铁路建设融资结构分析

Analyzing the Structure of Fund Circulated For Railway Construction

融资问题是财务管理的核心问题，“八五”期间政府加大对铁路等基础行业的投资力度，“九五”期间将有更大增长。铁路建设融资结构正在发生深刻变化，体现在权益性融资比例逐年减少，债务性融资比例不断增加，但负债占总资产的比例以不大于４５％为宜，并要积极拓展多种权益性融资方式和渠道，抓好建设和经营两个环节的经济效益，建立投资风险管理机制和法人代表负责制，才能解决好债务负担问题。

Circulating necessary fund is the core of financial management. During the period of “eighth five year plan”, the Government invested much more capital in infrastructure, such as railway. The investment will be raised to a higher level during the “ninth five year plan”. The structure of fund circulated for railway construction is changing significantly, the proportion of fund circulated as the rights & interests has been decreasing year by year, and meanwhile the proportion of fund circulated as debt has been rising year by year. However, the proportion of liability to total assets had better be less than 45%. It is necessary to develop variety of means and channels of circulating fund as rights & interests. The economic benefits of both construction and operation should be emphasized, the management mechanism of investment risk, and the responsibility system of legal person should be established. Thus, the problem of liability can be solved.