The Research On The Financing Strategy Of Changsha Urbun Constraction Investing And Developing Group Co.,Ltd.during Market-oriented Transformation

In the recent years,in order to mitigate the debt risk of local government,a series of measures have been taken by the central government to strengthen supervision to local government financing platforms,which have been guided and urged to separate their financing functions,and turning into general market-oriented enterprises.Against this background,Changsha urban constraction investing and developing group Co.,Ltd.(shorter form: CUCG)has taking the road of market-oriented transformation.In the process of market transformation,the problems of the original financing mode in the CUCG are fully exposed,under the new financing environment factors and new strategic positioning,the CUCG urgently needs to reorganize its own financing mode and formulate new financing strategies.Taking the financing strategy of the CUCG in it's transformation period as the main line,this paper focuses on the current financing situation of the CUCG,the existing financing problems and their causes,the financing-related environmental factors during the market-oriented transformation period,the overall financing strategy to be adopted during the transformation period,the selection and application strategies of several financing tools during the transformation period,and the implementation safeguard measures of the financing strategy in the transformation period.After research,this paper argues that,there are some problems in current financing of CUCG,such as unreasonable financing structure,lacking of stable sources of debt repayment and weak sustainable financing capacity.The main causes of the problem lie in the position of the financing platform taken by the CUCG itself,and the current investment and financing system of the city infrastructure construction in our country.In view of the current financing problems and the strategic positioning of the CUCG after it's transformation,the CUCG should take the overall financing Strategies including optimizing financing structure,giving priority to commercial business in financing,and promoting it's sustainability in financing.In terms of the choice and application of specific financing tools,The CUCG should flexibly choose the five main financing methods,including bond,PPP,equity,industrial fund,and asset securitization.At the same time,in order to ensure the smooth implementation of the financing strategy in the transformation period,the CUCG should be fully guaranteed from three aspects: building a benign government-enterprise relationship,strengthening the construction in investment and financing management system,vigorously promoting the restructuring of existing assets,resource and the injection of new quality assets.