铁路产业投资基金:控股权、收益权与制度补偿

INVESTMENT FUND OF RAILWAY INDUSTRY:MAJORITY OWNERSHIP,RIGHT TO RETURN AND INSTITUTIONAL COMPENSATION

本文研究了铁路产业投资基金有关控股权、收益权与制度补偿等问题,运用实证分析法,对铁路投融资模式的选择及未来融资能力进行了探讨。本文的结论认为,铁路现有的投融资能力已难以支撑铁路大规模的建设需要,设立铁路产业投资基金势在必行。铁路行业的社会公益性、产权的单一性以及管理体制改革的滞后性,使得铁路产业投资基金具有一定的特殊性。发展铁路产业投资基金,首先需要优化基金的控股权,并通过相应的制度性补偿破解基金的收益瓶颈,实现以少量铁路资金带动数倍于己的社会资本投资铁路项目建设的目标。

The paper studied the majority ownership, income right and institutional compensation of the investment fund of railway. It discussed the selection model of the financing and investment in railway construction and the future ability of the financing. The conclusion showed that it was urgent to establish an investment fund of railway industry because the current financing and investment ability was very diffi- cult to meet the demand of the greatly rapid construction of railway. The investment fund of the railway in- dustry had some particularities because the railway industry had a social public welfare, single property and lagging reform of the administration system. Therefore, it was the first thing to optimize the majority ownership to develop the investment fund of railway industry. Furthermore, it required to break the bot- tleneck by the way of the corresponding institutional compensation. At last the object would be realized to drive a large amount of social capital to invest in railway construction by a small amount of railway capital.