基于准市场化原则的地铁企业盈利模式研究

On Profit Model of Metro Enterprises Based on Quasi-marketization Principle

系统地研究了基于准市场化原则的地铁企业盈利模式,并以深圳地铁为例进行了实证分析。在政府配置适当资源和政策的支持下进行企业化运作,是构建地铁企业盈利模式的"准市场化"原则。盈利模式是企业收入大于支出前提下的收支来源和收支方式。设计企业盈利模式,要以系统性、效益性、相关性和动态性为原则,认真分析企业的收支来源和收支方式。地铁企业具有准公共品与正外部性、重资产型与低收益型、规模经济与范围经济等三个方面的行业属性,决定了其盈利模式的设计要重点考虑如何返还正外部性、如何平衡成本收益以及如何挖掘范围经济。返还正外部性,通过政府配置一定的资源由企业进行市场化运作来实现;平衡成本收益,通过创新固定资产折旧和融资利息的会计政策来实现;挖掘范围经济,重点是考虑不同业务板块以及同一业务板块不同子业务之间的协同作用。立足现实,适当前瞻,将地铁企业盈利模式归纳为"地铁+地产"、"基金+会员"、"实体+虚拟"三大方面。构建和实施地铁企业盈利模式,有利于促进地铁企业加强自我生存和自我发展能力,实现地铁企业的良性循环和可持续发展。

The profit model of metro enterprises based on quasi-marketization principle is systematically studied and analyzed through the practice of Shenzhen metro. The qua- si-marketization principle for the establishment of profit model is based on the distribution of resources and policy supporting from the government. Metro enterprise has pe- culiarities as following： quasi-public product and positive externality, asset-heavy and low profit, economies of scale and economy of scope. Therefore, design of profit mode should focus on how to return positive externality, balance cost and income, and explore the economies of scope. Firstly, through market operation, enterprises could obtain the return of positive externalities by receiving the govern- mental supplying resource. Secondly, to balance cost and income, enterprises may innovate the accounting policies on fixed assets depreciation and financing interest. Third- ly, the exploration of scope economies should consider how to coordinate the relation between different business segments inside enterprises. Altogether, the profit mode of metro enterprises could be concluded as ＂metro ＋ property＂, ＂fund ＋ member＂ and ＂entity ＋ virtual＂. It is believed that this mode could enable metro enterprises to achieve self-develop sustainability.