关键词: 低空经济, 低空基础设施, 投资治理, 因地制宜

Abstract: The large-scale and standardized development of the low-altitude economy urgently requires the support of robust infrastructure. However, current supply faces triple constraints: a structural mismatch between supply and demand, the absence of mechanisms for internalizing network externalities, and high institutional transaction costs. This paper proposes a collaborative governance model characterized by "stratification of investment entities and hierarchical spatial layout". It aims to seek a dynamic equilibrium between a proactive government and an efficient market through institutional arrangements tailored to local conditions, targeting the economic characteristics and market demands of different regions. In the entity dimension, the government ensures the guaranteed supply of pure public goods; public-private partnerships achieve the internalization of externalities for quasi-public goods through concession rights; and market entities lead investment decisions for private goods under negative list management. In the spatial dimension, low-altitude airspace is divided into core control zones, industrial agglomeration zones, and general service zones based on flight frequency and functional requirements, with differentiated governance strategies. Through structural coupling mechanisms, the minimization of total social costs is achieved under specific airspace constraints. Regarding construction sequencing, a progressive path of "node breakthrough-link connection-network coverage" is recommended. The paper suggests perfecting governance rules by establishing a "three lists" system, innovating multi-level financial instruments to resolve funding maturity mismatches, and advancing airspace property rights reform to construct a dual pricing model for "public goods vs. market goods", thereby providing investment security for the sustainable development of low-altitude infrastructure.

Key words: low-altitude economy, low-altitude infrastructure, investment governance, adaptation to local conditions