| In the past three decades,urbanization has been one of the core drivers of China’s economic growth.At present,China has entered the middle and late stages of urbanization.This is different from the past.At the same time,it is at the same time that economic restructuring and urbanization are superimposed in two phases.Both the production factor structure and the resource allocation methods are facing dramatic changes;on the other hand,GDP-oriented urbanization has accumulated large amounts of government debt.The original arbitrage financial system has been unsustainable,and systemic financial risks have gradually accumulated.It is equally urgent to seek new investment and financing mechanisms for resolution.Therefore,major adjustments must be made to the realization of the integration of production and financing,the use of tools,and the emphasis.Urbanization needs to be re-understood and designed from the perspective of the driving forces of the top-level design,the transformation of the behavior of the trading entity,and the adjustment of the micro-elements.The structural relationship between the elements and the mode of operation,and further seek mechanisms for innovation and path optimization methods to solve the investment and financing scale,cost,duration of the outstanding contradictions,is the original intention and purpose of this paper.The dissertation research is mainly divided into two parts: 1.From the perspective of innovative institutional supply,analyze and design a new system of urbanization investment and financing innovation.2.Integrate with the realistic environment,and seek concrete implementation methods of path optimization.First of all,the paper recognizes that understanding the difficulties faced by traditional urbanization investment and financing needs to be based on China’s unique government behavior model and financial system.Behind this is a profound institutional logic and path dependence.For this reason,the paper starts from the background of national conditions and the institutional background,and analyzes the relationship between urbanization and economic cycles,macroeconomic liabilities,population,and industrial structure.Second,considering the difficulty in seeking mechanism innovation to solve existing problems lies in the choice of breakthrough direction and the grasp of key factors.Therefore,the paper re-screens and anchors three key factors that affect urbanization cash flow: property rights incentives,credit leverage,corporate governance,and use these as the foundation of the underlying architecture.Thirdly,the paper focuses on the essential connotation of investment and financing,taking the endogenous growth of assets,information symmetry,circulation of capital flow as the initial conditions for the formation of the asset credit building mechanism,and combining the three main types of behaviors of urbanization investment,financing,and operation management.Characteristics,grasping the basic driving principles of resource allocation optimization,systematically and gradually deducing the evolution mechanism of the value-added combination of production and finance under the condition of integration of production and industry,and further enriching and improving the theoretical analysis framework of urbanization investment and financing in the transition period,and forming a new type A complete view of the innovation of urbanization investment and financing mechanism.Further,the paper summarizes and analyzes the status quo of China’s new urbanization investment and financing,uses Logistic model to analyze the evolution process of urbanization,measures the gap between urbanization investment and financing capital supply and demand,and uses the grey system model to predict and analyze during the“Thirteen Five”period of financial and financial system’s capital supply capacity,combined with Shaanxi’s example,the DEA model was used to measure the financing efficiency of 12 investment and financing platforms,evaluate their investment redundancy,and ranked them according to the super-efficient DEA model.Regression analysis of the factors affecting the efficiency of investment and financing platforms.On this basis,the paper combines qualitative and quantitative analysis,theory and demonstration,application and case,and further analyzes and elaborates the specific implementation of path optimization.Among them,the DSGE method is used to analyze the complex game behavior,and the model parameters are given based on the existing theoretical research.Combined with the project case,the project’s capital structure optimization is the main way to realize the maximization of investment and financing organization mode effects under the conditions of multiple property rights;Through the establishment of innovative financing portfolios for multiple financial institutions,tools,and capital markets,based on the profitability of public projects and the characteristics of investment and financing at different stages,comprehensive consideration of risk preferences,maturity transitions,liquidity management,and other factors,attempts to design an optimal portfolio model;Based on the problems of credit rationing financing,an investment and loan-linkage-based and risk-control optimization model based on information asymmetry was constructed,and the promotion mechanism of commercial bank’s investment and loan linkage mechanism for the integration of multiple risk management instruments was demonstrated,and it was found that it may optimize credit leverage.Play an important leading role;through the construction of mathematical models,analysis of the relationship between corporate governance and financing costs of local financing platform securitization,the empirical test of the impact of corporate governance on the cost of asset securitization financing.The paper conclusions and opinions:1.The key to solving the plight of traditional urbanization investment and financing lies firstly in the transformation of the government from an exogenous scale-oriented development to a market-led,endogenous quality model,which reflects the design of the investment and financing mechanism,that is,whether it can be constructed differently from the traditional system.The “sustainable long-term cash flow” that cannot be provided creates a new circulation path for capital,capital,assets and resources.The characteristics of traditional urbanization investment and financing are the financial resources circulation path with “land finance + financing platform” as the core.The new type of urbanization investment and financing needs to establish an alternative transformation mechanism with “industry + capital market” as the core.The premise of realizing this goal lies in whether or not the credit of new-type urbanization financial assets can be successfully constructed,thereby gradually replacing the government’s financial credit.Complete the conversion of a systematic resource cycle.2.According to the mutual relations and order between the property rights reforms of enterprises and project organizations,the transformation of financial transaction contract methods,and the functional changes of integration of production and financial services and production and urban integration,they can be analyzed step-by-step—reform of property rights structure and innovation of financing portfolio.The coordination of capital cycle management is the core of path optimization.The capital structure,financing structure,and governance structure innovation are the ways to realize path optimization.Based on this,three key sub-paths for innovation and optimization can be extended to represent: multivariate property rights structure.Restructuring the guiding path of capital structure optimization,the optimal path of credit leverage for financing portfolio innovation guidance,the resource cycle management led by the transformation of government platform functions and the optimization of governance structure,and then further seeking to reduce the cost of financing at the micro level,raising the financing scale and matching the financing term The performance results improve,and lead to the improvement of the macro structure of production efficiency,configuration efficiency,and functional efficiency.Eventually,the logic of research returns to the starting point of the starting point—the efficiency of economic operation and the increase of real social labor productivity.This is also the urbanization investment during the economic transition period.3.The empirical results show that there is a huge gap in the new type of urbanization investment and financing,there is a significant room for improvement in the project-level property incentive constraints and risk information symmetry,and the investment and financing platform is generally in a state of increasing returns to scale.In the future,optimizing the capital structure of the project,advancing the transformation of financial institutions,setting up innovative platform functions and optimizing the corporate governance structure can fully improve the efficiency of investment and financing.The paper’s innovations in research perspectives,research objects,and research methods:1.In recent years,studies on urbanization have mostly focused on the infrastructure sector.Investment and financing research focuses on the innovative use of tools and channels,different from the existing relevant theoretical research,the thesis starts from the perspective of macroeconomic policy,industrial structure adjustment and combination of industry and finance,along the two main lines of urbanization cash flow generation mechanism and financial asset credit construction,and extends new urbanization investment and financing to the parallel areas of industrial development and infrastructure construction,and with the transformation of social and economic structure,deeply explores the relationship between urbanization and macro debt,industrial structure,capital market and financial transactions.Further,the thesis attempted to re-understand the process of urbanization investment and financing from the perspective of value creation,with efficiency improvement as the possible entry point of mechanism innovation,closely related to the key link of value creation,based on the principle of competitiveness,according to economics,finance,the theory and rules of investment and financing and asset operation management established a relatively independent and complete theoretical view,which forms the theoretical mechanism and framework for the combination of industry and finance under the conditions of production and integration to promote the creation of new urbanization values.2.The paper selects financial asset transactions as the core of the research on investment and financing,but does not focus on the conceptual division of investment and financing-taking the relationship between investment and financing and the creation of financial assets as the starting point of the theory,comparing investment and financing to a coin.The two sides: One side is the main body of fund demand,and the other side is the main body of capital supply,and the other side is the main body of fund supply.It is an investment behavior when it is on the fund side.The intersection point between the two is a financial asset,ie,it is based on equity and debt.Trading behavior.Therefore,the study of investment and financing essentially translates into whether the financial asset transaction can be conducted smoothly,reasonably,and effectively,and whether it plays a role in promoting the allocation and optimization of physical resources.Further,the paper emphasizes that the smooth realization of the credit creation and transaction of financial assets is an important part of the investment and financing innovation.3.The thesis took institutional structure innovation as the core of methodology,and explored the path design problem of getting rid of the urbanization investment and financing dilemma under certain circumstances.The thesis insisted on the principle that the macro-architecture design should be closely integrated with the micro-institutional elements.On the basis of the traditional mechanism theory based on the binary structure of information and incentives,the supervisory factor was further introduced,and the underlying institutional framework with the combination of the property rights incentives,investment and financing information symmetry,and corporate governance were reconstructed which to achieve important structural adjustments and supplements to the urbanization investment and financing mechanism,determines the transaction structure according to the resource structure,the transaction structure determines the capital structure,the capital structure determines the logic of the financing structure,and will establish the three core conditions of a new urbanized financial asset credit system.Property rights structure innovation,financing structure innovation,and functional structure innovation are combined with each other to further explore the mechanism of capital structure optimization and value creation,the mechanism of risk management and integration to create value,and the mechanism of capital cycle operation to create value,and in turn,derivation and creation of optimized. |
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