城投公司面临问题及应对策略研究——基于新一轮国企改革视角
Research on the Problems and Countermeasures of Urban Investment Company—Based on a New Round of State-Owned Enterprise Reform

城投公司是城市化进程和城市经营的产物，承担着政府融资的功能，在保障和改善城市居民的生活及促进经济社会的发展中起着重要的作用。但城投公司作为央地财权和事权不匹配的产物，在新一轮的国企改革中遭遇转型“阵痛期”。基于新一轮国企改革视角下，本文聚焦城投公司转型发展实践，总结得出城投公司面临着诸如政府干预多、盈利能力弱、造血能力差、筹资渠道窄等问题。通过剖析“阵痛期”背后的原因，提出了要实行政企分开、精准投资、多元融资、分类治理、人事改革等各种政策建议。
The urban investment company is the product of the process of urbanization and urban management, undertakes the function of government financing, and plays an important role in protecting and improving the life of urban residents and promoting the economic and social development. However, as a result of the mismatching of financial power and administrative power between the central government and the local government, the urban investment company has encountered a “painful period” of transformation in the new round of state-owned enterprise reform. Based on the perspective of a new round of state-owned enterprise reform, this paper focuses on the transformation and development practice of urban investment companies, and concludes that urban investment companies are faced with many problems, such as government intervention, weak profitability, poor hematopoietic capacity, narrow financing channels and so on. By analyzing the reasons behind the “labor pains”, this paper puts forward various policy suggestions, such as the separation of administration and enterprise, precise investment, diversified financing, classified governance, personnel reform, etc.