经济学视角的高速铁路盈利能力分析

Profitability analysis of high speed rail from the economic angle

高速铁路盈利性是其财务可持续性的直接反映,是其投融资模式的直接反映,是我国高速铁路和铁路产业发展形态的直接反映。高速铁路发展模式主要包括股权主导型发展模式、负债主导型发展模式、财政主导型发展模式三种类型。我国高速铁路公益性突出,采用的主要是负债主导型发展模式,在铁路价格受到严格管制,市场化水平有待提升的情况下,亟需构建多渠道长效补贴机制,以克服高速铁路可能产生的营运困难。美国、日本、欧盟等国家和地区的经验教训也证明了构建长效补贴机制、进行铁路产业改革、保持铁路财务可持续性的必要性。

The profitability of HSR directly reflects the financial sustainability and the prospect of HSR industry.The development mode of HSR is mainly equity-oriented,debt-oriented and finance-oriented.Since the public benefit dominates the HSR industry,it adopts the debt-oriented development mode which leads to strict control of railway pricing and insufficient market involvement,thus requiring constructing long-acting subsidy mechanism to overcome the operation difficulties.Experiences from the USA,Japan and EU also prove the necessity of subsidy to the railway industry reform and sustainability of railway finance.