基于资本属性及回报的高速铁路客运投资分析

High Speed Passenger Railway Project Investment Analysis Based on Equity Capital Attribute and Required Return

从企业经济学和投资分析视角,通过对高速铁路客运产品的经济属性、产权资本的经济属性及回报要求之间的逻辑关系的深入分析,明晰了不同权益资本及回报要求的属性差异,对高速铁路客运产权多元化的机理进行了探析,进而基于细分权益资本回报要求的属性差异,运用净现值盈亏平衡分析针对高速铁路客运项目投资分析的理念和方法提出了更新和改进,并结合案例研究对高速铁路客运产权多元化的经济可行性进行性了实证分析.

From the prospect of business economics and project investment analysis, an investigation was made of the mechanism of diversifying equity investment in high speed passenger railway business via analyzing the logical relationships between economic attributes of high speed passenger railway product and the invested equity capitals, and the required rates of return by equities. The attribute differentials for different equities were clarified. For high speed passenger railway project investment analysis, the net present value break-even approach was employed to improve the evaluation concept and method by taking into account the differentia of the required rates of return by subdivided equities. Further, a case analysis was made of high speed passenger railway project investment focusing on economic feasibility with numerical illustration.