【作者】 王书会；

【导师】 彭其渊；

【作者基本信息】 西南交通大学 ， 交通运输规划与管理， 2007， 博士

【摘要】 目前，中国总铁路营业里程约为7.5万公里，占到世界铁路营业总里程的6％左右。但中国的铁路系统却拥有世界上最高的交通密度，每公里营业铁路运输密度达3200万换算吨，是美国的近3倍、日本的2倍多。虽然每年都有很大的铁路建设资金缺口，但是面对铁路运力不足给国民经济发展造成的巨大束缚，铁道部2004年三月份还是决定实施《中长期铁路网规划》。按照这个规划，中国铁路建设的目标是：将铁路总长从2003年年底的7.3万公里增加到2020年的10万公里。实施《中长期铁路网规划》后，未来十几年铁路建设需要投入资金将达2万亿元，也就是说平均每年花费1000亿元人民币，用于扩展铁路基础设施。现在铁路每年基础设施投资需求在500亿元-600亿元左右。截至2003年，铁道部贷款累计已达2100亿元。长期以来，中国铁路一直向货主征收建设费，每吨公里收取0.0535元，基金从中抽取0.0415元。这样每年可征收到400多亿元，但这些钱对于大量的建设需求仍入不敷出。铁路目前主要靠债权融资，主要来自于铁路建设基金、每年的赢利和折旧，但是每年需要支付大量还本付息资金。本文正是在这种背景下，研究中国铁路的投融资体制改革问题。论文内容分为七章。论文首先回顾了我国铁路投融资体制改革的历史。改革开放前我国铁路投融资体制的特点主要是：投资主体只有政府，并且又以中央政府投资为主。铁路只是投资使用者，不承担任何经济责任。我国铁路改革开放后投融资体制改革的主要措施是：实行经济承包责任制、征收铁路建设基金、发展合资铁路、利用外资建路等。在此基础上，本文主要研究了下列问题：1、现行铁路投融资体制存在的主要问题：如投资主体单一、筹资渠道单一、融资方式单一、投资管理方式落后等。这些问题恰恰是铁路投融资体制改革必须解决的问题，也是本文要力图解决的问题。2、接着本文研究了中国铁路目前可行的投融资模式，提出了中国铁路投融资的创新问题。通过对投融资模式的研究，提出了可用的一些方式如BOT融资、ABS融资、TOT融资、投资基金等。对投融资创新提出了创新的原则、模式创新和制度创新等。3、在借鉴相关资料的基础上，建立了中国铁路投融资决策的模糊综合评价模型，并进行了简要的应用分析。4、本文还研究了与投融资体制改革密切相关的风险管理问题，提出了铁路投融资风险管理的类型，找出了投融资风险管理中存在的问题，并给出了相应的对策。5、本文还研究了另一个与中国铁路投融资密切相关的退出机制问题，指出了中国铁路资本退出中存在的主要问题，分析了退出的主要渠道；并对政府在铁路投融资退出机制中的作用进行了研究。6、最后，本文研究了中国铁路投融资体制改革的制度保障措施。如改革铁路投资项目审批制度，规范投资行为；放宽市场准入，积极推进铁路投资丰体多元化；结合铁路客运专线、煤运通道、集装箱站场等重点建设项目，扩大合资建路；重组铁路优良资产上市融资，以存量换增量；扩大铁路建设债券发行规模，建立“滚动发债”机制等。但是，由于中国铁路投融资体制改革起步较晚，涉及的问题也比较复杂，因此在很多方面都有待于进一步研究和实践，作者期望通过更加扎实和深入的研究，为中国铁路投融资体制改革作出更大的贡献。更多还原

【Abstract】 At present, China total railway has an open mileage about 73,000, accounting for about 6% of the world railway open total mileage. But Chinese railway system has the supreme density of traffic in the world, and the density of railway transportation of each kilometer is up to 32 million convert ton, which is nearly 3 times that of U.S.A., more than 2 times that of Japan.Though there is a very large railway construction fund shortfall every year, faced with the enormous constraint to the national economic development because of the shortage of railway transportation, the Ministry of Railways was determined to implement "The Medium and Long-term Railway Network Plan" in March of 2004. According to this plan, the goal of Chinese railway construction is: the total length of the railway will rise to 100,000 kilometers by the year 2020, from 73,000 kilometers at the end of the year 2003. By implementing "The Medium and Long-term Railway Network Plan", the capital that the railway construction needs will be up to 2,000 billion yuan in the following dozens of years. Namely, 100 billion yuan every year on average will be used for expanding the railway infrastructure.The annual infrastructure investment demand of the railway is about 50 billion yuan to 60 billion yuan now. By 2003, the loan of Ministry of Railways has added up to 210 billion yuan. For a long time, the owners of cargo have been levied building fee, 0.0535 yuan per ton kilometer, and the fund collects 0.0415 yuan from it, which amounts to more than 40 billion yuan every year, but the money is still unable to meet a large number of construction demand. Right now, the railway depends mainly on creditor’s rights financing, chiefly from railway construction fund, annual profit and depreciation, but meanwhile it needs to repay capital with interest in a large amount.Against this kind of background, the dissertation first of all reviews the history of the reform of Chinese Investment and Financing System. The main characteristics of the railway investment and financing system of our country before reform and opening-up used to be: there was governments only in the investment subject, and relied mainly on central governmental investment. The railway acted only as investor and user, without bearing any financial responsibility. After the reform and opening-up, the measures carried out through the reform of investment and financing system are mainly as follows: implementing the economic contracted responsibility system, imposing the railway construction fund, developing the joint-venture railway, utilizing the foreign capitals to build the railway, etc..Based on this, the dissertation mainly deals with the following problems:1. The main problem existing in current System of Investment and Financing are: the monotony of principal investors, the monotony of financing ways, the backwardness of investment management, etc. These problems are those which need to be solved in the reform of the system of investment and financing, and which this dissertation attempts to solve as well.2. After having a deep study on the current Chinese railway investment and financing patterns, the dissertation presents the innovation of Chinese railway investment and financing, and some available ways such as BOT financing, ABS financing, TOT financing, investment fund, etc. are listed. Innovative rules, innovation of patterns and systems are also presented.3. By referring to related references, this dissertation presents a fuzzy comprehensive appraisal model of Chinese Railway Investment and Financing Decision, and briefly analyzes its application.4. Risk management of railway financing, closely related to the reform of the system of investment and financing, is also researched in this dissertation, including the classification, precautions and strategies concerning financing risk.5. The dissertation also deals with the Withdrawal Mechanism of Chinese Railway Investment and Financing, lists the major problems existing in the withdrawal of railway capital, presents the chief channel of Chinese railway capital, and analyzes the role that the government plays in the Withdrawal Mechanism of Railway Investment and Financing.6. The dissertation also conducts a study on protective means of the reform of Chinese Railway Investment and Financing System, such as: reforming the evaluation system of railway investment projects to regulate the investment activity; widening the entrance to the market to promote the diversity of principal investors; combining such important construction projects as special railway lines for passengers, lines for transporting coal and container yards to develop joint-venture railways; reorganizing quality capital to be listed to change the stored into the added; promoting the issue of railway construction bonds to establish "rolling bond-issue" mechanism, etc.However, because of the lateness of the reform of Chinese Railway Investment and Financing System and the complicated problems involving in it, many things have to be researched and practiced. It is hoped that with more sound and deep study, more contribution can be made to the reform of Chinese Railway Investment and Financing System.更多还原