我国公路、铁路投融资结构变迁分析

Analysis on Investment and Financing Structure Changes and Performance of China's Road and Rail Industry

本文探讨了我国公路、铁路投融资体制发展变化以及对经济的影响。我国交通业投融资体制在改革开放前后有很大变化,产生了不一样的发展绩效。公路、铁路的投融资体制由单一的财政投入逐步向以市场化为导向的多元化转变。政府相继进行了一系列鼓励民资、外资等资金入场的多元化投融资政策改革,极大地促进了公路、铁路尤其是高速公路、高速铁路的发展,不过二者增速有别。2008年金融危机后,中国公路、铁路(包括高速公路、高铁)尽管投资额大增但对经济增长的拉动效应趋缓。从长时段来看,在从发展中国家迈向发达国家过程中,投融资结构的改善能够很好地促进我国公路、铁路的快速发展,其基础性、先导性的作用仍然存在,对经济发展的重要性依然不容忽视。

This paper discusses the investment and financing system development of China＇s road and rail industry and its economic impacts. The investment and financing system of China＇s transport industry has gone through great changes before and after China＇s reform and opening up, resulting in different development performances. Investment and financing system of road and rail industry gradually changed from single financial investment to market-oriented diversification. The government has unveiled a series of policy reforms for diversified investment and financing to encourage private capital and foreign capital investment. These policies have promoted the road and railway development, especially that of the highway and high-speed railway, though the railway development is slower. Affected by the international financial crisis in 2008, despite the significant investment increase, the boosting effect of China＇s road and rail investment on China＇s economic growth gradually slowed down. In the long term, the improvement in China＇s road and rail investment and financing system can promote the rapid growth of China＇s road and rail industry, and play a fundamental and leading role in China＇s economic development.