：地方政府投融资平台是我国特殊时代背景和发展下的产物， 自 20 世纪 90 年代以来，旧《预算法》及相关融资贷款法律法规的出 台，极大的制约了地方政府部门的融资渠道和资金规模。在此背景下， 全国各地政府投融资平台应运而生，并且在很长一段时间，为推动地 方经济发展和提高城镇化水平作出了重要贡献，但由于投融资平台缺 乏规范管理，存在的问题也随之暴露出来。国发[2014]43 号文件提 出要加快建立规范的地方政府举债融资机制，剥离政府投融资平台中 政府的职能，基于此，地方政府投融资平台的发展与经营模式出现了 转折，逐渐走向转型发展道路。 本文在学习地方政府投融资平台与战略管理相关概念和理论的 基础上，以衡阳弘湘国有投资（控股）集团有限公司（以下简称弘湘 公司）为研究对象，采用案例研究、定量与定性研究和战略管理分析 方法为主，文献研究方法为辅，从四个方面对弘湘公司转型发展战略 进行研究。首先，介绍弘湘公司的概况、控股股东及组织架构，通过 分析该公司的发展现状以及与相关高管人员访谈调查，了解获取到公 司当前发展中存在以下问题：“政企不分”模式下内部治理机制不健 全， 自身“造血功能”市场化运营能力不足，资产质量不高资本结 构不合理，投资项目质量不高造成资源浪费不利于经济发展，融资模 式单一偿债风险大；其次，根据存在问题制定公司转型发展战略，基II 于 SWOT—PEST 战略分析法，从政治、经济、社会、技术四个层面分 别对其优势、劣势、机遇和威胁进行内外部环境分析，进而识别出该 公司转型发展四种备选战略，接着利用定量战略规划矩阵（QSPM）选 择出最优发展战略；再次，根据前文研究进行战略实施，在确定公司 战略管理使命、目标、转型发展的定位基础上，提出转型发展的总体 思路和六项具体举措；最后，提出了该公司转型发展战略的保障措施， 分别从政策支持保障、制度建设保障、项目可行性研究保障及业绩考 核改进保障四个方面进行阐述。 笔者通过 SWOT—PEST 战略分析法对弘湘公司转型发展内外部环 境进行有效分析后，得出以下两个方面的结论，一是弘湘公司转型发 展战略制定时应选择最优的 WO 战略，即完善自身建设，克服内部劣 势与困难同时注意抓住外部一切资源与机遇积极发展；二是转型发展 的最终目的是走向市场化运作，提升营运能力，使之能够健康长久的 发展。希望本文研究的转型发展战略以及提出的转型发展总体思路和 具体举措能够为弘湘公司所用，促进公司持续高效发展。 关键词：地方政府投融资平台；SWOT—PEST 分析；战略管理；转型 与发展III Hengyang Hongxiang State Investment and FinancingCompany based on SWOT-PEST analysis Research on Transformation Development Strategy Wang Xuelian(Business Adminstration Major) Directed by Yang Qiulin Abstract: The local government investment and financing platform is a product of China's special era background and development. Since the 1990s, the promulgation of the old "Budget Law" and related financing loans laws and regulations have greatly restricted the financing channels and funds of local government departments. scale. In this context, government investment and financing platforms have emerged at the historic moment, and for a long time, they have made important contributions to promoting local economic development and improving the level of urbanization. However, due to the lack of standardized management of investment and financing platforms, there are also problems Then exposed. Guofa [2014] No. 43 proposes to speed up the establishment of a standardized local government debt financing mechanism and to strip off the government's functions in the government's investment and financing platform. Based on this, the development and operation model of the local government's investment and financing platform have turned points and gradually moved towards transformation development route.IV Based on the concepts and theories of local government investment and financing platforms and strategic management, this article takes Hengyang Hongxiang State-owned Investment (Holding) Group Co., Ltd. (hereinafter referred to as Hongxiang Company) as the research object, and adopts case studies, quantitative and qualitative research. It mainly focuses on strategic management analysis methods, supplemented by literature research methods, and studies Hongxiang's transformation and development strategy from four aspects. First, introduce the general situation, controlling shareholders and organizational structure of Hongxiang Company. By analyzing the development status of the company and interviewing with relevant senior executives, we understand that the following problems exist in the current development of the company: under the "no distinction between government and enterprise" model The internal governance mechanism is not perfect, the market operation ability of its own "hematopoietic function" is insufficient, the asset quality is not high, the capital structure is unreasonable, and the quality of investment projects is not high, which causes waste of resources and is not conducive to economic development. Existing problems to formulate the company's transformation and development strategy, based on the SWOT-PEST strategic analysis method, from the political, economic, social, and technological levels to analyze the internal and external environment of its advantages, disadvantages,V opportunities and threats, and then identify the company's transformation and development Four alternative strategies, and then use the Quantitative Strategic Planning Matrix (QSPM) to select the optimal development strategy; again, carry out the strategy implementation according to the previous research, and on the basis of determining the company ’s strategic management mission, goals, and positioning of transformation and development, propose transformation and development The overall idea and six specific measures; finally , Put forward the guarantee measures of the company's transformation and development strategy, and elaborated from four aspects: policy support guarantee, system construction guarantee, project feasibility study guarantee and performance assessment improvement guarantee. After an effective analysis of the internal and external environment of Hongxiang's transformation and development through the SWOT-PEST strategic analysis method, the author draws conclusions in the following two aspects. First, Hongxiang's transformation and development strategy should choose the optimal WO strategy, namely Improve self-construction, customer service internal disadvantages and difficulties at the same time pay attention to seize all external resources and opportunities for active development; the second is the ultimate goal of transformation and development is to move towards market-oriented operations, improve operational capabilities, so that it can be healthy andVI long-term development. It is hoped that the transformation and development strategy researched in this paper, as well as the overall ideas and specific measures proposed for transformation and development, can be used by Hongxiang Company to promote the sustainable and efficient development of the company. Keywords: Local government investment and financing platform; SWOT-PEST analysis; strategic management; transformation and developmentVII 目 录 摘要.................I Abstract....III 第 1 章 绪 论............................. 1 1.1 研究的背景及意义.........1 1.1.1 研究背景.................1 1.1.2 研究意义.................2 1.2 国内外研究综述.............2 1.2.1 关于地方政府投融资平台概念的研究2 1.2.2 关于地方政府投融资平台融资模式的研究...................... 2 1.2.3 关于地方政府投融资平台风险与防范的研究.................. 3 1.2.4 关于地方政府投融资平台转型发展的研究...................... 4 1.2.5 对国内外研究现状的评价....................4 1.3 研究内容与技术路线.....5 1.3.1 主要研究内容.........5 1.3.2 技术路线.................6 1.4 研究方法......................... 6 1.4.1 文献分析法.............7 1.4.2 案例分析法.............7 1.4.3 定性和定量分析法.7 1.4.4 SWOT—PEST 分析法7 第 2 章 概念界定和理论基础.....9 2.1 概念界定......................... 9 2.1.1 地方政府投融资平台概念....................9 2.1.2 地方政府投融资平台历程..................10 2.1.3 地方政府投融资平台特征..................11VIII 2.1.4 地方政府投融资平台类型..................12 2.1.5 地方政府投融资平台作用..................14 2.2 理论基础...