中国铁路企业的资本配置研究  

A Study on Capital Allocation of Chinese Railway Enterprises

作　　者：王大鹏[1] 王杨堃 Wang Dapeng;Wang Yangkun

机构地区：[1]交通运输部规划研究院 [2]中国宏观经济研究院综合运输研究所

出　　处：《宏观经济研究》2023年第8期22-30,62,共10页Macroeconomics

摘　　要：当前,中国正在加快推进铁路企业的股份制改造,优化铁路国有资本布局结构,提高资本配置效率对推动铁路企业重组具有重要意义。本文以需求机制下的铁路企业资本配置为切入点,探讨铁路企业实现资本合理化配置的一般均衡条件。实践表明,中国铁路企业资本配置的内在需求凸显,主要表现在资本调整意愿强烈,但能力亟需提高且存在机制性制约。典型国家的经验教训启示我们,铁路行业需要在公共投资体制基础上构建符合市场治理要求的行业资本供给制度,以确保铁路企业的财务平衡。当前,中国铁路亟需明确中央政府和地方政府在铁路发展中的财政事权,在铁路企业间构建市场治理机制,促进使用者成本定价机制的建立和实施,以维持铁路行业的可持续发展。At present,China is accelerating the shareholding system transformation of railroad enterprises,optimizing the layout structure of railroad state-owned capital and improving the efficiency of capital allocation are of great significance in promoting the restructuring of railroad enterprises.This article takes the capital allocation of railroad enterprises under the demand mechanism as the entry point to explore the general equilibrium conditions for railroad enterprises to realize the rationalization of capital allocation.Practice shows that the intrinsic demand for capital allocation in Chinese railroad enterprises has been highlighted,which is mainly manifested in the strong willingness to adjust capital,but the capacity needs to be improved and there are institutional constraints.Lessons learned from typical countries reveal that the railroad industry needs to build a capital supply system that meets the requirements of market governance on the basis of the public investment system,so as to ensure the financial equilibrium of railroad enterprises.At present,China's railroads urgently need to clarify the fiscal responsibility of the central government and local governments in railroad development,build a market governance mechanism among railroad enterprises,and promote the establishment and implementation of a user-cost pricing mechanism in order to maintain the sustainable development of the railroad industry.

关 键 词：铁路企业重组 国企改革 资本配置 行业垄断 市场治理 

分 类 号：F532.6[经济管理—产业经济] F530.68