摘要：与传统政府主导的城市更新模式相比，“央国企+民企”协同模式凭借主体优势互补的核心特征逐步成为破解城市更新难题的重要路径。其核心逻辑在于央国企依托政策对接、资金融通及信用背书的天然优势筑牢项目基础，民企则以市场化运营、灵活管理及专业操盘能力提升实施效率。然而，该模式在实践中仍面临治理结构冲突、风险分担失衡、合规约束与效率诉求矛盾等现实挑战。本文基于风险分担理论，系统剖析该模式的核心内涵、应用可行性与实践优势，结合上海城市更新实证案例，探析模式应用成效与现存问题，最终提出针对性优化建议，为该模式在城市更新领域的规范化推广提供参考。

关键词：“央国企+民企”；城市更新；协同模式；风险分担

Abstract：Compared with the traditional government-led urban renewal model，the "central and local state-owned enterprises + private enterprises" collaborative model has gradually become an important path to solving the challenges of urban renewal，relying on the core feature of complementary advantages among entities. Its core logic lies in that central and local SOEs lay a solid foundation for projects by leveraging their inherent advantages in policy coordination，financial intermediation，and credit endorsement，while private enterprises enhance implementation efficiency through market-oriented operations，flexible management，and professional operation capabilities. However，in practice，this model still faces practical challenges such as governance structure conflicts，imbalanced risk sharing，and conflicts between compliance constraints and efficiency demands. Based on the risk-sharing theory，this paper systematically analyzes the core connotation，application feasibility，and practical advantages of this model，explores the application effects and existing problems of the model by combining empirical cases of urban renewal in Shanghai，and finally puts forward targeted optimization suggestions to provide references for the standardized promotion of this model in the field of urban renewal.

Keywords："state-owned enterprises+private enterprises"；urban renewal；collaborative model；risk sharing

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建筑经济，2026（4）：5-10