Financial analysis of urban renewal based on accounting standards:Methods and planning means
The research on financial analysis methods for urban renewal in China is relatively lagging behind.Based on the perspective of local governments and modern accounting standards,this paper constructs a financial model for urban renewal with Chinese urbanization characteristics and closely integrated with urban land use space.Chinese urban governments can be seen as platform enterprises that provide public services to various market entities in the city.Introducing the balance sheet and income statement in accounting can better simulate the financial situation of Chinese urban governments in the stages of urban construction investment and financing and urban operation.In order to better align with the actual development of cities,traditional accounting methods need to be processed to enable financial statements to form corresponding relationships with urban land space.The residential land,public supporting land,and industrial land in cities form financing,asset,and income items in the financial model.The goal of urban renewal is for local governments to seek maximum profits during the operational phase based on the balance sheet after the end of the urban investment and financing phase.On the basis of benchmark financial analysis,by relaxing assumptions,further applying them to the analysis of typical urban renewal models,interpreting the financial essence and risks behind different models.The financial risk of the property rights reset model lies in the fact that an increase in the plot ratio index will dilute the public net asset value corresponding to the housing(equity)held by the original urban shareholders.The expropriation and demolition compensation used for compensation will ultimately be amortized into the expense item of the income statement,resulting in a net loss of net profit,which is exactly equal to the depreciation of the housing assets of the original urban shareholders.The financial advantage of the autonomous renewal model is that it can avoid the cost of land acquisition and demolition compensation,and since there is no need to increase the plot ratio of the land,the local government's balance sheet will not expand,thus saving depreciation and operation and maintenance costs caused by the increase in assets.The use change mode should be cautious of arbitrage on the"revenue side'of the income statement.The economic consequences of the small property rights to large property rights model in the transformation of urban villages are similar to the"property rights reset model".If the differential land rent between urban residential land and rural collective land cannot be compensated,this model will also dilute the interests of the original shareholders.The public space renewal model can be designed through appropriate business models to create stable cash flow income for urban governments.Based on the above analysis,it further proposes planning strategies and specific means for optimizing urban renewal in China from five aspects:land structure adjustment,development mode selection,public asset revitalization,industrial land transfer,and changes in use and property rights.Specifically,in terms of land use structure,urban land should be added for industrial functions,the proportion of residential land should be reduced,and the asset size of urban public land should be controlled.When the scale of residential land financing is fixed,the financing cash flow can also be invested more in the equity assets of high-quality enterprises rather than urban fixed investment,thereby reducing the depreciation and maintenance costs of public assets,promoting urban investment attraction,and increasing the income of industrial land.In the selection of development models,the development model of"large-scale demolition and construction+capacity increase"should be avoided,in order to ensure the financial sustainability of local governments and prevent damage to public interests.In terms of public asset revitalization,reduce expenditure assets that only spend money but do not make money,and increase income assets that have abundant cash flow returns.While making necessary expenditure oriented asset investments,planning methods such as mixed land use can also be used to improve the return on existing public assets.In terms of the transfer method of industrial land,it is recommended to transform the transfer of industrial land from a"batch rental system"to an"annual rental system".When transferring industrial land,it is agreed on the annual rent or tax conditions that the enterprise needs to pay to the local government every year.This can effectively"force"inefficient enterprises to exit the industrial land market as soon as possible,and hand over the limited urban industrial space to more efficient enterprises for use.Finally,in terms of land use and property rights changes,strict control should be exercised over land use and property rights changes such as industrial and commercial reform,as well as the legal entry of small property rights houses into the market,to ensure that public interests are not"stolen".For changes in the internal use of industrial land,the reform of the"annual rent system"can be combined to agree and increase the annual tax"obligations"of enterprises.
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