【作者】 张琦；

【导师】 孙敏；

【作者基本信息】 北京交通大学 ， 会计学， 2007， 硕士

【摘要】 现阶段,随着铁路跨越式发展的不断推进,中国铁路运输企业面临巨大的资金缺口问题,一定程度上制约了铁路改革的步伐。解决我国铁路建设中存在的巨大资金缺口问题,探索铁路融资改革将成为促进我国铁路运输企业发展的动力。进一步深化铁路融资改革,是新形势下全面推进铁路跨越式发展的迫切需要。本文通过对国外铁路改革过程中的相关融资政策与国内其它基础产业融资改革的经验比较,结合中国铁路运输企业融资政策的演化、现阶段融资存在的主要问题及其原因分析,对我国现阶段铁路运输企业融资提出改革建议。本文提出了我国铁路运输企业融资改革应坚持“三多两分三结合”的改革思路,即构建多元投资主体、拓宽多种筹资渠道、形成多样融资方式;制定分类投资政策、实行分层决策制度;融资改革要与建立现代企业制度相结合、与建设管理创新相结合、与加快铁路技术装备现代化相结合。采取债券、银团贷款等债务融资为主,通过公司制改革积极发展上市公募融资与私募股权融资为辅的组合融资策略。更多还原

【Abstract】 At present, China railway enterprise faces the enormous gap of fund problem with the railway striding development continuously carried forward, which to some extend restricts the steps of railway reform. Solving the great problem of fund problem during the China railway construction and explore the railway financing reform become the dynamic power to promote the China railway enterprise development. Furthering the railway financing reform is the urgent need of comprehensively propelling the railway striding development in the new situation.This article gives the reform suggestion of China railway financing reform through the railway financing experience comparison of the domestic and the foreign countries. It also compares the financing experience of the other infrastructure industry. It integrates the evolvement process of China railway enterprise and the analysis of the main problems and the reasons of current financing policy.The principal is“three more, two division, and three integrations”. That is to say, construct plural investment main body, expend multi-financing channels and sharp various financing manner. Draw up classification investment policies and implement slicing making up policy system. The financing reform should integrate with establish contemporary enterprise institution, construction management innovation, and speed up the modernization of railway’s equipments. It should adopt the strategy of“financing manner of giving priority to bond and bank group loan and integrating the development of public issue the share and the private one as well.更多还原