铁路物流基地市场化投融资模式设计  

Design of Market-oriented Investment and Financing Modes for Railway Logistics Bases

作　　者：王涵晴 周凌云 徐妍 唐力 WANG Hanqing;ZHOU Lingyun;XU Yan;TANG Li(Transportation&Economics Research Institute,China Academy of Railway Sciences Corporation Limited,Beijing 100081,China;Business Development Department,SDIC Human Resources Service Co.,LTD.,Beijing 100034,China)

机构地区：[1]中国铁道科学研究院集团有限公司运输及经济研究所,北京100081 [2]国投人力资源服务有限公司业务发展部,北京100034

出　　处：《铁道运输与经济》2021年第11期34-41,共8页Railway Transport and Economy

基　　金：中国国家铁路集团有限公司科技研究开发计划课题(N2020X014);中国铁道科学研究院集团有限公司科研项目(2020YJ173);中铁集装箱运输有限责任公司科技研究开发计划课题(PAXX18200051)。

摘　　要：随着国有企业改革进程的不断推进,铁路企业市场化改革也不断加快,社会资本在铁路物流基地的建设发展中扮演着越来越重要的角色。通过分析我国铁路物流基地投融资模式现状,针对投资主体单一、投融资渠道窄、投资管制强、融资门槛高等问题,提出了铁路物流基地市场化投融资改革优化思路,设计了公司债券融资、股权融资、BOT、产业投资基金4种市场化投融资模式,有利于缓解铁路物流基地投融资压力,发挥不同主体经营管理优势,保障物流基地货源供给,激发铁路物流基地经营活力。With the continuous advancement of the reform of state-owned enterprises,the market-oriented reform of railway enterprises is also speeding up.Social capital is playing an increasingly important role in the construction and development of railway logistics bases.This paper analyzed the current investment and financing situation of China railway logistics bases.To address the problems of single investment subject,narrow investment and financing channels,strong investment control,and high financing threshold,this paper put forward optimization ideas for the market-oriented investment and financing reform of railway logistics bases and designed four market-oriented investment and financing modes,including corporate bond financing,equity financing,build-operate-transfer(BOT),and industrial investment fund financing.The research is of great significance for reducing the investment and financing pressure of railway logistics bases,utilizing the advantages of different operation and management subjects,guaranteeing the supply of goods,and stimulating the operation vitality of railway logistics bases.

关 键 词：铁路物流基地 市场化投融资 公司债券融资 股权融资 BOT 产业投资基金 

分 类 号：F530.31[经济管理—产业经济]