关于中国低空基础设施建设市场化投融资路径研究：以美国联邦航空管理局eVTOL整合试点计划为参考

China's low-altitude infrastructure construction highly relies on government finance, a commercial closed loop has not yet been formed, and investment and financing difficulties have become increasingly prominent. It is urgent to explore a localized path to transform from "government transfusion" to "market hematopoiesis". By analyzing current situation, difficulties and underlying causes of investment and financing in low-altitude infrastructure, and taking Federal Aviation Administration (FAA) eVTOL Integration Pilot Program (eIPP) as a reference, it analyzes its core logic of relying on operational certainty to activate market-oriented investment, and combines the unique institutional environment to complete localization transformation. The research found that the key to breaking the impasse lies in building an endogenous value cycle system of "scenario-data-capital-infrastructure" and establishing a dual-drive collaborative mechanism with central state-owned enterprises' "patient capital" as the backbone and social capital as the vitality engine.

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