Introduction: It is required that the future investment and financing planning process must pay more attention to the overall design of the back-end fund gap solution, actively introduce the concept of capital operation, and introduce social capital with the help of the market dominant position of platform companies to enhance the market participation of new town development.
Definition of the concept of capital operation
Broadly speaking, capital operation refers to a mode of operation that takes the maximization of capital appreciation as the fundamental purpose, is characterized by value management, and effectively operates all the capital of an enterprise through the optimal allocation of all the capital and production factors of the enterprise and the dynamic adjustment of industrial institutions. Specifically, capital operation is a mode of operation based on the valued and securitized capital, with the capital market as the main activity place, and through various ways such as acquisition, merger, strategic alliance, share repurchase, enterprise separation, asset divestiture, asset reorganization, bankruptcy reorganization, debt-to-equity swap, custody operation, equity participation, holding, trading and transfer, it can optimize capital allocation, improve the efficiency and benefit of capital operation, and achieve the maximum value-added goal.
Necessity of introducing capital operation into new city development
The interaction between the continuous fermentation of the economic crisis and the government's macro-control has had a series of effects on the subsequent urbanization. Although local governments have more motivation, they are often weakened in the face of various problems such as the decline of overall economic growth, the increase of fiscal deficit, the sharp increase of local debt and the shortage of land resources. The old urbanization process has led to a series of resource allocation and environmental ecological problems. Traditional land finance increasingly reflects the negative role of unstable factors in promoting social stability. At the same time, the promotion of new urbanization needs continuous long-term investment, and the practice of giving up land finance conflicts with the huge capital demand. Therefore, in the process of new town construction and development in the future, we must promote and attract social capital to participate in new urbanization through the process of capital operation.
The traditional investment and financing planning of new town development is the basic basis for future land pricing after the overall evaluation and calculation in advance. However, the short-term or medium-and long-term funding gap that may be caused by cash flow simulation can only be described by simple or single financing methods or means. Therefore, in the process of planning implementation, under the circumstances of weak financial strength, insufficient capital reserves and lack of financing talents, the construction of the new district is likely to be temporarily suspended or delayed, and it must be laid out in advance. After the development and construction of the new town and the land sequence design in the investment and financing planning stage, taking the main body of the new town development as the object, the specific means and methods of capital operation and the matching of construction funds are comprehensively analyzed, and a capital operation scheme which can realize the static balance of development revenue and expenditure, the maximum dynamic value and the sustainable and balanced development is designed as a whole.
Priority theme of capital operation in new town development of city investment company
New town development is a complex system engineering, so is capital operation. In order to continue to maintain the guiding role of the government in the process of new town development, we should establish the city investment company as the preferred capital operation subject in the future new town development, actively cooperate with all participants in the capital market in the form of city investment company, continuously absorb the power of social capital, and at the same time retain the leading participation position in new town development with relevant privileges, so as to maximize the leverage of government investment in the capital market and preserve and increase the value of state-owned capital.
As the market subject of long-term investment in urban construction controlled by local government, urban investment company has accumulated a lot of experience in saving urban construction cost and managing urban assets and resources with the help of regional monopoly position, which is helpful to improve the construction efficiency and cost-effectiveness of new city development in the future. At the same time, the financing function is the basic attribute orientation of the city investment company, which depends on the profound government background and huge asset scale. City investment companies are destined to have stronger participation and bargaining power than ordinary local enterprises in the capital market. In short, the city investment company has both government will and market thinking, and knows more about urban construction, asset management and capital operation.
Connotation requirements of capital operation in new city development
The follow-up implementation of the investment and financing scheme of new town development can not be separated from the whole process of capital operation. The continuous improvement of the capital operation strength of new town development needs to be continuously optimized from three aspects: subject construction, credit construction and financial innovation.
(1) main body construction
As the market main body of new town development, city investment company must constantly strengthen its own construction according to the requirements of capital market, adhere to the synchronous development of management ability, management ability and capital ability, scientifically formulate and establish the company's strategic planning and business operation route, and establish and improve corporate governance.
Management system, group control mode and management system, strengthen the construction of the company's capital market team, strictly manage the moderate and flexible capital structure of the company, realize the standardized operation of the city investment company in an orderly manner, and enhance the overall capital operation ability.
(2) Credit construction
Subject credit is the passport of the capital market, and the future capital operation must be based on sufficient credit. Due to the long-term and arduous nature of new town development, it is necessary for local governments and city investment companies to cooperate tacitly and build a perfect credit resource system according to the development process of new town. Generally, urban investment companies authorized by local governments can easily obtain basic tax sources, fiscal revenue and government organizations' credit enhancement as the core credit resources for new city development; At the same time, with the help of the operation and cultivation of developers and the policy support of local governments, we will gradually expand the scale of leveraged credit resources such as policy capital credit, commercial credit, bond market financing, comprehensive charging mechanism, government subsidies and credit enhancement, and the introduction of social capital. In addition, we will continue to develop export credit resources, such as stock market financing, securitization market financing, private financing market financing and private equity infrastructure funds as the main market. Once the development of the new city enters a state of sustainable development, the expansion of the regional economic tax base, the strengthening of the supporting capacity of regional integration, and the all-round prosperity of the country and the people are the overall credit protection barriers for urban investment companies to participate in the capital market, and also the basis for the expansion of core credit resources.
(3) Financial innovation
The essential purpose of introducing capital operation into the investment and financing planning of new city development is to solve the problems of maturity mismatch and cost waste in the construction process. City investment company should make a comprehensive analysis according to the project construction content and capital calculation conclusion of new town development, and through equity financing, bond financing, mezzanine financing,
Combinatorial innovation and design innovation of different types of project financing, establish and improve the fund supply system that matches the development cycle of the new town, and at the same time use the innovation process to expand financing channels and financing methods, which provides certain selection basis and coordination basis for project fund raising in the process of new town development, helps to save the overall capital cost of new town development, and promotes the realization of the process of maximizing the development and operation value of the new town through secondary system optimization.
;