【作者】 郭涛；

【导师】 黄庆；

【作者基本信息】 西南交通大学 ， 企业管理， 2003， 硕士

【摘要】 作为铁路改革和发展中的新生事物，合资铁路经过近二十年的蓬勃发展，已初具规模并成为我国铁路运输领域中的一支重要力量。实践证明，合资铁路打破了国家“独家修路”的格局，调动了中央和地方、企业单位等多方建管铁路的积极性，有效地解决了国家资金短缺的困难，对加快铁路建设速度、节省建设投资并缩短工期、发挥铁路作为国家经济大动脉的意义以及推动地方经济的发展等起到了积极的作用。 随着合资铁路的不断发展，现阶段面临着如下亟需解决的有关资产管理及资本结构的问题，本文就这些问题作了比较详细、深入的探讨。 1．针对当前合资铁路国有资产出资人不到位的现状，在运用博弈论、委托-代理理论等进行有关分析的基础上提出了合资铁路国有资产管理组织体系的改进方案并对该方案作出了分析、说明。 2．针对合资铁路存在的资本金比例偏低且负债率过高、合资铁路建管中投资主体单一的现状，分析了合资铁路建设、经营中实行投资主体多元化的必要性及其与优化资本结构的联系，提出了实现投资主体多元化的具体对策；应用资本结构的有关原理分析了确定合资铁路企业最优资本结构应考虑的因素及可采用的方法并提出了改善合资铁路企业资本结构的建议。 3．分析了合资铁路政企不分与投资主体单一的关系，提出要以投资主体多元化推进合资铁路政企分开；阐述了资本结构与公司治理结构的关系，指出合资铁路的与现有资本结构对应的公司治理结构存在的问题，并应用公司治理结构的相关理论同时结合合资铁路实际进行完善合资铁路公司治理结构的组织设计。更多还原

【Abstract】 The joint-venture railways, as something new in the reform and development, after 20 years of development, have taken shape and played an important part in China’s railway transportation. It is proved in practice that joint-venture railways have broken the pre- sent situation that railways be built solely by China’s government, which gives full play to the central government, local government, and industries. As a result, the problem of the short of funds has been effectively solved. In addition, joint-venture railways have played an active role in speeding-up the building of railways, saving the construction investment, bringing into play the role of rail- ways as economic artery, and promoting the development of local economy.With the continuous development of joint-venture railways, we are now faced with the following problems related to assets management and capital structure deserving our urgent handling, in the thesis these problems have been deeply studied.1.Aiming at the current situation that investors of national assets of joint-venture railways are not in position, based on game theory and principal-agent theory, an improvement plan for the management and organization system of national assets of joint-venture railways is offered and a related analysis and statement is also made.2.Aiming at the actualities that the ratio of joint-venture railway capitals is o n t he low side, j oint-venture r ailways have a high r ate o f d ebts, a nd the unitariness of investors exists during the construction and management of joint-venture railways, an analysis has been made of the necessity of pluralism of investors during the construction and operation of joint-venture railways, and a specific method has been put forward to realize the pluralism of investors. The related theory about the capital structure has been adopted to analyze the factors which should be considered when determining the optimal capital structure of joint-venture railways and the methods which can be employed, and to make some suggestions on the improvement of joint-venture railway capital structure.3. On the basis of the analysis of the relationship between nonseparation of the government from industries and the unitariness of investors, the pluralism of investors has been put forward to promote the separation of the government from joint-venture railways. The relationship between capital structure and corporation governing structure has also been expatiated, and the thesis tries to identify the problems on the joint-venture railways’ corporation governing structure corresponding to current capital structure. The theory related to corporation governing structure, in combination with the actualities of joint-venture railways, has been adopted to design the organization in order to perfect corporation governing structure of joint-venture railways.更多还原