change the business model, in order to supply public products better. Local investment and financing platforms are also using their original resource advantage and actively designing innovative business models to acquire new core competitiveness.Against this background, this dissertation first outlines research findings of three aspects that the domestic and international public goods, investment and financing platform and business model,which determines the theoretical basis and analysis framework the thesis studies. It emphasizes that the investment and financing platform is the financing agent platform on which the government supplies public goods and business model is the basis of the operation and efficiency of investment and financing platform. On this basis, this dissertation expounds the traditional business model of investment and financing platform and business model characteristics and the difficulties they face through analysis of the history of the investment and financing platform’s development. In addition, it analyzes the opportunities and impacts the transformation of investment and financing platform business model and business model face. According to Wei Zhu business model framework,then this dissertation makes Innovation research on the business model of investment and financing platform combined with the transformation of the PPP project. In order to describe the transformation of the investment and financing platform and the innovation of business model more clearly, this dissertation focuses on Shenzhen local specific enterprises specially. It takes XX group for example to make analysis and research on the status, specific problems and influence that the elements of business model reflects. Lastly, this thesis raises the detail measures, safeguard mechanism and the future prospects of innovative business models.According to the theory of western economics public product efficiency improvement, business model theory, etc, this dissertation makes research on the PPP project business model of the local investment and financing platform under the background of transformation. It presents ideas that making use of the market mechanism to effectively integrate existing resources and debt and realizing innovation of the investment and financing mode. Through discussion of this dissertation, it hopes that the local investment and financing platforms can make use of their own advantages and opportunities in the transition background to create a new business model, thus can better explore the new ideas of the development of the local government’s investment and financing platform更多还原