日本国铁民营化改革债务清算研究

A Study on the Settlement of Liabilities of Japanese National Railways after Restructuring

1987年日本国铁民营化改革的主要起因是债务问题。民营化时的债务偿还除了由民营化公司（JR公司）直接承担与其资产价值相当部分之外，还计划通过出让剩余土地与JR公司的股份资产，再加上财政负担来清算。对此过程的折现值计算显示：在30年的清算过程中，与改革时的计划相比，在财政负担高于预期的同时，铁路资产总收益也高于预期：其中土地出售收入少于预期，但JR公司股份转让收入、新干线资产收益等高于预期。这个结果可以部分归因于日本国铁时期所形成的优良资产，包括连接大城市圈的新干线、与城市经济资源融为一体的城市与市郊铁路，部分归因于国铁改革的方式与机制较好发挥了这些资源的优势。

The restructuring of Japanese National Railway （JNR） in 1987 had been caused mainly by the expansion of its liabilities. In this paper we estimate the result of liability redemption of JNR after its restructuring, and evaluate the fiscal expenditure on railways. The main successors of JNR, the JR companies, were to inherit a part of liabilities corresponding to the values of their inherited assets. The shortages were to be covered by selling JR stocks, and land and other assets not inherited by successor companies, and by fiscal expenditure. Our research shows that after 30 years of JNR restructuring, both the fiscal expenditure and income generated by JNR＇s assets are larger than their projected values. Land sales generated less income as compared to projection, but JR stocks and Shinkansen （High Speed Rail） assets generated far larger incomes than expected. These results suggest that the Shinkansen and urban/suburban railways, and other integrated urban economic resources, which had been accumulated during the era of national railways, have become the prime sources of incomes after JNR＇s reform.