铁路行业资本特性及其影响研究  

A Study on the Capital Characteristics and Impact of Railway Industry

作　　者：秦山 Qin Shan

机构地区：[1]中国宏观经济研究院综合运输研究所

出　　处：《宏观经济研究》2022年第6期144-151,共8页Macroeconomics

基　　金：2021年国家社科基金重点项目“支撑全面建设社会主义现代化国家的交通强国实现路径研究”(21AZD09)的资助。

摘　　要：正确认识和把握资本特性,有助于资本在不同行业中更好发挥作用推动行业发展。根据运输资源分类聚焦于货币资本,研究发现铁路行业具有明显的资本密集性特点,并表现出资本约束性强、运动性弱、盈利性较差的特性。而铁路行业长期发展中所存在的债务风险、有效竞争不足、引入外部资本存在障碍等问题,很大程度上都受到资本特性的重要影响。基于铁路行业资本特性,研究提出合理处置债务强化资本约束性、选择治理结构增强资本运动性、推动市场化改革提高资本盈利性的思路,为推动铁路深化改革提供理论支撑与依据。Correct understanding and grasp of capital characteristics can help capital play a better role in different industries to promote industry development. Focusing on monetary capital according to the classification of transportation resources, the study finds that the railway industry has obvious capital-intensive characteristics, and shows the characteristics of strong capital constraints, weak movement, and poor profitability. The problems of debt risk, insufficient effective competition, and obstacles to the introduction of external capital in the long-term development of the railway industry are largely influenced by the capital characteristics. Based on the capital characteristics of the railway industry, the study proposes the idea of rational disposal of debt to strengthen the capital constraint, select the governance structure to enhance the capital motility, and promote the market-oriented reform to improve the capital profitability, to provide theoretical support and basis for promoting the deepening of railway reform.

关 键 词：铁路 资本特性 债务处置 治理结构 市场化改革 

分 类 号：F532[经济管理—产业经济]