| State owned enterprises represented by railways are the pillar of China’s national economy and play an important role in China’s economic and social development and modernization.However,with the development of China’s socialist market economy,state-owned enterprises such as railways have some problems,such as low production efficiency,insufficient market competitiveness and financing difficulties,which seriously restrict the development of state-owned enterprises such as railways.Therefore,the state has put forward a systematic reform plan for the mixed ownership reform of state-owned enterprises,trying to integrate advanced management mode,market concept and innovative thinking into state-owned enterprises such as railways through the change of diversified ownership structure,so as to enhance their market vitality.For railway,as an important industry related to the national economy and the people’s livelihood,in recent years,in order to meet the needs of social and economic development,the railway’s annual fixed asset investment is close to 800 billion.The huge investment leads to the increase of railway liabilities year by year.The investment and financing problem has become a key problem restricting the development of China’s railway.The mixed ownership reform of railway enterprises can effectively introduce social investment,increase financing channels and expand investment fields,which has become a feasible way to solve the current problems of railway development in China.Under the background of the current railway mixed ownership reform,the primary problem faced by China’s railway investment and financing is how to introduce social capital and deeply improve the efficiency of railway investment and financing.The profit seeking instinct of social capital makes it prefer investment and financing projects with low risk and high return.Railway investment and financing has the technical and economic characteristics of large scale,high threshold,high risk and great uncertainty,which forms a natural obstacle for social capital to invest in railway.Therefore,the key to solve the above problems lies in how to improve the efficiency of railway investment and financing,which is embodied in how to reduce the financing cost,improve the investment income,resolve the uncertain risk,and how to reduce the investment threshold of social capital.Based on the layered and classified reform ideas put forward by the mixed ownership reform of state-owned enterprises,this paper puts forward the specific innovation and optimization path of railway investment and financing mechanism from the three levels of platform function level,company structure level and project development level,as well as the investment and financing of railway infrastructure construction and diversified business,in order to solve the above problems.The main research contents of this paper are as follows:(1)Research on the function construction and governance efficiency optimization of platform level.According to the requirements of establishing the authorized operation system of state-owned capital and establishing professional state-owned capital investment and operation companies put forward by the reform of mixed ownership of state-owned enterprises,the railway investment and financing platform should be the market participant of the public sector in the field of railway investment and financing,and in terms of capital operation management function,cash flow guarantee of the platform,improvement of corporate governance system As well as the construction of the group’s organizational system,the optimization design is carried out according to the market-oriented standards to achieve the purpose of improving the governance efficiency of the railway investment and financing platform.The empirical analysis shows that the construction of the investment and financing platform can optimize the investment and financing cost of the railway company,and improve the quality of the investment and financing platform.(2)Property right adjustment and ownership structure optimization design at the company level.The problem of railway property rights is the core problem that puzzles the development of railway enterprises,and it is also the core contradiction that hinders social capital from entering the railway field.On the basis of combing the property rights of different railway enterprises,this paper points out that the lack of independent operation right and income distribution right of railway enterprises is the biggest obstacle to the investment of social capital in railway.Paying attention to the design of property rights structure of railway enterprises and optimizing the allocation of ownership structure is the top priority of railway investment and financing reform in China.Through the construction of optimization model and threshold effect model,the optimal equity proportion of different types of railway enterprises is calculated respectively.The empirical results show that from the perspective of improving investment income,there is still room for optimization of the equity structure of railway enterprises,which can be further opened to social capital.(3)Research on investment and financing strategy and development mode optimization at project level.Focusing on how to attract social capital,this paper puts forward three different investment and financing strategies based on project classification principle,construction process principle and risk return principle.Through the decomposition and combination of different projects,we can effectively reduce the threshold of railway investment and attract different types of social investors.Focusing on how to cooperate with social capital,this paper puts forward two different development modes: unified operation and independent operation of social capital in the field of railway infrastructure construction;In the field of railway diversified business,it is a specific mode of in-depth cooperation with social capital guided by the two modes of land commercial development and resource industrial development.The main innovations of this paper are as follows:First,expand the theoretical basis of railway investment and financing mechanism innovation under the background of China’s mixed reform.This paper establishes a layered and classified research framework based on the deepening reform of stateowned enterprises,takes the railway capital authorization management system as the core of the layered reform,and takes the ownership structure and development mode in different business fields as the focus of the classified reform,and puts forward the optimization path of the innovation of Railway investment and financing mechanism under the background of mixed reform,which can meet the needs of the theoretical basis and practical arrangement of the innovation of railway investment and financing mechanism.Secondly,it reveals the impact of ownership structure of railway enterprises in different business categories on their operating performance.At present,when railway enterprises set the equity structure and proportion structure of joint ventures,they often take the control right as the basis,and lack the consideration of equity structure on the operation efficiency of the company.Using the optimization model,genetic immune algorithm and threshold effect model,this paper calculates the optimal equity ratio of railway infrastructure construction PPP project company and diversified business company,and defines the significance of different equity ratio structure to the operation and development of railway enterprises.Thirdly,it puts forward the optimization model for the development of different types of railway investment and financing projects.According to the current situation and future development trend of railway management and operation,this paper puts forward two development modes of unified operation project and independent operation project using social capital,which correspond to the two transportation management modes of integration of railway network and transportation and separation of railway network and transportation in the future,which has a certain operability and foresight.For the investment and financing projects of railway diversified operation,this paper puts forward some specific optimization development modes from the two development perspectives of land commercial development and resource industrial development. |
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