在当前大力推进国企改革的背景下，国家对城投企业的财政政策由鼓励逐渐改变为收紧，城投公司面临着不断增加的生存和发展压力，城投公司意识到亟需摆脱地方政府干预，从非市场化的融资平台角色转型为自主经营、自负盈亏的市场化经营主体。

CC城投公司由B市地方政府出资成立，属于地方性国有独资企业，其成立的目的是帮助地方政府融资并从事城市基础设施项目建设。近年来紧随国家政策引导，CC城投公司积极寻求市场化转型，但近几年公司经营状况不佳，自身资产负债率居高不下，净利润率持续下滑。

本文采用调研分析法深入CC城投公司内部，对其发展历程及发展现状进行了深入了解。CC城投公司主要承接政府公益或准公益性项目，长期以来不以营利为目标，市场化水平低。当前主要的项目运作模式是委托代建模式，作为政府的代建方从事基础设施建设，CC城投公司依靠收取政府支付的代建管理费维持公司经营，而代建模式的不合规不完善是影响CC城投公司发展和转型的关键。

解决当前的经营和发展问题，需要对项目运作模式进行变革。委托代建模式运行时间长，模式成熟，更加稳健，但缺乏市场活力；授权Authorize—建设Build—运营Operate（简称ABO）模式是一种新型的项目运作模式，可参考的成功案例不多，运作风险较高，但其市场化程度较高，灵活性大。是选择将当前的委托代建模式进行逐步完善，还是选择全新的更具挑战的ABO模式，是CC城投公司转型过程中面临的最大的决策问题。

本文通过文献研究梳理了委托代建模式和ABO模式的由来、运作形式、面临的风险及规避措施，通过对比分析法对两种模式在应用领域、资金来源、项目回报机制等方面进行比较，权衡两种模式的优劣势。

在对两种模式进行选择时，将公司的三个核心目标即公司发展目标、经济收益目标和项目管理目标作为三个维度，选择与三个维度最为契合的一种项目运作模式。采用后悔原则决策法测算两种运作模式在现行规划项目范围内未来的项目收益情况，选择后悔值最小的一种模式作为公司的主要运作模式。

Under the current background of vigorously promoting the reform of state-owned enterprises, the state's fiscal policy towards urban investment enterprises has gradually changed from encouragement to tightening. Urban investment companies are facing increasing pressure of survival and development, the city investment company realized that it was in urgent need to get rid of the intervention of the local government and transform from the role of non-market financing platform to the market-oriented operation subject with independent operation and self-financing.

CC city investment company, funded by the local government of City B, is a local wholly state-owned enterprise. The purpose of its establishment is to help the local government finance and engage in the construction of urban infrastructure projects. In recent years, following the guidance of national policies, CC city investment company has actively sought market-oriented transformation. However, in recent years, the company's operation condition is not good, its asset-liability ratio remains high, and its net profit rate continues to decline.

In this paper, the survey analysis method is adopted to go deep into the inside of CC city investment company, and its development history and current situation are deeply understood. CC city investment company mainly undertakes public welfare or quasi-public welfare projects of the government, which has not been aiming at profit for a long time and has a low level of marketization. At present, the main operation mode of the project is the entrusted construction mode. As the agent of the government, CC city investment company is engaged in the construction of infrastructure, and relies on collecting the construction management fee paid by the government to maintain the company's operation, the non-compliance and imperfection of agent construction mode is the key to the development and transformation of CC city investment company.

To solve the current operation and development problems, we need to reform the project operation mode. The entrusted construction mode has a long running time, mature and more stable mode, but lacks market vitality; Authorize-Build-Operate (ABO) mode is a new type of project operation mode, there are not many successful cases that can be referred to, and the operational risks are relatively high, but the degree of marketization is relatively high and the flexibility is large. Whether to choose to gradually improve the current entrusted construction mode, or to choose a new and more challenging ABO mode, is the biggest decision-making problem faced by CC city investment company in the process of transformation.

 Through literature research, this paper sorts out the origin, Operation Form, risks and avoidance measures of the entrusted construction mode and ABO mode, and analyzes the application fields, capital sources, compare the project return mechanism and other aspects to weigh the advantages and disadvantages of the two model.

When choosing the two modes, take the company's three core goals, namely, the company's development goals, economic income goals and project management goals, as three dimensions, select the project operation mode that best matches the three dimensions. The decision-making method of regret principle is adopted to measure the future project income of the two operation modes within the scope of the current planning project, and the mode with the smallest regret value is chosen as the main operation mode of the company.

Finally, study the modes of ABO + PPP, ABO + EPC and ABO + attracting investment, expand the mode of joint operation of ABO and other modes, and promote the project operation to be completed more efficiently and with high quality, while realizing social benefits, ensure necessary economic benefits, and at the same time make CC city investment company obtain certain market share and brand influence.