【作者】 赵洪武；

【导师】 陈景艳； 王稼琼；

【作者基本信息】 北京交通大学 ， 产业经济学， 2010， 博士

【摘要】 作为国民经济的基础产业,铁路在协调发展区域经济中具有长远、显著的外部效应,是国民经济其他部门发展的一个重要基础。现阶段,我国的铁路发展仍处于大发展阶段,需要巨额的建设资金,而资本融资渠道的狭隘,加剧了铁路财务状况恶化进程,现行主要以大规模负债融资建设模式下大额的利息吞噬了铁路部门本来就薄弱的利润。综观国外发达国家铁路发展的历程,可以发现,在铁路建设初期,大都依靠政府的直接投资或补贴进行,而随着铁路建设的高速发展,发达国家都很好的利用了资本市场进行融资。同时,目前我国铁路巨额的存量资产,将随着铁路产业升级而加速更新改造,急待进行结构调整。增加铁路产业资本的有效投入与巨额存量资产的加速调整,将成为我国铁路产业未来十年一项艰巨而紧迫的战略任务,急需从相关理论研究中获得新的突破。金融作为现代经济的核心,以其快速融通的资金经营,较高的资本增值水平,较强的资本积累能力,成为虚拟经济的领头羊。尽管利润丰厚,有着较强的盈利能力,但如果虚拟经济没有实体经济的支持,但可能产生巨大的风险。“铁路利远而薄,金融利近而厚”。因此,加强铁路产业资本与金融资本的融合,既可促进前者的有效流动,产生巨大效益于国民经济,又可使金融资本利润为有源之水而增值,促进国民经济资源优化配置。二者的结合将构成现代市场经济中铁路与金融两类产业共同发展的有效途径。基于此,本文选取了铁路产业资本与金融资本融合作为研究的主体,以产融结合理论、资本收益理论为理论基础,首先从理论上我国铁路产业资本与金融资本融合的动因、融合后所可能具有的功能以及融合的具体形式；其次,在理论分析的基础上,通过构建相应的模型,比较了铁路产业资本与金融资本不同融合方式下,铁路部门的运营状况、融资成本、收益状况。本文的创新点主要表现在以下几点：(1)系统性的研究了铁路产业资本与金融资本融合问题。国内现有的关于铁路产业资本与金融资本融合的研究,大都较为分散,且较多的讨论其融合的动因,而对其融合的基本功能、拓展功能以及融合的具体组织形式并未进行深入的分析,本文则弥补了现有研究的不足,较为深入系统的研究了铁路产融结合的一系列相关问题。(2)尝试性的提出了效益型融资机制的理论命题。通过对产融资本融合与铁路产业发展联系机理的深入分析,鉴于铁路建设与运营需要巨额资金支持,效益型融资机制构建的意义重大,其战略意义在于提高铁路产业资本扩张的可持续发展能力,包括铁路产业资本的形成能力、结构调整能力和科技创新能力的显著提高。论文还从结构化融资、资本市场筹资及政策性金融与商业性金融对接等方面对此作了实证分析。(3)在国内外相关理论研究的基础上,提出了铁路产融资本融合的具体组织形式。论文认为,在现在铁道资金结算中心基础上成立中铁财务公司是实现铁路产融资本融合初级组织形式的现实选择。根据铁路产融资本融合的发展规律,它的高级组织形式将是铁路金融服务集团,其性质是一个多元化金融控股公司。它将以全过程、全方位的金融服务促进铁路产业资本的加速发展,加快资产存量结构转换,提高铁路产业盈利能力。(4)创造性的铁路产融资本融合收益模型。铁路产融资本融合收益模型的构建,其实质是两种不同属性资本收益的融合问题。一种是低风险低收益的产业资本形态,另外一种是高风险高收益的金融资本形态。两种不同形态和属性的资本结合,其关键在于融合度,即产业资本与金融资本的组合问题,论文构建铁路产业资本收益模型,并借鉴金融资本收益模型,开拓性地构建了铁路产融资本融合收益模型。该模型不仅仅分析了各自资本(资产)收益与风险的变动现象或波动规律,并全面考虑了金融资本(资产)与产业资本相结合后所显现的内在价值逻辑和循环增值。(5)首次运用历史及预测数据从实证角度论证了唯有铁路产融资本融合模式是解决铁路投融资难题、有效改善铁路财务状况和经营业绩、实现铁路跨越式可持续发展的最佳选择。论文分别构建现状融资、结构化融资及产融资本融合结合这三种不同的融资模式,预测铁路行业2008年-2020年的主要运输、财务数据。更多还原

【Abstract】 As the infrastructural industry for the national economy, railway industry has the long-term and significant external effects on the coordinating of the regional economy. It’s one of the most important basis of the other departments’ development in the national economy. At present, railway development of China is still in the rising phase, which requires a large amount of construction funds. But the narrow financing channels accelerated the deterioration of railway finance. Meanwhile, the government-dominated financing system constrained the rapid development of the railway industry, in which the high interest phagocytosed the weak profits of railway sectors. Summarize the experiences of developed countries, we can found that in the early periods of railway construction, government offered the main construction capital; and with the rapid development of railway construction, the developed countries made full use of the capital market for financing. At the same time, railway industry of China has huge inventory assets, which need to be restructured with the structure adjustment of railway industry. In all, increasing effective funds input and accelerating the adjustment of huge inventory assets are arduous and urgent strategic assignments of railway industry in the future ten years.As the core of modern economy, finance, which has rapid operating funds, high level of capital appreciation and strong accumulation of capital, is referred as the bellwether of the virtual economy. The profit of finance is affluent, but if detached from the real economy, finance may have a significant risk. "Profit of railway industry is continuous but low, while that of finance is high but discontinuous." Therefore, the capital integration of railway and finance will benefit the both industries. On the one hand, it can promote the efficient circulation of the railway capital and make a tremendous benefit to the national economy. On the other hand, it can provide a stable resource to finance industry for value-adding and optimize the resource allocation of national economy. Combination of the two kinds of capital will constitute an effective way to each industry to develop mutually in market economy nowadays.Based on the analysis above, the paper selected the capital integration of railway and finance industry as the research subject. Based on the capital integration and incoming theory, this paper firstly makes a theoretical analysis on the motivation, the function and the form of the integration. And then on the basis of the theoretical analysis, this paper provides compares, through establishing relevant models, of the operating status, the financing cost and the earning status of the railway industry under several different kinds of the integration of railway and finance. The main innovations of this paper are listed as followed:(1)This paper makes a systematic study of the integration of railway industry capital and finance capital. The existing researches on this field are dispersive. Moreover, these researches mostly focus on the motivation of integration but few of them take further research on the function and form. This dissertation will make up for the shortcomings of existing research and carry out a study deeply and systematically on relevant issues.(2)This paper attempts to propose a theoretical proposition of the effective financing mechanism and gives a deep analysis of relations between the integration and the development of railway industry. The construction of effective financing mechanism has a strategic importance because the railway construction and operation costs huge capital. It can enhance the sustainable development ability of railway industry capital. Additionally, this paper provides evidence to analyse the perspective of structural financing, financing by capital market and the connection of policy-based finance and commercial finance.(3)Based on the existing theoretical studies, the dissertation proposes several forms of the integration. The paper propones that establishing a special railway finance company on the basis of capital settlement center is a practical choice to construct a primary organization form of the integration. Then the advanced organization form is a railway financial service group, which is a diversity stockholding company. It will promote the railway development, accelerate the transformation of the inventory assets, and enhance the earning ability of railway industry by providing comprehensive financial services.(4)The paper builds a capital integration earning model. The model building essentially is the integration of two different kinds of capital earning. One is industry capital with low risk but low earning, the other is financial capital with high risk but high earning. The key is to what extent the capitals integrate. The paper builds the model based on the financial capital earning model. This model can both analyze sole capital earning and risk and make fully account of the intrinsic value logic and value-added cycle appears after the integration. (5)The paper uses the historical and forecast data as envident to reason that the integration is the best choice to solve the financing problem, enhance the earning, and achieve the goal of leaping sustainable development. The paper builds three kinds of model including the current financing system, structural financing system and the integration system. Based on these models, this paper forecasts the main traffic and finance datum of railway industry between the year 2008 and 2020.更多还原