二、政府是资源生成领域的第一投资人
II. Government Is the First Investor in the Field of Resource Generation

资源生成领域具有四大特性：①动态性；②经济性；③生产性；④高风险性。

资源生成领域的高风险性表现及其揭示的问题是：第一，前期投资支出额大；第二，建设周期长；第三，成本高，市场窄小；第四，投资回收可能失败；第五，可能存在突发事件；等等。因此形成了资源生成领域中特有的投资风险、运营风险、管理风险，也使得政府在客观上成为该类资源开发的第一投资人(私人企业通常没有魄力、动力和实力去投资此类资源)。

同时，在资源生成领域，将生成性资源从非竞争性转为竞争性，从非排他性转为排他性，需要解决以下几个问题。

(1)资金来源问题。从准经营性资源(准公共物品)到可经营性资源(纯私人产品)的转换需要解决资金来源问题。世界各国政府投资的资金来源包括：第一，通过财政年度预算的公共投资性支出；第二，银行贷款；第三，发行政府债券；第四，寻求政府的投资合作伙伴；第五，其他方式。

(2)组织管理问题。世界各国政府投资的组织管理方式有以下几种：第一，独立投资，世界各国政府组建国有公司直接对项目分年段收费；第二，租赁式投资，政府运用建设—运营—转让(build-operate-transfer,BOT)、转让—运营—转让(transfer-operate-transfer,TOT)等方式收费；第三，合伙投资，政府采取公共私营合作制(public private partnership,PPP)、港口—工业园区—城市(port-park-city,PPC)等合营方式收费；第四，股份式投资，政府组建股份制企业，并通过上市方式获取收益；等等。

(3)资本运营问题。世界各国政府投资的资本运营方式有以下几种：第一，世界各国政府也通过收费权、定价权等手段，运用设计—建设—运营(design-build-operate,DBO)、BOT、建设—拥有—运营(build-own-operate,BOO)、建设—拥有—运营—转让(build-own-operate-transfer,BOOT)等方式实施特许经营权的资本运营；第二，世界各国政府还会根据各准经营性资源，即基础设施项目不同的特点和条件，采取不同的资本运营方式，或交叉运用不同资本运营方式，例如采用PPP方式作为股权载体，或运用PPC方式作为开发模式；第三，其他方式，例如房地产投资信托基金(real estate investment trusts,REITs)为基础设施建设提供了一种新的直接融资支持，推动了基础设施投融资的市场化发展。

对资源生成领域开发的意义包括以下几个：

(1)促进世界各国政府职能转变；

(2)推动投资主体多元化；

(3)分散投资项目风险；

(4)吸引社会资金参与城市基础设施等项目的建设；

(5)运用市场机制，以最佳的财政支出结构带来最大的政府财政收益；

(6)促进经济增长，成为一国经济增长的新引擎。

对资源生成领域的开发过程揭示出以下几点：

(1)在对准经营性资源的投资开发中，其高风险性促使政府成为第一投资人；

(2)在对准经营性资源的投资运营中，其组织方式促使政府参与市场竞争；

(3)在对准经营性资源的投资建设中，政府也必须遵循市场规则；

(4)在转换准经营性资源的过程中，各级政府同时兼有协调、监督、管理的职责(本级政府或上级政府)。

这就是政府参与经济活动尤其是参与城市经济发展、发挥有为作用最主要的方面。政府的有为作用，或政府有为作用与市场经济的相互融合，正是从此领域切入并深入的。可以这么定论，对资源生成领域的开发是政府竞争的重要切入点。

政府与企业参与经济活动的连接轨道如图1-4所示。

Resource generation is featured with ①changeability; ②economy; ③productivity;④high risk.

High risk to which resource generation is exposed are embodied in big initial investment, long construction period, high cost and small market, failure of investment recovery, emergency incident, etc. Therefore, unique investment risk, operational risk, and management risk are seen in the field of resource generation. For this sake, the government has to be the first investor in the field of resource generation (private enterprises usually lack the courage, motivation, and strength to invest in such resources).

In the field of resource generation, before turning a non-competitory and non-exclusive generative resource to a competitory and exclusive one, it is required to address the following issues.

(1) Source of funds. The conversion of quasi-operative resources (quasi-public goods) into operative resources (private products) needs to be supported by funds. These funds used by governments around the world for investment are mainly sourced from investment expenditure in the fiscal year budget, bank loan, issuance of government bonds, investment partners, and other methods.

(2) Organization management. Governments around the world use the following means of organization management. First, they make independent investment by establishing state-owned companies to directly charge fees from these projects in installments annually. Second, they make leasing investment by BOT (build-operate-transfer), TOT (transfer-operate-transfer) and other methods. Third, they make joint investment by PPP (public private partnership), PPC (port-park-city), and other forms of joint venture. Fourth, they make joint venture investment by establishing and listing joint venture companies to obtain returns.

(3) Capital operation. Governments around the world carry out capital operation for their investment by the following means. First, they implement the capital operation of franchise right by DBO (design-build-operate), BOT, BOO (build-own-operate), BOOT (build-own-operate-transfer) or other means, using the right of charge, the right of pricing. Second, they also adopt different capital operation methods or cross-apply different capital operation methods in view of various quasi-operative resources (or the characteristics and conditions of infrastructure projects), such as taking PPP as an equity carrier or PPC as a development mode. Third, they adopt other means like REITs (real estate investment trusts) to provide new direct financing support for infrastructure construction, thereby promoting the market-oriented development of infrastructure investment and financing.

Exploitation of resources in the field of resource generation can:

(1) urge governments around the world to transform their functions;

(2) attract a variety of investors;

(3) disperse investment risks;

(4) lure social funds to participate in the construction of urban infrastructure and other projects;

(5) employ market mechanisms to maximize government revenue with the optimal fiscal expenditure structure;

(6) promote economic growth and create a new engine for a country′s economic growth.

Exploitation of resources in the field of resource generation suggests that:

(1) high risk involved in the investment and development of quasi-operative resources prompt the government to become the first investor;

(2) the operation of investment in quasi-operative resources makes the government participate in market competition;

(3) the government must follow market rules in investing and constructing quasi-operative resources;

(4) the local government or superior government should be responsible for coordinating, supervising, and managing the conversion of quasi-operative resources.

It is of utmost significance when the government participates in economic activities, especially in urban economic development, and plays a promising role. The government plays an effective role, deepens its effective role, or has its effective role merge with market economy in this aspect. It can be concluded that the exploitation of resource generation is an important entry point for government competition.

The trajectory of government and enterprises participation in economic activities is shown in Figure 1-4.