九江市政府投融资策略研究

九江市政府投融资策略研究 摘 要 改革开放30多年来,经济体制已逐步由 计划 项目进度计划表范例计划下载计划下载计划下载课程教学计划下载 经济向市场经济转轨,与此相适 应,政府投融资领域也进行了一系列改革,目前已初步实现了投资主体多元化、 资金来源多渠道、融资方式多样化的格局,市场对资源配置的基础性作用日益增 强,政府对投融资的管理也有了很大改进,但与高速发展的经济及高涨的投融资 需求相比,九江市投融资发展明显滞后,存在诸如投融资体制以国有经济导向为 主、融资渠道仍较为单一、投融资项目经营管理的非专业化、政府职能定位等问 题。要保持九江经济的快速发展,实现强工兴城的目标,必须建立健全完善的投 融资体系和完整的投融资策略。 本文共分导论、投融资发展现状与问题、投融资总体构想、投融资策略、配 套政策措施五个部分。第一章为导论。第二章首先对九江市投融资发展进行了回 顾,再接着分析了面临的机遇和挑战。第三章主要从投融资战略定位、指导 思想、 发展目标三方面阐述了九江投融资总体构想。第四章从建立多元化投融资体 制、 成立投资公司实行企业化运作、优化产业机构、加大扶持优质企业、整合优 质资 源、加大资本市场直接融资和加快人才开发,建立科学的人力资源管理体系 七方 面详细阐述了九江市投融资策略。第五章从制定投融资运行机制、制定相应 的法 律法规政策、多元化融资、完善产业发展战略、规避投融资风险等五个方面 详细 提出了九江市投融资的配套政策措施。 关键词:九江市投融资、体制、策略探讨、配套政策措施1 Abstract Economic system has changed into market economy from plan ecomony within 30 years since the beginning of Reform and Open in china. Meanwhile, government Investment & Financing has basicly established a structure of a diversity of investor, a diversity of investment sources, and a diversity of the resources distributionGovernment’s management of Investment and Financing has been improved greatly, but Jiujiang Government’s management of Investment and Financing lags evidently, for example, stated-owned economy oriented I & F system, simple financing channel, non-professional operation management of I & F project, wrong position of government function, which cannot match the requirements of rapid economic development and I & F. In roder to keep Jiujiang sustainable development, to make the goal of industrial and city development, Jiujiang must create perfect I & F system and strategyThis paper consists offive chapters, including Introduction, Present situation and problem of Investment & Financing, General proposal, Other assistant measuresChapter 1 is Introduction. Chapter 2 recall the history of Jiujiang I & F development and analyse persent opportunities and challenges. Chapter 3 explain the general proposal of Jiujiang I & F from the aspects of I & F strategy position, guiding ideology, development goal. Chapter 4 explain detailed Jiujiang I & F strategy from seven aspects of creating diversifying I & F system, founding an invested company as operating body, optimizing industrial structure, aiding the good quality enterprises, merging good quality resouces, increasing direct financing from capital markets, developing human resource and create system of HR management. Chapter 5 propose some assistant measures from 5 aspects of working out I & F operation regulations, constituting relative law and regulations, diversifying financing, making out main industries development strategy, avioding I & F risksKey words: Jiujiang Investment and Financing, System, Policy Study, Assistant Measures 2 目 录 1. 导 论?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????1 1.1 选题背景、目的、意 义??????????????????????????????????????????????????????????????????????????????????1 1.2 研究内容与结 构??????????????????????????????????????????????????????????????????????????????????????????????2 1.3 研究思路与方 法??????????????????????????????????????????????????????????????????????????????????????????????2 1.4 政府投融资研究的理论基 础 ??????????????????????????????????????????????????????????????????????????2 1.5 文献综 述?????????????????????????????????????????????????????????????????????????????????????????????????????????3 1.5.1 国外文献综 述???????????????????????????????????????????????????????????????????????????????????????????3 1.5.2 国内文献综 述???????????????????????????????????????????????????????????????????????????????????????????4 2. 九江市政府投融资发展现状与问 题???????????????????????????????????????????????????????????????????????6 2.1 九江市政府投融资发展的回顾及现 状???????????????????????????????????????????????????????????6 2.2 九江市政府投融资的主要方 式???????????????????????????????????????????????????????????????????????7 2.3 九江市开展投融资面临的机 遇???????????????????????????????????????????????????????????????????????8 2.4 九江市开展投融资面临的困难和挑 战????????????????????????????????????????????????????????? 10 3. 九江市政府投融资总体构 想???????????????????????????????????????????????????????????????????????????????? 12 3.1 投融资战略定 位???????????????????????????????????????????????????????????????????????????????????????????? 12 3.2 投融资指导思 想???????????????????????????????????????????????????????????????????????????????????????????? 13 3.3 投融资发展目 标???????????????????????????????????????????????????????????????????????????????????????????? 14 4. 九江市政府投融资策 略???????????????????????????????????????????????????????????????????????????????????????? 17 4.1 以改革投融资为财源,建立多元化投融资体 制?????????????????????????????????????????? 17 4.2 成立投资(控股)集团有限公司,实施企业化运 作?????????????????????????????????? 25 4.3 提升自主创新能力,优化产业结 构????????????????????????????????????????????????????????????? 26 4.4 加大对优质企业的投资和扶持力 度????????????????????????????????????????????????????????????? 27 4.5 通过收购和重组,整合优质资 源????????????????????????????????????????????????????????????????? 29 4.6 加大资本市场的直接融资力 度??????????????????????????????????????????????????????????????????????? 29 4.6.1 整合投资(控股)集团有限公司,力争直接上市融 资 ??????????????????????? 30 4.6.2 三区合一成立经济发展集团公司,力争直接上市融 资 ??????????????????????? 31 5. 九江市政府投融资配套政策措 施 ?????????????????????????????????????????????????????????????????? ?????? 32 5.1 健全组织结构,完善投融资运行机 制????????????????????????????????????????????????????????? 32 5.2 建立政策、法规与监督引导机制的建立,确保融通资金的安 全??????????????? 33 5.3 设立中小企业投资担保公司,支持中小企业多元化融 资 ?????????????????????????? 34 5.4 完善地方性的产业发展战略,引导银行与企业资金的流 向 ?????????????????????? 36I 5.5 有效控制投融资风险,提升投融资质 量????????????????????????????????????????????????????? 37 5.6 加快资本市场人才开发,建立科学的人力资源管理体 系 ?????????????????????????? 39 参考文 献???????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 41 后 记???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 43 II Contents 1. Introduction??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????1 1.1 Background, aims and signification of paper ????????????????????????????????????????????????????1 1.2 Contents and structure of research????????????????????????????????????????????????????????????????????2 1.3 Ideals and methods of research????????????????????????????????????????????????????????????????????????????2 1.4 Theory foundation of government investment and financing ???????????????????????????????2 1.5 Literature Review????????????????????????????????????????????????????????????????????????????????????????????????3 2. Condition and problems of Jiujiang government investment and financing ????????6 2.1 Review and condition of Jiujiang government investment and financing ?????????????6 2.2 Main ways of Jiujiang government investment and financing ???????????????????????????7 2.3 Opportunity of Jiujiang government investment and financing ????????????????????????????8 2.4 Challenges of Jiujiang government investment and financing f?????????????????????????? 10 3. eneral proposal of Jiujiang government investment and financing ?????????????????????? 12 3.1 Strategic positioning of Jiujiang government investment and financing ????????????? 12 3.2 Guiding ideology of Jiujiang government investment and financing?????????????????? 13 3.3 Developing aims of Jiujiang government investment and financing??????????????????? 14 4. Strategy of Jiujiang government investment and financing??????????????????????????????????? 17 4.1 To reform the investment and financing as the financial resources to establish a diversified investment and financing system???????????????????????????????????????????????????? 17 4.2 Set up an investment Holdings Group Limited, the implementation of enterprise operation??????????????????????????????????????????????????????????????????????????????????????????????????????????? 25 4.3 Enhance the capability of independent innovation, optimizing industrial structure???????????????????????????????????????????????????????????? ????????????????????????????????? 26 4.4 Increase business investment and support high-quality enterprises?????????????????? 27 4.5 Through the acquisition and reorganization, integrating high-quality resources ? 29 4.6 Increase the intensity of direct financing of capital markets??????????????????????????????? 29 4.61. Integrated Investment Holding Group Limited, and strive to direct public financing of??????????????????????????????????????????????????????????????????????????????????????????????? 30 4.6.2 establishment of the Economic Development Corporation, and strive to direct public financing of????????????????????????????????????????????????????????????????????????? 31 5. Jiujiang government policies and measures for supporting investment and financing ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 32 5.1 A sound organizational structure, improve the operational mechanism ofIII investment and financing????????????????????????????????????????????????????????????????????????????????? 32 5.2 The establishment of policies, regulations and supervision to guide the establishment of mechanisms to ensure the safety of intermediation of funds ?? 33 5.3 The establishment of SME Investment Guarantee Corporation, a diversified financial support for SMEs?????????????????????????????????????????????????????????????????????????????? 34 5.4 Improve the local industrial development strategy to guide the flow of funds between banks and enterprises????????????????????????????????????????????????????????????????????????? 36 5.5 Effectively control the risk of investment and financing to enhance the quality of investment and financing????????????????????????????????????????????????????????????????????????????????? 37 5.6 Speed up the capital markets, human resource development, establish a scientific human resource management system??????????????????????????????????????????????????????????????? 39 References??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 41 Postscript ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 43IV 九江市政府投融资策略研究 Jiujiang Municipal Investment and Financing Strategy向俊 江西财 经大学工商管理硕士2006春季三班 联系方式:xiangjun-jj@hotmail 目录 Contents 目录..4 Contents 摘 要7 ABSTRACT.8 第一章 导 论..9 Introduction 1.1 选题背景、目的、意义..9 Background, aims and signification of paper 1.2 研究内容与结构10 Contents and structure of research 1.3 研究思路与方法10 Ideals and methods of research 1.4 政府投融资研究的理论基础. 11 Theory foundation of government investment and financing 1.5 文献综述 12 Literature Review 1.5.1国外文献综述12 1.5.2国内文献综述13 第二章 九江市政府投融资发展现状与问题14 Condition and problems of Jiujiang government investment and financing 2.1 九江市政府投融资发展的回顾及现状14 Review and condition of Jiujiang government investment and financing 2.2 九江市政府投融资的主要方式14 Main ways of Jiujiang government investment and financing 2.3 九江市开展投融资面临的机遇16 Opportunity of Jiujiang government investment and financing4 2.4 九 江市开展投融资面临的困难和挑战19 Challenges of Jiujiang government investment and financing f 第三章 九江市政府投融资总体构想 21 General proposal of Jiujiang government investment and financing 3.1 投融资战略定位21 Strategic positioning of Jiujiang government investment and financing 3.2 投融资指导思想 221 Guiding ideology of Jiujiang government investment and financing 3.3 投融资发展目标22 Developing aims of Jiujiang government investment and financing 第四章 九江市政府投融资策略. 26 Strategy of Jiujiang government investment and financing 4.1 以改革投融资为财源,建立多元化投融资体制. 26 To reform the investment and financing as the financial resources to establish a diversified investment and financing system 4.2 成立投资(控股)集团有限公司,实施企业化运作35 Set up an investment Holdings Group Limited, the implementation of enterprise operation 4.3 提升自主创新能力,优化产业结构36 Enhance the capability of independent innovation, optimizing industrial structure 4.4 加大对优质企业的投资和扶持力度38 Increase business investment and support high-quality enterprises 4.5 通过收购和重组,整合优质资源 39 Through the acquisition and reorganization, integrating high-quality resources 4.6 加大资本市场的直接融资力度. 40 Increase the intensity of direct financing of capital markets 4.6.1 整合投资(控股)集团有限公司,力争直接上市融资. 40 Integrated Investment Holding Group Limited, and strive to direct public financing of 4.6.2 三区合一成立经济发展集团公司,力争直接上市融资. 42 establishment of the Economic Development Corporation, and strive to direct5 public financing of 第五章 九江市政府投融资配套政策措施45 Jiujiang government policies and measures for supporting investment and financing 5.1 健全组织结构,完善投融资运行机制45 A sound organizational structure, improve the operational mechanism of investment and financing 5.2 建立政策、法规与监督引导机制的建立,确保融通资金的安全46 The establishment of policies, regulations and supervision to guide the establishment of mechanisms to ensure the safety of intermediation of funds 5.3 设立中小企业投资担保公司,支持中小企业多元化融资47 The establishment of SME Investment Guarantee Corporation, a diversified financial support for SMEs 5.4 完善地方性的产业发展战略,引导银行与企业资金的流向. 50 Improve the local industrial development strategy to guide the flow of funds between banks and enterprises 5.5 有效控制投融资风险,提升投融资质量. 51 Effectively control the risk of investment and financing to enhance the quality of investment and financing 5.6 加快资本市场人才开发,建立科学的人力资源管理体 系„„„„„„„„„„„„„„„„„ 52 Speed up the capital markets, human resource development, establish a scientific human resource management system 参考文献. 54 References 后 记56 Postscript6摘 要 改革开放30多年来,经济体制已逐步由计划经济向市场经济转轨,与此相适应, 政府投融资领域也进行了一系列改革,目前已初步实现了投资主体多元化、资金来源 多渠道、融资方式多样化的格局,市场对资源配置的基础性作用日益增强,政府对投 融资的管理也有了很大改进,但与高速发展的经济及高涨的投融资需求相比,九江市 投融资发展明显滞后,存在诸如投融资体制以国有经济导向为主、融资渠道仍较为单 一、投融资项目经营管理的非专业化、政府职能定位等问题。要保持九江经济的快速 发展,实现强工兴城的目标,必须建立健全完善的投融资体系和完整的投融资策略。 本文共分导论、投融资发展现状与问题、投融资总体构想、投融资策略、配套政 策措施五个部分。第一章为导论。第二章首先对九江市投融资发展进行了回顾,再接 着分析了面临的机遇和挑战。第三章主要从投融资战略定位、指导思想、发展目标三 方面阐述了九江投融资总体构想。第四章从建立多元化投融资体制、成立投 资公司实 行企业化运作、优化产业机构、加大扶持优质企业、整合优质资源、加大资 本市场直 接融资和加快人才开发,建立科学的人力资源管理体系七方面详细阐述了九 江市投融 资策略。第五章从制定投融资运行机制、制定相应的法律法规政策、多元化 融资、完 善产业发展战略、规避投融资风险等五个方面详细提出了九江市投融资的配 套政策措 施。 关键词:九江市投融资、体制、策略探讨、配套政策措施7Abstract Economic system has changed into market economy from plan ecomony within 30 years since the beginning of Reform and Open in china. Meanwhile, government Investment & Financing has basicly established a structure of a diversity of investor, a diversity of investment sources, and a diversity of the resources distributionGovernment’s management of Investment and Financing has been improved greatly, but Jiujiang Government’s management of Investment and Financing lags evidently, for example, stated-owned economy oriented I & F system, simple financing channel, non-professional operation management of I & F project, wrong position of government function, which cannot match the requirements of rapid economic development and I & F. In roder to keep Jiujiang sustainable development, to make the goal of industrial and city development, Jiujiang must create perfect I & F system and strategyThis paper consists offive chapters, including Introduction, Present situation and problem of Investment & Financing, General proposal, Other assistant measuresChapter 1 is Introduction. Chapter 2 recall the history of Jiujiang I & F development and analyse persent opportunities and challenges. Chapter 3 explain the general proposal of Jiujiang I & F from the aspects of I & F strategy position, guiding ideology, development goal. Chapter 4 explain detailed Jiujiang I & F strategy from seven aspects of creating diversifying I & F system, founding an invested company as operating body, optimizing industrial structure, aiding the good quality enterprises, merging good quality resouces, increasing direct financing from capital markets, developing human resource and create system of HR management. Chapter 5 propose some assistant measures from 5 aspects of working out I & F operation regulations, constituting relative law and regulations, diversifying financing, making out main industries development strategy, avioding I & F risksKey words: Jiujiang Investment and Financing, System, Policy Study, Assistant Measures8第一章 导 论 1.1 选题背景、目的、意义 现代经济的核心是金融,经济要发展,战略要推进,都离不开金融的支持。现 在, 九江强工兴城战略已经启动,沿江开发各大板块蓄势待发,迫切需要健全投 融资机制, 搭建投融资平台,解决九江市在发展中遇到的资金瓶颈问题。近几年来,九江 市的投 融资工作有一定起步,但步伐不快,投融资平台还不坚实,方式还不灵活,渠道还不 畅通,这些已成为九江市扩大投资、加快发展的制约因素。在此背景下,积极扩大九 江市投融资策略探讨渠道迫在眉睫。完善的投融资策略,有利于扩大融资,促进发展; 有利于统一管理,提高效率;有利于防范风险,维护信誉。 (1)有利于发挥政府主导作用,扩大社会投资 政府要发挥在某些领域的投资主导作用,需要控制一部分投资资金。这部分资金 首先是来自于政府财税和规费。作为政府来说,首先是要把自己这部分能够用来建设 的资本尽可能地做大做强。但这是不够的,要做到没有财政赤字,就要壮大政府主导 投资的能力,做到四两拨千斤,并最终调动起民间投资,扩大全社会的投资规模,也 就是政府手中必须有一批投融资信用很好的企业集团,代表国有资本在政府主导的领 域去投资,以发挥政府放大投资的作用,这就需要完善的投融资策略。 (2)有利于企业快速发展 完善的投融资策略,多元化的投融资体制,可以帮助企业尤其是中小企业融资, 解决企业经营过程的资金短缺问题,促进企业快速发展。 (3)有利于九江市产业结构优化升级 九江市作为长江中游重要的物资集散地和江西省重要的工业基地,船舶汽车、石 油化工、冶金建材等方面有着雄厚的产业基础,但是高新技术产业虽有所发展,但发 展不快,其中重要原因是融资渠道不畅通。建立完善的投融资策略,为高新技术产业 升级提供了资金支持,带动了产业结构优化升级。 (4)有利于促进地方经济发展9 完善的投融资策略,可以一方面发挥政府主导投资的作用,一方面突破了经济发 展中的资金瓶颈,理顺投融资渠道,有利于地方经济的快速发展。 做好投融资,既是九江市经济发展的客观需要,也是九江市推进“强工兴城”战 略的必然需要,是九江跨越式发展中解决发展中遇到的资金瓶颈问题的关键。 1.2 研究内容与结构 本文主要对九江市政府投融资策略进行探讨,对如何做好投融资工作进行了深入 分析并提出自己的构想、策略及配套政策措施。全文结构除导论外,共分九江市投融 资发展现状与问题、总体构想、投融资策略、配套政策措施四个部分。本文 研究结构 如下图: 九江市投融资发展状况与问题 九江市政府投融资总体构想 九江市政府投融资策略 九江市投融资配套政策措施图1-1本文研究结构 1.3 研究思路与方法 本文研究思路主要从九江市投融资发展现状与问题、总体构想、投融资策略、配 套政策措施等四个方面展开论述。第二章首先对九江市投融资发展进行了回顾,再接 着分析了面临的机遇和挑战。第三章主要从投融资战略定位、指导思想、发展目标三 方面阐述了九江投融资总体构想。第四章从建立多元化投融资体制、成立投资公司实 行企业化运作、优化产业结构、加大扶持优质企业、整合优质资源、加大资本市场直 接融资、加快人才开发和建立科学的人力资源管理体系七方面详细阐述了九江市投融 资策略。第五章从制定投融资运行机制、制定相应的法律法规政策、多元化融资、完 善产业发展战略、规避投融资风险等五个方面详细提出了九江市投融资的配 套政策措 10 施。 本论文研究的基本方法主要是实证研究,结合九江市投融资现状,通过工作中出 现的各种实例,发现问题,分析问题,提出对策。 1.4 政府投融资研究的理论基础 (1)货币经济周期理论 卢卡斯的理性预期的经济周期理论观点只是在对时间系列分析中加进了理性预 期的因素,把经济周期理论同理性预期的分析直接联系起来。卢卡斯否认凯恩斯的这 种自愿失业和非自愿失业的划分,认为不能在总的失业中划分出哪一部分是“自愿失 1 业”的,哪一部分是“非自愿失业”。此外,按他的看法,失业是由于经济中的随机 变量的变动而引起的,那么,最重要的是把政策也作为经济中的一个变量(或随机变 量)发挥作用,或者把政策看成是一种经济