铁路建设资金筹措模式研究

Research on Financing Mode of Railway Construction

目前我国铁路建设以政府出资为主、社会融资为辅,不断扩大的路网规模使得资金筹措问题日益凸显。通过对铁路建设的资金构成、资金来源进行归类,结合国家政策梳理最低资本金比例的规定。分析资本金投入受区域经济发展水平、投资者出资能力、运营补贴、投资目标、利率水平等5方面因素影响,按照不同的功能定位、区域特征、服务类型等标准,分别对高速铁路、普速铁路、城际铁路、市域(郊)铁路的资金筹措模式进行深入探讨,并提出可行性建议,为我国铁路建设的可持续发展提供理论依据和参考。

At present, the railway construction in China is mainly funded by the government, assisted by social financing. The continuously expanding scale of the railway network makes the financing problem increasingly prominent. By classifying the capital composition and capital sources of railway construction, the provisions on the minimum capital ratio are sorted out in combination with national policies. This paper analyzes that the capital investment is affected by five factors: regional economic development level, investor’s capital contribution ability,operation subsidy, investment target, and interest rate level. According to different functional orientation, regional characteristics, service types and other standards, the financing modes of HSR, conventional railway, intercity railway, and urban(suburban) railway are discussed in depth respectively. Feasibility suggestions are put forward,which provide theoretical basis and reference for the sustainable development of railway construction in China.