资产证券化在中国铁路融资中的应用

The application of Asset Securitization in China's Railway Financing

铁路建设存在周期长、资金需求浩大、资产回报率较低等特点,长久以来,铁路建设资金来源传统固化,主要依靠银行贷款、铁路建设专项基金及铁路债券等资金供给模式,现代成熟有效的融资工具在铁路融资模式中应用甚微。随着铁路建设资金缺口进一步扩大,铁路单一化、传统化的融资模式严重制约铁路事业的快速发展。以资产证券化这一现代融资工具为出发点并结合铁路资产的特有属性进行研究,发现资产证券化在我国铁路融资中具有可操作性,是拓宽铁路资金来源的有益补充。

Railway construction has a long cycle, huge demand for funds and assets return rate low. For a long time, the traditional source of funds for railway construction mainly relys on the fund supply mode, such as bank loans, special fund for railway construction,railway bond and so on. And the modern mature effective financing mode had been used little in railway financing. With the further expansion of railway construction fund gap, the single and traditional railway financing model has seriously restricted the rapid development of the railway industry. The study on the specific attributes of the asset securitization, a modern financing tool as the starting point and combining the railway assets shows that asset securitization in China railway financing is operational and a useful complement to broaden the sources of funding for railway.