According to the exchange's latest corporate bond regulatory rules framework system, it can be confirmed that urban investment companies will receive strict supervision and restrictions on corporate bond financing in the future, and the difficulty of new corporate bond financing will increase to a certain extent. From the perspective of regulatory thinking, encouraging urban investment companies to carry out industrial transformation is a key direction. However, judging from the business practice and financing practice of urban investment companies, the industrial transformation of urban investment companies is very difficult. There is a certain paradox:
1. Qualitative issues of urban investment companies. The reason why an urban investment company is an urban investment company is because it has obvious urban investment attributes and is obviously different from ordinary state-owned enterprises and industrial enterprises. If the industrial transformation is completed, how should the nature of the urban investment company be characterizedbonuspopslots？Urban investment company, industrial company or urban investment industrial company? This is a very serious issue, which is related to the most fundamental issue for the future development of urban investment companies.
2. The industrial business of the urban investment company. Urban investment companies can carry out industrial transformation, so which businesses are industrial businesses? Entrusted construction, land consolidation, shantytown renovation, etc. are undoubtedly urban investment businesses. How to define the nature of public utility business, engineering construction business, and public transportation business? Then is trade business an industrial business? As we all know, trade business is the fastest and most convenient way to change the main business structure of urban investment companies, and many urban investment companies have industrial businesses.
3. The credit rating of the city investment company. It can be said with certainty that urban investment companies can obtain higher credit ratings mainly because of their urban investment attributes and government credit guarantees. If removedbonuspopslotsGiven the credit of urban investment companies, it is difficult to maintain the credit rating of the main body of many urban investment companies. Therefore, if urban investment companies carry out industrial transformation, on the one hand, urban investment companies need to control the transformation structure; on the other hand, rating companies need to adjust their rating models in a timely manner to adapt to new regulatory ideas.
4. Investor recognition of urban investment companies. From a practical point of view, the reason why urban investment companies are favored by investors is mainly because of their attributes and the inseparable connection between urban investment companies and local governments. Therefore, if urban investment companies carry out industrial transformation, financial institutions including banks need to establish a new risk rating system for urban investment companies and re-analyze and evaluate urban investment companies after transformation.
Of course, the industrial transformation of urban investment companies is a gradual process and will not be achieved overnight. Therefore, the business structure of urban investment companies will gradually change, which means that urban investment properties are gradually decreasing. Therefore, the evaluation and analysis of the industrial transformation of urban investment companies is also a gradual process, and a comprehensive analysis is needed based on the practices of urban investment companies, regulatory rules and guidelines, etc.