新投资体制下铁路的融资创新

Railway Financing Innovation under New Investment System

目前,中国铁路处于最好的历史发展时期。中国经济快速发展和交通运输需求对中国铁路提出严峻的挑战,铁路面临着经营性建设和政策性建设的重任。值得关注的是,中国铁路的发展要走“四化”之路,即客运公交化、货运物流化、服务专业化、经营公司化,使铁路公司能够按照现代企业制度进行公司化运营和市场化融资。基于中国铁路的发展目标,建议中国铁路在融资安排上做如下考虑:一是在股权融资时优先选择发行H股;二是以各铁路公司为融资主体,构建多层次中国铁路的债务融资;三是以还款资金主要来源于项目现金流为特征的项目融资;四是混合性融资,结合股权融资和债务融资,优化资本结构、降低资本成本,是基础设施企业最佳的融资方案。

At present, China railway is in the best historical period. Rapid development and transport need have issued a challenge to China railway. Railway companies shall operate incorporation and finance market-oriented according to modern enterprise system. The paper suggests China railway arrange financing as follows: first, giving priority to H share in stock ownership financing; second, constructing China railway multi-level debt financing, taking each railway company as main body; third, program financing with characteristic of return capital from program cash flow; forth, mixed financing, integrating stock ownership and debt financing, as the best financing plan for infrastructure enterprises.