基于价值链分析的地铁公司价值提升

Value Enhancement of MTRCs Based on Value Chain Analysis

目前,地铁公司普遍尚未意识到打造企业总体价值的重要性,企业总体发展战略欠清晰,重建设轻运营,重当前轻长远,重局部轻全局的现象较为普遍,地铁公司价值难以体现。立足地铁公司,从价值链视角分析地铁公司的价值活动,提出地铁公司应打造设计管理能力并强化其引领作用,同时通过综合运作投融资业务,以PPP模式推动产业合作,在建设及运营环节培育核心资源、盈利能力,推动业务规模化发展;在时机成熟时地铁公司应积极实施走出去战略,提升公司品牌价值,最终通过剥离优质资产实现IPO(initial public offerings,首次公开发行股票)上市,逐步实现整体上市。通过上述措施的相互协同,共同促进地铁公司的整体价值提升,促进地铁公司可持续发展。

At present,most metro corporations（ M TRCs） have not yet realized the importance of building on the overall value of their corporations,having not set up a clear and integrated development strategy for the companies. They have attached importance to construction but have underrated operation; they have paid more attention to the present benefits but ignored the longterm effects; they have been focusing on local instead of international development. As a consequence,the value of M TRCs is difficult to be reflected. This article analyzed the value activities of M TRCs in terms of value chains. Results show that M TRCs should foster design management capabilities and strengthen the leading role of design management. In addition,investment and financing business should be used comprehensively. Public-private-partnership should be adopted to promote industrial cooperation. Core resources and profitability should be cultivated in construction and operation to promote the scale of business development. Besides,＂rail transportation ＋ property ＂is also needed to solve the financial problem. For M TRCs,＂going global＂strategy is necessary to enhance the brand value. Finally divestiture of high-quality assets can be adopted to achieve IPO. All these measures mentioned above constitute the fundamental mechanism of sustainable development of M TRCs.