摘要：长期以来老旧小区改造对政府资金投入的依赖度高，融资机制未实现突破。研究美国、英国、日本城市更新可持续融资机制的发展规律及有效举措，立足我国城市发展阶段，坚持以创新思维优化规划、金融、财税等相关制度安排，从引入市场力量、在存量提质改造阶段灵活运用容积率激励、发展REITs等金融工具、加大财政政策支持力度四个方面提出建立和完善多元主体参与的老旧小区改造可持续融资机制的建议。
关键词：城镇老旧小区改造；可持续融资机制；社会资本参与；风险共担
Abstract：For a long time，renovation of old urban residential communities has relied heavily on government funding，and the financing mechanism has not achieved a breakthrough. The article studies the development patterns and effective measures of sustainable financing mechanisms for urban renewal in the United States，the United Kingdom，and Japan. Based on the stage of urban development in China，adhere to the innovative thinking to optimize planning，finance，taxation and other relevant institutional arrangements，and put forward suggestions on establishing and improving the sustainable financing mechanism for renovation of old urban residential communities involving multiple subjects from four aspects：introducing market forces，flexibly using Floor area ratio incentives in the stage of stock upgrading and transformation，developing REITs and other financial tools，and increasing financial policy support.
Keywords：renovation of old urban residential communities；sustainable financing mechanism；social capital participation；risk sharing
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