加快铁路资产证券化开创铁路基础设施融资新模式

Accelerating Securitization of Railroad Assets and Starting a New Fund-Raising Pattern for Railroad Infrastructure Construction

我国铁路运营的沉重负担是资产证券化的内驱力,高铁资产具备了资产证券化的基础条件,资本市场的健康发展为铁路资产证券化提供了坚实的基础,资产证券化是推动铁路建设融资方式改革和铁路市场化改革的较好途径。资产证券化有多种路径,适合铁路资产的路径主要有收益权出售、IPO、并购重组与整体上市。政府有关部门和铁路有关企业应借助国家深化国企改革的背景,积极开展铁路资产证券化的理论研究和实践,开创我国铁路建设运营的新局面。

Maintaining railroad operation is a heavy burden for China, which is the internal drive to securitization of railroad assets.High-speed rail assets have the basic conditions for securitization. The healthy development of capital market lays a firm foundation for securitizing railroad assets, which is also a preferable approach fueling both financing innovation and market-oriented reform of railroad operation. Selling usufruct, IPO, MA, and holistic listing are suitable to railroad assets among ways of asset securitization. Taking the advantage of national policy support in deepening the reform of state-owned enterprises, relative government departments and railroad operators should conduct theoretical research and practices in securitizing the railroad assets for bringing about a new situation to the management of railroad operation in China.