我国高铁盈利能力分析及投融资模式选择与优化

Analysis of High-speed Railway Earning Level and Optimization of Investment and Financing Mode

文章在分析我国高铁项目盈利能力的同时,构建了高铁经济效益财务模型,并通过模型分析认为,我国高铁在运营初期的10-15年甚至更长时间内将无法实现盈利,因此,必须对目前高铁"部省合资"建设模式进行优化。文章依据土地级差地租理论、铁路外部效益内部化的基本原理,构建了新型的"部省合资"模式,即枢纽建设与片区开发联动、高铁项目投融资与土地开发互通的新型"部省合资"模式。

The paper analyzes the earning level and puts forward the financial mode, the result shows that China＇s high-speed railway project cannot realize the financial balance in next 10 to 15years. So ＂joint venture of MOR ＆ local government＂ mode must be optimized. Based on the theory of differential rent and internalization of external benefit, the paper puts forward the new mode of ＂joint venture of MOR ＆ local government＂, it is hope that the mode can ease and solve the debt crisis and promote China＇s railway development sustainable.