摘要：针对当前城中村改造资金来源单一、成本高、退出难等问题，运用“政策性资金+市场化资金”双轮驱动的融资思路，本文提出利用政策性银行的政策性开发性金融工具和城中村改造专项借款等金融工具，系统地解决城中村改造项目前期征迁、建设阶段项目资本金及配套债务性资金来源，同时在运营阶段探索采用REITs模式，通过盘活存量资产，实现投资资金退出，构建起“政策性银行投贷联动+REITs”城中村改造全生命周期融资新

模式。

关键词：城中村改造；政策性开发性金融工具；专项借款；REITs

Abstract：In response to the problems of single funding sources，high costs，and difficulty in fund withdrawal for urban village renovation projects，a financing approach driven by "policy funds+market-oriented funds" is adopted. This article proposes to use policy banks' policy oriented developmental financial instruments and special loans for urban village renovation，to systematically solve the sources of project capital and debt funds in the early stages of land acquisition and construction stage，in the operation stage，the REITs model is explored to revitalize existing assets and achieve investment fund withdrawal，then build a new financing model for the entire life cycle of urban village renovation through "policy bank's investment and loan linkage+REITs".

Keywords：urban village renovation；policy oriented developmental financial instruments；special loans；REITs

参考文献

[1] 叶裕民，牛楠.转型时期城中村改造：基于农民工住宅选择的实证研究[J].经济与管理研究，2012（4）：18-25.

[2] 李润国，赵青，王伟伟.新型城镇化背景下城中村改造的问题与对策研究[J].宏观经济研究，2015（8）：41-75.

[3] 郭翔宇，余健，王梓璇.全生命周期视角下的城中村改造金融模式创新[J].清华金融评论，2024（1）：97-102.

[4] 新华社.李克强主持召开国务院常务会议 确定政策性开发性金融工具支持重大项目建设的举措等[EB/OL].（2022-6-30）.https：//www.gov.cn/xinwen/2022-06/30/content_5698644.htm.

建筑经济，2025（5）：13-18