城投公司未来新的发展方向选择
The Choice of Urban Investment Company Future New Development Direction

在银保监会15号文落地实施背景下，城投公司的发展面临新的挑战和考验。由于地方政府负债持续增加，地方政府债务风险愈发突出。本文首先分析了城投公司在发展中遇到的难题，城投公司肩负着融资和地方城建项目实施的责任，随着城市的发展其债务负担过重，而其公益性业务比例过高，企业营业收入不高。此外，传统的城投公司作为地方政府的基金主力，主要作用是完成各类基建任务，但是并未起到投资功能，无法起到地方产业引导作用。因此，未来城投公司发展需要改变方向，然后本文分析了城投公司未来发展的方式。首先政府必须减少对平台公司的干预，城投公司的运作向更市场化、专业化的方向发展，其次城投公司要拓展业务领域，逐步担负起地方招商引资的职责。然后城投公司要优化投融资模式，降低城投公司融资成本，扩大经营性收入来源，提升市场化经营水平，最后可以通过重组同类城投公司，提高核心城投公司的竞争力。
Under the background of the No.15 implementation of CBRC and Insurance Regulatory Commission, the development of Urban Investment Company is facing new challenges and tests. As local gov-ernment debt continues to increase, the risk of local government debt is becoming increasingly prominent. First of this paper, we analyze the problems encountered in the development of urban investment companies. Urban Investment companies shoulder the responsibility of financing and the implementation of local urban construction projects. With the development of the city, its debt burden is too heavy, while the proportion of its public welfare business is too high, and the enter-prise operating income is not high. In addition, as the main fund force of local governments, the main role of traditional urban investment companies is to complete all kinds shoulder the respon-sibility of financing and the implementation of local urban construction projects, but they do not play an investment function and cannot play a role in guiding local industries. Therefore, the future development of city investment company needs to change the direction, and then this article ana-lyzes the future development mode of city investment company. First of all, the government must reduce the intervention in platform companies, and the operation of urban investment companies should develop in a more market-oriented and professional direction. Secondly, urban investment companies should expand their business fields and gradually shoulder the responsibility of local investment attraction. Then, the urban investment company should optimize the investment and financing mode, reduce the financing cost of the urban investment companies, expand the source of operational income, and improve the level of market-oriented operation. Finally, the restructuring of similar urban investment companies can improve the competitiveness of the core urban invest-ment companies.