2025年 第6期 DOI：10.19830/j.upi.2025.368
网红价值捕获——虚实互动下的城市更新资产运营与财务平衡
Capturing Popularity Rent Gap: The Asset Operation and Financial Balance of Urban Regeneration Project Under Virtual-Physical Interactions
周恺 黄颖凌 顾云开 刘雯婷
ZHOU Kai, HUANG Yingling, GU Yunkai, LIU Wenting
关键词：虚实互动；城市更新；网红空间；财务分析；租差；长沙
Keywords：Virtual-Physical Interaction; Urban Regeneration; Internet-famous Space; Financial Analysis; Rent Gap; Changsha
摘要：本研究聚焦历史城区城市更新项目中的虚实互动现象，构建财务模型，分析由网红热度带来的物业租差对资产运营与财务平衡的作用机制。首先，基于实地调研、公开数据和访谈资料，对长沙潮宗街城市更新项目的事件系统进行梳理，总结了其棚改阶段和运营阶段的历程和机制。其次，利用资产负债表和利润表，对各利益主体（平台公司、运营公司、个体商户、居民）的资产运营和财务状态进行了解析。研究发现在运营阶段，潮宗街的网红商业活力显著提升了物业租金，这是更新项目成功的关键。由此，捕获更新前后的“网红租差”成为平衡项目前期征拆资金投入的关键。同时，在潮宗街更新项目中，平台公司背负了债务偿还压力，运营公司承担了商业营销成本，其他利益主体（居民和普通商户）分享了网红热度带来的外部性效益。资产运营中多种“公—私”主体在租差分配上存在不平衡关系，还有待进一步调和。因此，笔者建议在这样的更新地区划定“商业促进区”并征收“特别税”，汇集商业运营中部分租差，来补偿平台公司的前期投入和平衡运营公司的营销成本，以保障物业的持续运营，维系网红热度长期有效。
Abstract：This paper focuses on the urban regeneration in historical cities, constructing a financial analysis model to examine the mechanism by which virtualphysical interactions influence the asset operation and financial balance of regeneration projects. Firstly, based on field observation, public information, and interviews, this paper completes an event system analysis of Changsha Chaozong Street Regeneration Project, analyzing the process and mechanisms of urban regeneration with virtual-physical interactions during both its redevelopment phase and operational phase. Secondly, utilizing balance sheets and income statements, the study conducts an in-depth analysis of the asset operation and financial status of various stakeholders (platform companies, operating companies, individual businesses, and residents). These findings reveal that: (1) during the operational phase, the surge in popularity-driven commercial vitality led to a significant increase in property rental income, capturing the so-called “popularity rent gap” before and after regeneration is crucial for achieving overall financial balance; (2) with the platform company in Chaozong Street Regeneration Project bore debt repayment pressure, while the operating company shouldered marketing burden, an imbalance in rent allocation among multiple public-private entities is requiring adjustment; (3) to ensure sustainable property operation and maintain popularity momentum, this paper recommends adopting the “Business Improvement District” and imposing a “special tax”, capturing part of the popularity rent gap to compensate for the platform company’s initial investment and balance the operating company's marketing costs.
版权信息：
基金项目：国家自然科学基金面上项目“城市收缩治理的理论模型、国际比较和关键规划领域研究”（52078197）；
国土资源评价与利用湖南省重点实验室开放课题“基于资产优化配置与权益管理的城市更新机制分析和模式构建”（SYS-MT-202502）
作者简介：周恺，湖南大学建筑与规划学院，教授。zhoukai_nju@hotmail.com
黄颖凌（通信作者），湖南大学建筑与规划学院，硕士研究生。19852899051@163.com
顾云开，湖南大学建筑与规划学院，硕士研究生。13315077411@163.com
刘雯婷，湖南大学建筑与规划学院，硕士研究生。g786007452@outlook.com