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随着城投公司市场化改革，未来会出现平台破产吗
城投公司 时间：2020-07-01


地方城投平台新政。对严重资不抵债失去清偿能力的地方政府融资平台公司，依法实施破产重整或清算，坚决防止“大而不能倒”，坚决防止风险累积形成系统性风险。同时，要做好与企业破产相关的维护社会稳定工作。投资者最为关注的点还是国家政策允许严重资不抵债的城投平台倒闭破产，不再是政府兜底，打破原有一贯的刚性兑付。这样一来，确实有些投资于城投项目的信托产品或银行理财会存在无法兑付的风险。

城投企业作为大多地方政府的举债主体，不断玩着“借旧换新”的模式。从人民银行印钱开始，再到财政部，因地方债把钱借出，再到地方政府把借来的钱偿还历史债务，同时由其他渠道举债融资的循环，不断增加债务，特别是隐性的债务风险加剧。

城投企业为地方政府的基础建设做出了重要贡献，但也带来了巨大的风险点。现在地方政府明面上不再做担保或兜底。银行等金融机构在借钱给城投企业的话，就会考虑项目本身的盈利能力。不具备经济效益的项目将受到很大影响，因为项目不赚钱，就借不到钱了，一定程度上实现了资金往更好更优的项目上去靠拢，而不是此前的闭眼往城投项目或国企上靠的做法。现在打破兜底的制度，能达到一定的市场资源优化配置的目的。

另外，因为公用事业类城投企业现金流较为稳定，基础设施和土地开发类的城投企业盈利能力和经营现金流通常会非常弱，以后，聪明的资金也会更偏向于公用市场类的项目和更好评级的基础设施和土地开发类的城投项目。

进元财富注意到目前江浙地区城投平台市场化的进程不断加速，而其他大部分地区城投平台仍然保持着承担基础设施建设的任务，城投平台50%营业收入来源是否来自于地方政府成了判断城投平台与国有企业的红线。

值得一提的是，目前青海省投资集团有限公司正在进行的破产重组被市场认为是城投信仰破灭的标志，而该公司公开资料显示其股东存在民间资本控股的情况，此外公司经营业务范围并没有如同一般城投平台包涵“基础设施建设、市政工程、土地整理”等内容，因此进元财富认为严格意义上而言，青海省投只属于一般国有企业。

进元财富认为，长期来看城投债将会被偿还责任更为明确、融资成本更低的地方政府债券所代替，城投企业的融资平台职能将逐渐被剥离，未来城投企业将逐步转型为一般工商企业。不过，融资平台体制已运行多年，转型不会一蹴而就，城投企业和城投债仍将存在相当长时间，当下投资城投平台理财产品仍然是高净值人群不错的选择。


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