基于区域重组的合资铁路公司资产剥离路径研究  

Approaches to Asset Stripping of Joint Venture Railway Companies in Regional Restructuring

作　　者：康晨霞 KANG Chenxia(Business Development Department,China State Railway Group Co.,Ltd.,Beijing 100844,China)

机构地区：[1]中国国家铁路集团有限公司经营开发部,北京100844

出　　处：《中国铁路》2024年第10期135-142,共8页China Railway

基　　金：中国国家铁路集团有限公司科技研究开发计划项目(N2022Z020)。

摘　　要：在推进“一省一公司”合资铁路公司区域重组过程中,如何对管辖跨省域或多个不同路网功能项目的公司实施非重组资产剥离,对重组成本和工作进程具有重要影响。在相关研究工作和部分先行实践的基础上,分析区域重组中合资铁路公司资产剥离的限定条件,总结提炼了可供选择的4种剥离路径,从税务筹划和操作时限2个角度进行路径选择的对比研究,通过统筹非重组资产规模与增值情况、公司经营状况以及股东构成和协调难度等因素,选择相适应的剥离路径,并通过实例研究进行辅证和操作指引,旨在为合资铁路公司加快区域重组进程、提高市场化法治化运作水平提供参考。In the context of advancing the regional restructuring of joint venture railway companies under the“one province,one company”model,the implementation of non-restructured asset stripping for cross-provincial companies or companies managing multiple railway network functional projects has a significant impact on restructuring costs and work progress.Based on relevant research and initial practices,this paper analyzes the constraints faced by joint venture railway companies in executing asset stripping during regional restructuring.It outlines four alternative asset stripping approaches and conducts a comparative study on these methods,focusing on two perspectives:tax planning and operation timeframes.Appropriate stripping approaches are selected by considering factors such as the scale and appreciation of non-restructured assets,the company’s operational conditions,shareholder composition,and coordination challenges.Additionally,through case studies,this paper provides supporting evidence and operational guidelines aimed at assisting joint venture railway companies in accelerating their regional restructuring efforts and enhancing their market-oriented and legally compliant operations.

关 键 词：合资铁路公司 区域重组 资产剥离 非重组资产 税务政策 

分 类 号：F275[经济管理—企业管理] F812.42[经济管理—国民经济]